[2:03] What is product vision and why is it important?<\/strong><\/p>\nA great product vision is a tool to align a plan with your executives and your team. It helps avoid product drift and putting resources in the wrong areas. It\u2019s often defined as inspirational but should go beyond that and answer the question of why the product exists and how it will benefit the organization and the customer.<\/p>\n
[3:27] Why is product vision often lacking in digital products?<\/strong><\/p>\nThe idea of digital products is still pretty young, so that\u2019s part of it. Vision is also looked at as something soft and intangible, and therefore unimportant. Some of the challenges a product faces when it\u2019s in the market can be traced all the way back to a lack of product vision. A weak product is almost as dangerous as not having any product at all. The rules of creating a product vision for digital products have yet to be fully written; it\u2019s not industry knowledge.<\/p>\n
[7:10] How do you create a product vision?<\/strong><\/p>\nThere are five critical building blocks to a great vision: goal, action, problem, benefit, result. The goal might be at the organizational level or at the product level. It should be tangible and understood by everyone on the team. The second part is the action needed to achieve that goal. The third building block is understanding what problem you are trying to solve. Organizations tend to fall in love with the solution instead of the problem. Good product managers fall in love with the problem, not the solution. The fourth piece is the benefit to the organization, and the final element is the result, or the benefit to the customer.<\/p>\n
[11:34] How do product managers implement vision day-to-day?<\/strong><\/p>\nProduct managers develop a lot of skill around understanding value. They have to take a big idea and create a product out of it that solves a problem for the customer while showing executives how it fits the company\u2019s vision. At the same time, product management leads the effort to execute that vision.<\/p>\n
[16:14] What role does collaboration play in creating product vision?<\/strong><\/p>\nCreating a vision is really powerful as a collaborative exercise. Once you have a vision, it\u2019s the first thing every new team member should see when they join the project. It should help those people see their role in solving the problem and understand the interdependencies among team members. Collaboration also helps create re-enforcement and help keep the team focused over long project timelines. A great product vision can help break down silos and give people across the organization something they can get behind.<\/p>\n
[19:37] What format works best for presenting product vision?<\/strong><\/p>\nMost often, it becomes the cover slide in a presentation. It can also work as a video that\u2019s narrated and serves as more of a rallying cry. Effective visions embrace the empathetic side and show how the vision impacts customers rather than focusing on the organization\u2019s bottom line. GE did a great job of this with a vision for an MRI machine for children. They had a strong, clear vision for what they were trying to achieve and how it would benefit patients and hospitals. No matter what the format is, the vision typically works best when it\u2019s presented as a statement that\u2019s clear and easy to understand.<\/p>\n
Innovation Quote<\/strong><\/p>\n\u201cVision without action is a daydream, and action without vision is a nightmare.\u201d -Japanese Proverb<\/p>\n
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