Product Innovation, Agile Transformation, Development
Product Vision and Vision Statement
When working on a new product, you often need to find a succinct yet compelling way to communicate its value and your end goals. Maybe you are meeting one of your top investors in the elevator and only have 30 seconds to share your idea. Or you are hiring new team members to help with the product’s development, and you need to rally them around your idea.
Whatever the reason, it all starts with a Product Vision. The product vision paints the picture of what you are striving to achieve and the long-term goal for your product, and it represents a “North Star” for everyone involved in the product development effort.
A good product vision is inspirational and motivational. It also offers insights into the following elements:
What types of customers will you serve?
What types of services will you offer?
What value will you deliver?
Why would anyone be interested in it?
Example of Product Vision
SpaceX builds advanced rockets and spacecraft. Since 2002, it has been delivering satellites into space for commercial customers and payloads for NASA. SpaceX engineers were the first to introduce several innovations, including the ability for a rocket launcher to re-enter Earth’s atmosphere and land back on the launch pad. Yet, for all its technical achievements, SpaceX’s vision does not describe building the fastest, biggest, most advanced rocket. This is certainly part of what the company strives to do, but its long-term goals are more ambitious than that.
SpaceX wants to make humans a space-faring race. It wants to colonize Mars: “SpaceX designs, manufactures and launches advanced rockets and spacecraft. The company was founded in 2002 to revolutionize space technology, with the ultimate goal of enabling people to live on other planets.”SpaceX website – December 8, 2017
The Product Vision Worksheet
To help you ideate and craft a Product Vision for your product, you can download the Product Vision Worksheet. Follow the instructions on the sheet and fill-in all the components that create a vision.
Once you have identified all the key elements of your vision, use page 2 to craft a Vision Statement. This is a short, inspiring, compelling statement that helps you share your vision with the world.