In its simplest terms, a product road-map is a guiding strategic document as well as a plan for executing strategy. A road-map is a high-level visual summary that maps out the vision and direction of your product offering over time.
The purpose of a product road-map is to communicate direction and progress to internal teams and external stakeholders. It shows the high-level initiatives and the planned steps to get there. It should not include every feature in the product backlog, or a list of specific engineering bugs. The road-map is a product management document and should live separately.
Creating a product road-map should be a continuous process throughout the life-cycle of a product. Requirements and features should be generated by lots of folks including: customers, partners, sales, support, management, engineering, operations, and product management.
Instamojo, headquartered in Bangalore,India, was co-founded by the current CEO, Sampad Swain, along with Akash Gehani, Aditya Sengupta and Harshad Sharma in 2012. The idea was to release a product to the market which caters to non-tech audiences collecting payments. They realized that the easiest way to do this was to give the Instamojo user a unique URL (a.k.a. imojo.in payment link) which he/she can share with his/her customers via a text message, email, social media, among others, which they can then click on to pay for the product.
Today, Instamojo has forayed into several business verticals. Thousands of users are using Instamojo to collect payments for ebooks, reports, tickets, tutorials, merchandise, invoices, services, and much more. Some of the current features of Instamojo platform are: Collect Payment, Manage Accounting, Resolve Disputes, Understand Data
Journey of Instamojo (2012–2015):
From its inception in 2012 till 2015, the motto of Instamojo was enabling small and medium businesses, individuals who are selling digital goods to sell and collect payments directly from customers via a simple payment link.
The focus in this duration was primarily on three aspects:
- Reach out to maximum customers
- Retain the existing customers
- Generate revenue from these customers
From the example of Instamojo, we can infer that a Product Roadmap is a powerful document that helps chalk the strategy for the upcoming time. Product roadmaps are never rigid, and should be flexible to allow for sudden changes in the product environment, such as demonetisation of Nov 2016.
In upcoming quarters InstaMojo should be able to to provide seamless experience across devices and should be capable of factoring the changes such as GST ,massive use of eWallets, digital currency, quick KYC so that customer on-boarding is quick with minimum clicks and multiple sources of payment exists adhering with changing government policies and regulations coming in play.