Launching a product with a 100% success rate is really challenging. Businesses must implement an unrivaled strategy that is in line with the organization's goals. All departments, including product development, marketing, and sales, should collaborate to achieve a common goal. The first step in a product launch is to define a clear product vision, which gives rise to a product roadmap and product strategy to achieve the same vision.
Product developers or inventors always have a vision for their mission except for serendipities. A product vision determines its effects, significance or ultimate goal. A product vision conveys a high level of the purpose of its existence.
A great product vision that will surely be significant should be customer-centric. It is crucial to consider customers’ interests and requirements while defining a product vision. In other words, a product vision is a long-term goal that provides the solution to your customers.
Attributes of a Product Vision
A customer-centric product vision helps in achieving business goals. If your product fails in the market, you need to rework the product vision by considering your customers. This approach determines the product market fit.
Create a product vision that is attainable. Begin with a low-level vision and build a team and resources to help you achieve it. Increase the level of your product vision gradually. To achieve a great vision, you must first get to the root of it.
Create a product vision that clearly explains how it differs from others. Something in your product vision should persuade customers to choose it.
A product vision must resonate with your team for a successful achievement. A meaningful and beneficial product vision is better than a self-centric vision.
Product strategy is planning to achieve a product vision. A product strategy defines the complete process of how to achieve a product vision more efficiently. It focuses on the specific resources and target market. It guides a team to achieve a product vision and makes the product launch beneficial for the company. It is a narrower concept than the product vision as it is based on specific aspects rather than a holistic approach.
Features of Product Strategy
A product strategy should consider the requirements of the target audience. Customer feedback management helps in creating a customer-centric strategy.
Considering the kinds of problems, a product management team strives to deliver.
The Way to Address Problems
Planning of addressing problems through product development.
Focussing on Business Goals
It includes planning the best ways to achieve business goals through product development and product launch.
After establishing the product vision and defining the target market, the product strategy serves as the foundation for the business plan to achieve both the product vision and the organization's goals. A product strategy is a purposeful approach that considers various aspects of the product and efforts to achieve its vision.
A product roadmap is a visual summary or a guide that involves the steps you need to achieve the product vision by following a product strategy. The product roadmap puts the product vision and strategy in action. The product roadmap communicates the product vision in a practical way to achieve the organization’s goals.
Features of Product Roadmap
A product roadmap is a clear communication tool that explains how the product is progressing.
Compliance with Product Strategy
A product roadmap aligns with product strategy to achieve the product vision.
Cross-Functional Team Collaboration
Collaboration of cross-functional teams narrows down the focus.
Product roadmaps should be linked to product strategies in order to achieve a great product vision.