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Product Vision Software vs Company Vision Software: Who Defines Great Products

When it comes to product development, purpose-built software can work wonders, streamlining the process and elevating the end result.

Allow me to introduce you to two game-changers: product vision software and company vision software. These powerhouses may share a focus on vision, but they serve unique functions within an organization.

In this post, we’ll dive into their distinctive characteristics, shed light on their remarkable benefits, and explore how they join forces to create exceptional products and drive business growth. Get ready to be inspired! ✨🚀

What is product vision software

Product vision software is a strategic tool that assists organizations in clearly articulating the direction and aspirations for their products. 🚀 It enables them to define the key elements of a product, such as purpose, target audience, value proposition, differentiation, and future goals.

product vision software

For instance, consider a cutting-edge product vision software like ProdPad. It allows teams to:

  1. Visualize the product strategy – ProdPad offers a mapping feature that displays the product’s objectives and how they align with the strategic goals. 🗺️
  2. Prioritize tasks – It provides a scoring system to assess and prioritize the product features based on their perceived value and complexity to implement. ⚡
  3. Document product ideas – Users can store, manage, and discuss new product ideas within the system, fostering collaboration and innovation. 💡
  4. Track product evolution – ProdPad maintains a comprehensive timeline of product development, tracking the journey from initial ideas through to release. 📅

Another notable example is Productboard, a holistic product management suite that enables:

  • Centralized information management – Productboard facilitates the consolidation of customer feedback and insights, ensuring all product-related information is easily accessible. 🗂️
  • Roadmap creation – Teams can develop visually engaging and easy-to-understand product roadmaps, communicating the product strategy effectively. 🛣️
  • Collaboration enhancement – With its interactive features, Productboard promotes collaboration among team members and stakeholders. 🤝

These examples underline the role of product vision software in ensuring a consistent, strategic, and well-coordinated approach to product development, contributing to the creation of products that resonate with the target audience and enhance business growth. ✨

What is a product vision statement?

A product vision statement is a compelling narrative that captures the ultimate goal or future state of a product. It illustrates the product’s purpose, outlines its ambition, and provides a guiding light for strategic decision-making throughout the product development process.

product vision software

For example, consider the vision statement of Spotify: “To unlock the potential of human creativity — by giving a million creative artists the opportunity to live off their work, and billions of fans the opportunity to enjoy and be inspired by it.” This statement clearly communicates Spotify’s long-term aspiration, namely to foster creativity and provide a platform for artists and their fans. 🎵🌟

Here’s how a product vision statement can be crafted:

  1. Identify the product’s purpose: Why does the product exist? What problem is it solving? For Spotify, the purpose is to foster creativity and provide a living for artists. 🎨💡
  2. Define the target audience: Who is the product for? In Spotify’s case, it is for creative artists and their fans. 🎶👥
  3. Articulate the product’s value proposition: How does the product solve the problem? Spotify accomplishes this by providing a platform where artists can share their work and fans can enjoy it. 📲🎧
  4. Outline the product’s differentiation: What makes the product unique or better than others? Spotify distinguishes itself through its vast library of songs and user-friendly interface. 🎶🔍🖥️
  5. Set future goals: What does the product aim to achieve in the long run? Spotify aspires to unlock human creativity on a large scale. 🌟🌍

In essence, a well-crafted product vision statement serves as a strategic anchor, providing direction and inspiring the team towards the envisioned future. 🚀✨

Product vision VS company vision: 10 key distinctions to consider

Understanding the differences between product vision and company vision is crucial for any organization aiming for growth and success. Here are the ten key distinctions to consider: 🧠🏢

