The Power of Product Vision & Strategy
Have you ever embarked on a journey with absolutely no idea about where you want to go, and no clue how to get there? Think about it. What would that be like?
This is exactly what happens when your product lacks a Product Vision and a Product Strategy.
Product Vision & Product Strategy
Product Vision answers the question, “What direction does my product need to go in to stay aligned with long-term customer and business needs?” It’s like a compass guiding your way. On the other hand, a Product Strategy outlines where your product is going, how it will get there, and why it will succeed.
Simply put — Product Vision articulates where you want your product to be. Product Strategy defines how to get to that state.
Ownership and advocacy
The Product Vision is generally crafted by the Head of Product or a strategic leadership role who leads the product management team, in collaboration with the rest of the strategic leadership roles in the company. It is also the Product Owner’s responsibility to be an advocate of the Product Vision.
Product Strategy belongs to the product management business domain and is determined by roles in the product planning department.
The importance of Product Vision and Product Strategy
Product Vision and Strategy support the decision-making process for building and enhancing the product to fit market needs. They provide a basis for filtering out ideas, suggestions, and requests that come in from various stakeholders. Product Vision and Strategy empower Product teams to say “no” to the ideas, suggestions, and requests that do not align with the Vision and Strategy.
In the words of Des Traynor, “If you’re building a product, you have to be great at saying no. Building a great product isn’t about creating tons of tactically useful features which are tangentially related. It’s about delivering a cohesive product with well defined parameters.”
Product School defines the Product Vision as “the guiding star that directs the course of the product’s journey and influences all strategic and tactical decisions, from the ideation phase through to development, marketing, and post-launch enhancements.”
A well-defined Product Strategy helps companies focus their efforts on developing and marketing the right product, identifying priorities, to defining timelines. Product Strategy also ensures that everyone in the organization is aligned and that there is effective communication across different teams and departments.
Conclusion
Creating a successful product is a challenge in the complex landscape of product development. Having a clear Product Vision and Strategy is like having a compass and a map, they’ll guide you right through the exciting journey!
References
- Product Management Glossary
- Source: Product School
- URL: https://productschool.com/resources/glossary
2. The Lean Product Playbook
- Author: Dan Olsen
- Source: Book
3. The Product Manager’s Toolkit
- Author: Gabriel Steinhardt
- Edition: 2nd
- Source: Book
4. Professional Product Owner
- Authors: Don McGreal, Ralph Jocham
- Source: E-Book
5. “Product Strategy Means Saying No”
- Author: Des Traynor
- Source: Intercom Blog
- URL: https://www.intercom.com/blog/product-strategy-means-saying-no/
6. Software Development From A to Z
- Authors: Olga Filipova, Rui Vilão
- Source: Book
