Deirdre Breakenridge shows you about developing your product's vision in order to give it future direction.
- Now it's time to set your direction with a product vision. A product vision captures your products purpose and the reason for its existence. At the same time you're reaffirming how your product will solve a problem for the long haul, and you're motivation behind your product launch. Working with a tech company has opened my eyes to how a product development team envisions the product and how the team also collaborates the product road map based on this vision. For example, years ago a news wire company started with this vision.
Help businesses distribute their news announcements through targeted media outlets to reach their customer base. Their service was software based and allowed business to select traditional media categories and to upload their news releases for timely distribution. However, with an evolving media landscape, the features of the service platform changed. Enhancements to the platform extended beyond traditional media outlets to include online media and bloggers too.
All of the platform enhancements were carefully planned in the product roadmap based on a product vision that was in place from the start. Even though the features were new, the original vision for this news wire company remained in tact. So how do you develop the product vision? Here are a few key steps that you need to consider. First, expand your vision. Your product vision goes beyond the initial product you're creating.
Your vision should capture changing landscape and the needs of your customer over time. Limiting your vision will limit your product's life. Second, collaborate cross-functionally. You have to make sure you're not just taking into consideration the vision of the engineers of the company. A product vision needs input from marketing, the brand team, sales, product managers, customer service, and support. When you involve the key players, then you'll have an easier time getting the buying you need for the product's success in the long run.
Third, inspire. Sure, your product vision has to keep in mind the sales goals of the company, but your vision should inspire people because it has a greater cause. If your vision inspires your employees, it will motivate them to work towards it. Lastly, the product vision needs an elevator pitch. I'm sure you've heard about that 30 second elevator pitch. For example, in the case of the news wire service, here's their elevator pitch. We're connecting news makers with news consumers.
This is a short and sweet product vision. Anything you explain in a long paragraph is not an elevator pitch. Remember, the purpose of your vision is to create a longer lifeline for your product and to reach your overall product goals. Keep these steps in mind when you create the product vision as a part of your go to market plan.
- Building your go-to-market (GTM) plan foundation
- Assessing whether you need a marketing or GTM plan
- Entering new markets with a competitive advantage
- Developing your product vision and message
- Setting your product price at launch
- Setting up your channel strategy
- Driving better channel performance
- Evaluating KPIs and metrics
- Storytelling and the customer journey