product vision software

  1. Focus: Product vision is solely focused on the product’s trajectory. It outlines the roadmap for the product’s evolution. Conversely, a company vision is an overarching statement that encapsulates the entire organization’s direction and long-term goals. 🚀
  2. Scope: A product vision is limited to a specific product or product line within the organization. On the other hand, a company vision is all-encompassing, covering all aspects of the company, including its culture, operations, employees, and future ambitions. 🌍
  3. Duration: Product visions may change as the product evolves or as market conditions shift. However, a company vision is more stable, providing a long-term perspective that remains largely unaltered over time. ⏳
  4. Stakeholders: Product vision primarily concerns product teams, managers, and associated stakeholders. In contrast, a company vision is relevant to all individuals connected to the organization, including employees, shareholders, customers, and the community at large. 🤝
  5. Outcome: A product vision is aimed at delivering a successful product that meets customer needs and stands out in the market. A company vision, meanwhile, strives for holistic organizational success, prosperity, and a positive reputation. 🏆
  6. Strategic Alignment: Product vision aligns with the company’s broader strategy, but may have its own unique objectives and milestones. Company vision, however, forms the bedrock of the organization’s strategic planning. 🎯
  7. Change Catalyst: Changes in product vision usually stem from shifts in market trends, customer expectations, or technological advancements. Changes in company vision, though rare, are triggered by significant organizational transformations or shifts in industry paradigms. 🔄
  8. Measurement: Product vision success is usually quantified by product-related metrics like sales, market share, or customer satisfaction. Company vision success is broader and may be determined through factors like overall financial performance, brand reputation, or employee satisfaction. 📊
  9. Communication: Product vision is typically communicated through product roadmaps, presentations, and team meetings. Company vision is often publicized through mission statements, corporate literature, and public addresses. 📢
  10. Authorship: Product visions are usually conceived by product managers or product teams. In contrast, a company vision is typically crafted by the top leadership, including the CEO and board of directors. 👥

While product and company visions are both instrumental in guiding strategic decisions, their focus, scope, and implications are distinctly different. Recognizing these differences can enable more effective planning and decision-making within organizations. ✨

Who owns the product vision?

In most organizations, the product vision is primarily owned by the Product Manager. This individual is tasked with setting the strategic direction for a product, understanding the market and customer needs, and defining how the product will meet those needs. However, a product vision’s creation and maintenance is often a collaborative endeavor.

product vision software

  1. Product Manager 👩‍💼: As the product’s chief advocate, the product manager is responsible for crafting and communicating the product vision. They outline what the product aims to achieve, how it will fulfill customer needs, and what differentiates it from competitors. An example of this is Steve Jobs at Apple, who envisioned and executed the vision of creating user-friendly, design-centric products.
  2. Product Team 🤝: The product team plays a crucial role in shaping and refining the product vision. Their hands-on experience in developing the product provides valuable insights that can influence the vision. For instance, Instagram’s product team played a key role in pivoting the app from a check-in service (Burbn) to a photo-sharing app, realizing the higher potential in photo-sharing during their development process.
  3. Stakeholders 🗣️: Key stakeholders, including customers, investors, and executives, can influence the product vision. For example, customer feedback might lead to a revision in the product vision to better meet their needs. Similarly, investors or company executives might propose strategic changes based on market trends or business objectives.
  4. Cross-functional Teams 🤝: Teams across the organization, such as Sales, Marketing, and Customer Support, also contribute to the product vision. They bring diverse perspectives and insights, helping to create a more rounded and realistic vision. For instance, insights from the sales team regarding market receptiveness can strongly influence product direction.

In essence, while the product manager is the primary custodian, the product vision is a collective responsibility. This collaborative approach ensures the product vision is grounded in reality and aligns with customer expectations and market demands. By balancing strategic foresight with practical insights, organizations can create powerful, compelling product visions that drive success.

Why a product vision is more than just words

A product vision is indeed more than just words. It is a critical driver that shapes the future direction of a product, inspires teams, and sets expectations for stakeholders. It’s not merely a statement to be written and forgotten, but rather a guiding force that informs every decision, strategy, and action associated with the product.

