Develop a product vision

- [Instructor] The product vision captures the overall goal of your product. When you define your product vision, you're creating your product's purpose, and the reason for its existence. So how do you develop your product vision? There are four key steps you need to consider. First, your vision should capture a changing landscape and your product's life cycle. It goes beyond the initial product you're creating. Think of all the possibilities and ways your product could change and be enhanced over time. If resources were not a consideration, what would your product look like at launch? Here's an example of a social media monitoring company finding their vision who got a bit out of the box. They were able to achieve more than anticipated, just not all at initial launch. They wanted to create an all-in-one influencer engagement tool to do the following. Find influencers in any industry, share the credibility and engagement scores for those influencers, show influencer connections, revealing the powerful thought leaders in their networks, set up a campaign to track influencers, and create an influencer comparison tool. The vision was far reaching and out of the box for this all-in-one tool. So many possibilities, but what's realistic? The social media company was able to launch a product which included the first two bullets on the list. They were out of the box and then able to expand the vision even further as a part of their product roadmap. Second, work closely with your teams to collaborate cross-functionally. You have to make sure you're not just focused on the vision of the company's engineers. A product vision needs input from marketing, sales, product managers, service and support, too. In order to do this part of your GTM plan, you'll have to ask your teams the following. What makes this product different? How does this product help customers? Who will value this product the most and why? What do you think customers will appreciate about this product? And who is the ideal customer to use this product? Third, make your product vision both to inspire and motivate people. It has to keep in mind the sales goals, yet it should also motivate and inspire people because it has a greater cause. To get your internal teams excited and invested, you can ask your teams, what makes you excited about this particular product? How motivated are you to work on this product on a scale of one to 10 and why? Is there anything else I can share about this product with you? Are there any other ways you would like to be involved with the launch of this product? Four, the product vision needs an elevator pitch. If you were in an elevator, would you be able to explain your product vision in 30 seconds or less? Your product vision should be very easy to communicate. In the case of a Global Newswire service, their product vision was very simple. We're helping professionals around the world to be more hands-on for an effective new sharing experience that they create. Short, to the point, and easy to understand. Let your product vision guide your direction for a longer product life cycle. Now it's time to set your product vision and move toward reaching your product goals.