The average person has about ten ideas that could change the world. Knowledgeable people are said to have about 15 to 20 of these ideas. Fascinating, isn't it?
But how do you know if an idea has the potential to become a billion-dollar service or product?
This article focuses on what a product vision is and why it's essential in Agile. We'll also learn how to create a product vision and how exactly Product Owners contribute to the vision.
What Is a Product Vision
A product vision, also known as a product vision statement, defines your product's overarching long-term mission. Aspirational vision statements convey the trajectory the product hopes to take in a clear and precise manner, and detail what it aims to achieve down the road.
It is developed by the Product Owner, who often works in cooperation with third parties, and serves as a guide for the Scrum Team.
Keep in mind that it's vital that employees at all levels of the organization — from the CEO to the development team, should fully understand the aims and objectives of the product vision.
Why Is Having a Product Vision Important in Agile
While it's essential to present a product vision to the entire organization, the department that could benefit from it the most is the Scrum Team. There are numerous reasons why having a product vision is important in Agile. A clear product vision:
· Influences Sprint execution
· Helps prioritize tasks
· Contributes to product strategy and road mapping
· Aligns actions with the firm's goals
How to Create a Product vision
Check out some of the steps you will need to take in order to create an effective product vision statement in Agile.
Developing the Agile Product Objective
You must know and be able to convey the product's objective to create your vision statement. To do this, you should be able to define the following:
· Key product objectives: How will the product benefit your firm? The objectives may include benefits for both different departments within your firm and as a whole. What strategic plans does the product promote?
· Customer: Who is going to use the product? This could be multiple parties.
· Competition: How does the product stand in comparison to other similar products?
· Primary differentiation: What distinguishes this product from the status quo, the competition, or both? What is its unique selling point or competitive edge?
Drafting the Agile Product Vision Statement
You can create the first proposal of your vision statement only after you have a good understanding of the product's objective. A well-crafted vision statement will help convey your product's quality, maintenance requirements, and longevity.
A vision statement describes the product's future state after its completion. The vision focuses on the circumstances that should exist when the product is ready.
After this stage is complete, you should immediately consider validating and revising your Agile product vision statement. Once you're confident in your draft, it's time to publish and make it available to your stakeholders and employees.
Here is an example of the type of format your product vision statement should follow:
For (your target audience) who (statement of opportunity or need), the ( product's name) is a (product's category) that (key advantage of the product).
Unlike (primary competitive alternatives), this product (several key differences and reasons your product is better).
How do Product Owners Contribute to the Vision?
As we've discussed before, product owners contribute to the product vision statement in crucial ways. In fact, as the visionaries, their opinions are needed at every stage of drafting the statement.
Here are four ways product owners contribute to the vision of the product:
· By conveying new product requirements and opportunities
· By contributing to the portfolio canvas
· They develop strategic themes
· By consistently exploring emerging markets
How Can GoRetro Help?
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