product vision software

  1. Inspiration and Motivation: Consider Microsoft’s early vision of “a computer on every desk and in every home.” This vision was more than a set of words; it was an aspiration that inspired and motivated the entire organization. It provided a clear direction and purpose, motivating teams to innovate and strive towards making computing accessible to the masses. 💪💡
  2. Strategic Direction: A well-chosen product vision can serve as a North Star, guiding the strategic direction of the product. For example, Tesla’s vision “to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles” is not just a statement. It clearly outlines their strategic direction, which is evident in their product development, marketing strategies, and partnerships. 🚗⚡
  3. Customer Alignment: A product vision is instrumental in aligning the product with its intended customers. Airbnb’s vision of “Belong Anywhere” is not just a catchy phrase. It informs their product features, user experience, and branding, ensuring that the platform is designed to make travelers feel at home, no matter where they are. 🌍🏠
  4. Decision-Making Guidepost: Decisions regarding product features, designs, and roadmaps are often guided by the product vision. Google’s search product vision to “provide access to the world’s information in one click” is more than just words. It is a guidepost that directs their decisions, from algorithm updates to user interface designs. 🔍🌐
  5. Team Alignment: The product vision serves to align different teams and stakeholders towards a common goal. Amazon’s vision to be “earth’s most customer-centric company” is not just a statement. It informs their team structures, operational strategies, and performance metrics, ensuring everyone is aligned and working towards enhancing customer experience. 🌟🛒

Therefore, it’s evident that a product vision is a powerful instrument that goes beyond just being a written statement. It is embedded into the fabric of the product and the organization, influencing actions, shaping strategies, and driving success. ✨🚀

What makes a great product vision?

A great product vision embodies certain core characteristics that set it apart. It isn’t simply about framing an ambitious future, but about creating a potent guide for strategy, alignment, and decision-making. Here are some key elements that contribute to a superior product vision:

product vision software

  1. Future-oriented: A compelling product vision should be forward-looking. It should encapsulate where the company aspires to be in the future. For instance, SpaceX’s vision of “enabling humans to become a space-faring civilization” paints a vivid picture of a future where interplanetary travel is a reality.
  2. 🎯 Clear and Concise: The product vision should be succinct and easy to understand. It should be able to effectively communicate the essence of what the product aspires to be. Twitter’s vision statement, “To give everyone the power to create and share ideas and information instantly, without barriers,” is a great example of clarity and conciseness.
  3. 🔥 Inspiring: An impactful product vision ignites enthusiasm and serves as a source of motivation for the team and stakeholders. It should inspire them to work towards realizing that vision. Nike’s vision of “Bringing innovation and inspiration to every athlete in the world,” does just that by encouraging continuous innovation.
  4. 🚀 Strategically Aligned: A product vision should align with the overall strategy and goals of the business. For example, Disney’s vision to be “one of the world’s leading producers and providers of entertainment and information” aligns perfectly with their business strategy.
  5. 🌟 Customer-Centric: The product vision should be rooted in serving the customer’s needs and aspirations. Amazon’s vision of being “Earth’s most customer-centric company” is a perfect embodiment of this principle.
  6. 🌎 Differentiating: The vision should highlight what makes the product unique and sets it apart from competitors. Tesla’s vision to “accelerate the advent of sustainable transport by bringing compelling mass market electric cars to market as soon as possible” differentiates it by focusing on sustainability and speed to market.
  7. 🌀 Flexible: While the vision should be stable, it should also allow room for evolution as market conditions change and the company grows. Google’s vision to “organize the world’s information and make it universally accessible and useful” exhibits this flexibility.

A great product vision is not just a lofty statement, but a strategic tool that shapes the product’s future, energizes the team, and consistently aligns efforts towards achieving the desired outcome. It is a delicate blend of ambition, clarity, inspiration, strategic alignment, customer focus, differentiation, and flexibility.

How to nail your product vision statement as a product manager

As a product manager, to nail your product vision statement, you need to engage in a dynamic process that involves careful thought, research, creativity, and feedback. Here are some steps to guide you:

