From product vision to successful strategy: here's how

What is a good product vision?

A product vision is an inspiring and guiding description of where you want to go with your product. It essentially tells what problem you solve, for whom, and what unique value you offer. A good product vision is concise, understandable for all stakeholders (from the development team to customers), and provides guidance for every decision you make in your product development.

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Examples of effective and ineffective visions

• Effective: “We make collaboration within distributed teams more personal and efficient by seamlessly integrating video and whiteboard functionalities into one platform.”
• Ineffective: “We want a leading, end-to-end solution for all business processes.” (Too abstract, no concrete added value)

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How do you develop a product strategy?

While your vision tells the 'why' and 'what' of your product, the product strategy describes how you get there step by step. It's the plan that details which (market) segments you will serve, which features have priority, how you differentiate yourself from competitors, and which channels you will use.

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Practical steps to shape a product strategy

1. Define your goals: What do you want to achieve in the medium and long term (e.g., growth in user numbers, specific revenue targets)?
2. Know your target audience: Research who your users are, what their pain points are, and how your product addresses them.
3. Choose your differentiators: Clearly define what sets your product apart from alternatives. Price, quality, ease of use?
4. Create a roadmap: Broadly determine which functionalities will be available when.
5. Measure and learn: Use metrics (such as customer satisfaction, revenue, etc.) to check if you're still on track.

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Communicating vision and strategy to stakeholders and the team

A product vision only has impact if others truly grasp it. That's why communication is crucial. Involve stakeholders early, ask for their feedback, and explain the choices you make and why. Also, be transparent about the roadmap: show what's coming first and what will take a bit longer. For the team, the strategy provides guidance for making the right trade-offs in their daily work.

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Pitfalls when formulating vision and strategy

• Too vague or woolly: Nobody knows what you actually mean.
• Disconnected from reality: A vision not based on customer needs or market research.
• Lack of buy-in: If your team and stakeholders don't believe in your vision, you'll quickly get stuck.

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Inspiring examples of product visions

• Digital learning environment: “We want to become the preferred learning platform for professionals who constantly seek to improve themselves, by offering on-demand content and direct guidance.”
• E-commerce for second-hand tech: “We make buying and selling used electronics as easy and trustworthy as buying new products, with transparent pricing and warranty.”

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Conclusion

A strong product vision and a realistic strategy form the foundation for successful product management. The vision provides direction and inspiration, while the strategy translates that into concrete goals and steps. The clearer you communicate both to your team and stakeholders, the greater the chance that everyone will work together towards the same valuable future for your product.

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