What Is Product Vision and Why Is It Important?

In this post, let us consider what is product vision and why it is important.

What Is Product Vision?

Simply put, product vision is the vision of the future of the product. It is what you are building, and the reasons why you are building it.

Product vision provides answers to three questions:

1. What problem is this product solving? (why)
2. How will it be used in the real world? (what)
3. What will make it stand out in its category? (what makes us different)

It also refers to the purpose of the product. It is the guiding principle for the team working on the product to build a product that solves a problem for customers while providing them value.

When developing a product vision, it is essential to keep in mind your target market and your competitors.

By doing this, you can better assess your strengths and weaknesses, and develop a strategy that will help you gain traction with your target market.

What Is The Purpose Of Product Vision?

The purpose of creating a vision is to get everybody on the same page—both internally and externally.

It brings together all stakeholders involved in the project. It is also the basis for building a roadmap.

A vision also helps to create a shared understanding between the team and the stakeholders. It provides a framework to guide development and decision-making.

How Do You Develop A Product Vision?

Product vision is a broad concept, and there are many ways to define it.

However, in this post, we will discuss product visions from the perspective of how they are created at startups. 

For this purpose, let us consider these steps:

The first step to developing a vision is to identify your target market. 

This will help you determine the problem that you are solving. This will also help you decide who your primary competitors will be. 

After identifying your target market, the next step is to identify the problem that you are solving. 

The more specific this problem statement is, the more easily you can develop a solution for it.

What value are you providing customers? What will make you stand out? 

It is important to understand your differentiators—the value that you are providing to customers that others in your category do not. If there is no distinguishing factor, then there is no point of differentiation.

Next, you need to develop a value proposition.

A value proposition explains the value that your product provides for its users. It also explains why people should buy your product over others in your category.

Once you have a value proposition, you can develop a messaging strategy. 

Finally, once all this is done, it is time to put everything together and create a prototype. A prototype helps potential customers visualize the problem that they are trying to solve and how your product solves it. 

Summary

The process of developing a product vision is never easy. However, the more time you spend on it, the more likely you are to create a product that will be successful in the market. 

How do you develop product vision? What are your tips for creating one? Share with us in the comments section below!