What is a Product Vision Statement and How to Create One?

A product vision serves as a roadmap for the team's efforts and decision-making by offering a compelling and distinct image of the product's future status, complete with its value proposition, purpose, and long-term objectives.‍

What is a Product Vision Statement?

The product vision serves as the project's mission statement. You can specify the concept's intended use, target audience, and method of meeting their demands to determine how the finished product will operate. Stakeholders should be able to comprehend the product's overall direction and shared team goals by using the product vision as a guide.

The purpose of the product and the future goals your organization has for it should also be addressed in your vision statement. For instance, "to make the best products on earth, and to leave the world better than we found it" is Apple's vision statement. 

The Importance of a Product Vision Statement

Imagine how challenging it would be to create a strategically sound product without a vision statement to get an idea of how important they are. How would that product team decide which markets to target, which features to prioritize, and where to concentrate its efforts? How would they establish priorities and make decisions from a strategic standpoint?

Additionally, roadmapping is made much simpler with a product vision statement. It is possible to convert a well-defined vision into an action plan if you begin with one.

After you have an action plan, you may analyze it even more and create a detailed development plan.

Finally, having a product vision statement helps your team express the high-level objective that guides the development of your product in clearer terms. This can assist in coordinating and aligning the numerous teams and departments inside your business working on your product. Everyone has a common goal to work toward, which can serve as a helpful reminder of why they are doing what they are doing.

How to Create a Product Vision Statement?

All relevant parties, including development teams and stakeholders, should be fully aligned and made clear via the product vision statement. Take the following four actions while formulating a product vision:

1. Establish a Product Goal

‍You must comprehend the goal of the product and be able to articulate it before you can compose your vision statement. You must establish these crucial components:

• Product Objectives and Future Legacy of the Product
• Customer-Focused
• Client Expectations
• Team Abilities and Expectations
• Competition
• Distinctiveness from Competition

2. Draft a Mission Statement

‍If you've never created a product vision statement before, you might find it helpful to start the process using an established template. This is how a simple product vision template might appear:

• This product is meant for (customer).
• Who needs (customer needs)
• The (product name) is included in (product category).
• That (product's benefits)
• Unlike (your main competitor)
• Our product (your key point of differentiation)

3. Verify

‍Verify the vision statement with stakeholders of the product, then make changes depending on their input. Together with the development team, scrum master, and other stakeholders, go over your vision statement. Check to see whether others agree that the vision statement is understandable and effectively communicates your message. Iterate over the statement until all parties are in complete agreement and understanding.

4. Compose the finalized vision statement for the product

‍Ensure the final copy is made available to the scrum master, stakeholders, and development team. A copy can even be posted on the wall in the team's workspace so that everyone can view it daily. Throughout the product's life, you and all other stakeholders will refer to the vision statement and build their work attitudes on it.