Predefining Product Strategy with the Product Vision
Create your Product Vision easily with this Notion Template to move with the Product Strategy.
In my previous article I wrote about how to create a Meaningful Product Vision and the purpose behind it. Afterwards, creating a Product Strategy is the next step in turning this vision into a reality. It involves defining the actions and initiatives needed to achieve the Product Vision and aligning them with the overall business objectives.
I’m a big fan of Roman Pichler, Strategize book. Is one of the best ways to help you maximize your chances of creating successful products by using a wide range of proven techniques and tools. Basically, the book helps you to create effective strategies and actionable roadmaps, and I’ll use his materials and lessons as I’ve done at work in this post.
So let’s see in this week’s issue how to progress on our Product Vision to create our Product Strategy!
Understanding the Product Strategy Model
Customer Needs and Market Understanding: emphasizes the importance of thoroughly understanding customer needs, pain points, and desires. This involves conducting market research, user interviews, and gathering insights to inform the product strategy.
Value Proposition: encourages product managers to define a clear value proposition that differentiates their product from competitors. The value proposition should address customer needs and explain why the product is valuable and relevant.
Product Positioning: This involves defining the target market segment, understanding customer personas, and crafting messaging and positioning that resonates with the target audience.
Product Roadmap: advocates for the use of a product roadmap as a strategic tool. The roadmap outlines the planned initiatives, features, and improvements that will be developed over time to achieve the product vision. It helps align the product team and stakeholders on the priorities and direction of the product.
Agile and Iterative Approach: promotes an agile and iterative approach to product development and strategy. This involves breaking down the product strategy into smaller, manageable increments and regularly reviewing and adapting the strategy based on customer feedback, market changes, and emerging opportunities.
Metrics and Key Results: emphasizes the use of metrics and key results to measure progress and success. He suggests defining clear metrics aligned with the product goals and regularly tracking and analyzing them to assess the impact of the product strategy.
Collaboration and Communication: highlights the importance of collaboration and effective communication within the product team and with stakeholders. This involves facilitating discussions, ensuring alignment, and keeping everyone informed about the product strategy and progress.
Making the Product Vision more tangible
Product Vision Board is a visual tool designed by Roman Pichler. It helps product managers and teams articulate and communicate their product vision effectively. The board consists of 5 sections that prompt the team to think through various aspects of the product vision.
Target Group: This section identifies the specific target audience or customer segment that the product aims to serve. It helps define who the product is intended for and provides clarity on the user needs and problems it should address.
Needs: Here, the team identifies and describes the key needs or pain points of the target group. This section helps focus on customer-centricity and ensure that the product addresses real user challenges.
Product: This section outlines the core features and capabilities of the product. It captures the main value proposition and differentiating factors that make the product compelling to the target audience.
Business Goals: In this section, the team specifies the desired business outcomes and goals associated with the product. These goals could include revenue targets, market share objectives, or other relevant metrics that align with the overall business strategy.
Here’s in an example
In Summary
The Product Vision serves as a collaborative tool that facilitates discussions and alignment within the product team and other stakeholders. It helps ensure that everyone shares a common understanding of the product's purpose, target audience, and desired outcomes. By visualizing the product vision, the board encourages transparency, focus, and accountability throughout the product development process.
Then the next step is to create the Product Strategy based on that Vision. Conduct thorough market research to understand your target audience, their needs, and the competitive landscape. This will help you identify opportunities and gaps in the market that your product can address. I’ll show you how on the next post!
I created a Notion Template to help you fill this with no effort. Go give it a try 👇
Love the Notion template!
That's actually one of my favorite books and makes me check my notes regularly.