product vision software

  1. Understand the Market and Customers: Start by gaining a deep understanding of the market and your target customers. What are their needs, desires, and pain points? How can your product address these? For instance, Uber nailed their product vision by understanding the need for easy, reliable, and affordable transportation, leading to their vision of “Smarter transportation with fewer cars and greater access.” 🚗🌟
  2. Align with Business Strategy: Ensure your product vision aligns with your company’s overall business strategy and goals. Apple’s product vision of “Creating innovative products that delight customers” complements their strategy of differentiation through innovation. 💡😃
  3. Keep it Simple and Understandable: Your vision statement should be clear, concise, and easy to understand. It should not be full of jargon or complex terms. Slack’s vision of “Making work simpler, more pleasant, and more productive” is a good example of simplicity and understandability. 💼✨
  4. Make it Inspiring: Your product vision should inspire your team and stakeholders. It should create a sense of excitement and enthusiasm. SpaceX’s vision of “Making life interplanetary” stirs the imagination and inspires. 🚀🌌
  5. Differentiate from Competitors: Your vision statement should highlight what sets your product apart from the competition. Lyft’s vision of “Improving people’s lives with the world’s best transportation” differentiates it by focusing on broad impact and quality. 🌎🚕
  6. Be Customer-Centric: Above all, your product vision should be focused on your customers. Amazon’s vision of “Being Earth’s most customer-centric company” exemplifies this focus. 💛🌍
  7. Allow for Evolution: Lastly, ensure your vision is flexible enough to evolve as market conditions, company goals, or customer needs change. Facebook’s shift from “Making the world more open and connected” to “Give people the power to build community and bring the world closer together” reflects this adaptability. 🌐🤝

Remember, crafting a product vision statement is an iterative process that may require several revisions. Regularly revisiting and tweaking it will ensure it remains relevant and effective. ✏️✨

7 Product vision examples from successful companies

  1. Tesla: Tesla’s vision statement is “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.” This vision is unique, future-oriented, and clearly highlights Tesla’s commitment to sustainability as well as their ambition to lead in the electric vehicle sector. 🔋🚗
  2. Google: Google’s vision is “To organize the world’s information and make it universally accessible and useful.” This statement emphasizes Google’s dedication to making information easily available to all, underlining its role in digital democratization. 🌍🔍
  3. Airbnb: Airbnb’s vision is “To help create a world where you can belong anywhere.” This vision statement positions Airbnb as more than just a rental platform. It projects the brand’s commitment to creating a sense of belonging and community among its users. 🌍🏠
  4. Apple: “To make great products that enrich people’s lives.” This vision, in its simplicity, outlines Apple’s commitment to quality and innovation, offering customers products that significantly enhance their lifestyle. 🍎💻📱
  5. Amazon: Amazon’s vision is “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.” This vision statement highlights Amazon’s dedication to customer service and the breadth of its product offerings. 🌎🛍️
  6. Netflix: Netflix’s vision is “To change the way people access and view their favorite shows and movies.” This vision emphasizes the company’s role in transforming the entertainment industry via streaming technology. 🎥🍿
  7. Microsoft: Microsoft’s vision is “To empower every person and every organization on the planet to achieve more.” This vision statement reflects Microsoft’s commitment to personal and organizational productivity, by providing tools and resources that drive efficiency and achievement. 💪💻

Each of these companies has a compelling vision that aligns with their business strategy and resonates with their target audience. Their vision statements are clear, inspiring, and customer-centric, setting them apart in their respective markets. ✨👏

CONCLUSION

A compelling product vision statement is the cornerstone of a company’s success. It goes beyond mere words; it embodies the company’s ambitions, ignites its future direction, and unites the team. It’s what sets a product apart in the market, showcasing its unique value proposition.

Crafting such a statement is no easy task. It requires an intimate understanding of the market, alignment with business strategy, a touch of simplicity, a dash of inspiration, a sprinkle of differentiation, and above all, an unwavering focus on the customer. It should also embody the flexibility to evolve and adapt with changing times.

But the journey doesn’t end once the vision statement is drafted. Companies must nurture it, regularly updating and refining it to remain in sync with their strategic objectives and to continue resonating with their target audience.

Because a powerful product vision statement isn’t just a statement; it’s a catalyst for success, a beacon of inspiration, and a guiding light on the path to greatness.

 

1 thought on “Product Vision Software vs Company Vision Software: Who Defines Great Products”

  1. I loved even more than you will get done right here. The picture is nice, and your writing is stylish, but you seem to be rushing through it, and I think you should give it again soon. I’ll probably do that again and again if you protect this hike.

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