The 5+ Word Phrase That Will Transform Your Product ✨

Insights

Welcome back to Product Prism! In the maiden issue, we explored the basics of product management, including the core skills and various roles of a product manager. Today, we’re excited to dive deeper into one of the essential elements of successful product management: the Product Vision Statement 👁️ 🎯 

In this issue, we will focus on:

• Understanding what a product vision statement is.

• The importance of creating a vision statement.

• Steps to craft a compelling product vision.

• Examples of effective product vision statements.

• Critical tips for making your vision statement clear, concise, and unique.

Introduction

Imagine the Thrill of a Shared Dream.

Imagine embarking on a thrilling adventure with your team, driven by a shared dream. For product teams, that guiding light is the product vision statement. It's the spark that ignites innovation, aligns your crew, and propels your product towards a common destination📍.

The Power of a Clear Product Vision

I've seen first-hand how a clear product vision can transform teams and products. I once worked with a startup founder whose team was stuck in a build trap, cranking out feature after feature with minimal impact at best. Together, we crafted a bold product vision statement that answered the question: What do we aim to become? This simple yet powerful declaration helped the team focus on creating a truly impactful product 💥.

The Vision: Connecting the Dots

The product vision is the critical connection between your company's mission and your product strategy. It bridges the gap between what you stand for (your mission) and how you plan to achieve it (your strategy). By defining your product vision, you'll create a clear direction for your team, align your efforts with the company's broader goals, and set the stage for a winning product strategy 🏆

A Product Vision Statement is More Than Just Words 

It's a promise to your customers, a commitment to your team, and a guiding force for your product's future. By defining this north star, you'll unlock a bold new direction for your product and inspire your team to strive for something greater. You'll be empowered to break free from incremental thinking and create a product that delights, inspires, and changes lives 🌈.

Crafting an Effective Product Vision Statement

Creating a powerful product vision involves several key steps:

1. Identify the Ultimate Goal: Define your product's primary purpose or ultimate achievement.

2. Keep it Clear and Concise: The vision should be easy to understand and remember.

3. Align with Organizational Mission: Ensure it reflects the organisation’s broader mission.

Product Vision Creation Guide

Let's consider a fictitious home eco solution. You are the founder of a home eco solution or the first product manager at an eco solution startup, and you want to craft a product vision to align your team. Here are some questions below to ask

The Outcome: Product Vision for our fictitious home eco solution.

“To empower every homeowner to live sustainably and affordably by transforming homes into energy-efficient havens that benefit both the planet and their wallet”

Tips for an Effective Vision Statement

• Ambitious Yet Feasible: It should challenge the team while remaining achievable. Is it ambitious?

• Clear and Inspirational: It must be both understandable and motivating. Is it clear and concise?

• Unique: Distinguish your product from competitors. Is it unique?

Demystifying Product Vision

Company Vision vs. Product Vision

While a company vision outlines an organisation's overall purpose and direction, a product vision focuses on a product's specific future and aspirations. In some cases, these can be the same, mainly when a company’s primary focus is a single product.

• Examples of Product Vision:
  Microsoft Surface: “To create the most productive devices on the planet”.
  Instagram: “To capture and share the world’s moments."
  

• Examples of Company Vision:
  Amazon: “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.”
  SpaceX: “To make life multi-planetary by establishing a self-sustaining city on Mars.” 🤯 

Vision vs. Mission Statement

It's common for people to confuse or interchange the terms 'mission' and 'vision.' To clarify the distinction, let's break down and compare the two.

Question & Answer 🙋‍♀️

Q: How can I ensure my vision statement aligns with my company's mission?
A: Start by understanding your company's mission and values. Ensure your product vision reflects these broader goals and complements the company's direction.

Q: What should I do if my team can't agree on a vision statement?
A: Facilitate open discussions and workshops to gather input from all team members. Aim to find common ground and create a vision that everyone can support.

Send me your questions by hitting reply!

Book Recommendation 📚

In this section, I recommend a book. Most book recommendations will have a summary you can read or listen to in 20 minutes or less in my Blinkist Space here. 

Today’s Recommendation

Take Action 👨‍🔧 

In our first issue, we encouraged you to start thinking about a product you'd like to manage. Now, it's time to take the next step in defining your product's vision. If you missed the first issue, read it here.

If you haven't created a product idea yet:

• Think of a product or service you're passionate about—anything from a new app to a physical product. Use the guidelines provided in this issue to draft a compelling product vision statement.

For those who have a product idea from our first issue:

• Reflect on your initial product idea and use the guidelines provided in this issue to draft a compelling product vision statement.

Share Your Vision: Once you've drafted your vision statement, share it with your team or peers for feedback and alignment. If you're working solo, consider discussing it with a mentor or colleague to get an outside perspective. 💡 

Stay tuned for our next issue, where we will explore defining your value proposition and understanding its differences from a positioning statement.

Stay product-tastic 😊, and see you in the next issue! 📚
Tolu

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