If you are a beginning product owner, first-time entrepreneur, or just a curious explorer in the product management field, you will often hear mentions of "product vision" and its importance for… well, for everything.
So, what is a product vision? Literally, it is a product owner's vision of the product, its Purpose, and its long-term future image. This is an initial input for a product team, a big picture of desired results ahead.
How can one build it? Let's start from the very beginning.
There are customers and products. What does the market look like now, before your product is launched?
How can one build it? Let's start from the very beginning.
There are customers and products. What does the market look like now, before your product is launched?
Some customers use certain products because they bring them value in exchange for their time and money.
Of course, as we know from real life, time and money are always limited. We only have 24 hours a day, and usually, we have less money than we wish in our bank accounts.
So what happens when a new product launches? Let's look:
Of course, as we know from real life, time and money are always limited. We only have 24 hours a day, and usually, we have less money than we wish in our bank accounts.
So what happens when a new product launches? Let's look:
A successful product would attract some customers' time and money from other products and create value for them instead of those products.
If a product is not successful, it will exist alone—without customers' attention, time, and money.
If a product is not successful, it will exist alone—without customers' attention, time, and money.
The difference between success and failure lies in whether you can or cannot answer these five questions:
A product vision answers these questions and, therefore, determines the product's unique value proposition together with ambitious long-term goals.
- Who are the customers of my product?
- What is my product?
- How does my product solve customers' problems?
- Why would customers spend their time and money on my product instead of others?
- Where will my product be in the future?
A product vision answers these questions and, therefore, determines the product's unique value proposition together with ambitious long-term goals.
I will illustrate answering these questions with the example of an imaginary product: “EcoGrow" — a smart, compact, and eco-friendly indoor gardening system that enables people to grow fresh herbs, vegetables, and fruits year-round, regardless of their living space or outdoor gardening conditions.
Who?
First, you should focus on understanding your customers. The more precisely you define your Ideal Customer Persona (a marketing term), the better your product, marketing, and sales will work. Think of your product as a communication tool between you and your customers. As in personal communication, a satisfying dialogue requires that you know the individual you speak with.
Make hypotheses, check them again and again, and speak to customers who you think may be interested in solving their problems with your product. Their feedback is the most precious information you may obtain. If you are friendly enough, it is often given for free. Ask them what they use now and what they value the most in those solutions.
One more thing to keep in mind here—there must be enough customers on the market for your product to succeed. The common reason for failure is creating a perfect product whose prospective audience consists of the owners themselves and no single person more.
Who are ideal customers for EcoGrow? EcoGrow is designed for urban dwellers who lack access to garden space but desire to cultivate their own fresh produce. It targets environmentally conscious consumers, cooking enthusiasts, and families looking to educate their children about sustainable living and the origins of their food.
One more thing to keep in mind here—there must be enough customers on the market for your product to succeed. The common reason for failure is creating a perfect product whose prospective audience consists of the owners themselves and no single person more.
Who are ideal customers for EcoGrow? EcoGrow is designed for urban dwellers who lack access to garden space but desire to cultivate their own fresh produce. It targets environmentally conscious consumers, cooking enthusiasts, and families looking to educate their children about sustainable living and the origins of their food.
What?
What is your product? It may be a sports mobile app, an educational course, or a kitchen gadget. This part is often the only one that is absolutely clear for the owner, but please be very rational in this decision.
You may want to consider this matter again after defining your customer. Some formats just work better than others for particular audiences. You probably don't want to launch a newspaper for Generation Alpha.
You may want to consider this matter again after defining your customer. Some formats just work better than others for particular audiences. You probably don't want to launch a newspaper for Generation Alpha.
What is EcoGrow? EcoGrow is a smart indoor garden that uses hydroponics technology to grow plants without soil, significantly reducing the water and space needed. It comes equipped with LED grow lights optimised for plant growth, an automated watering system, and a mobile app for monitoring plant health, providing gardening tips, and scheduling care.
How?
To answer what value your product carries, or how it solves customer problems, you should define these problems first.
We don't use things just for the sake of using them; we always want to solve some problem behind them. If you want to eat, you may choose between pasta, steak, or salad. They all solve your problem (which is hunger) by giving you similar value (a pleasant feeling of a full stomach), though user experience may vary (different prices, taste, and nutritional value).
We don't use things just for the sake of using them; we always want to solve some problem behind them. If you want to eat, you may choose between pasta, steak, or salad. They all solve your problem (which is hunger) by giving you similar value (a pleasant feeling of a full stomach), though user experience may vary (different prices, taste, and nutritional value).
It is also essential to think thoroughly about pains and value because this allows you to more accurately determine your competitors.
Your competitors are all the products that initial time and money from customers you take away.
Let's look at how one may fight their problem — boredom.
Your competitors are all the products that initial time and money from customers you take away.
Let's look at how one may fight their problem — boredom.
Products that bring strictly different values and cannot be attributed to the same niche, are called "substitutes". Products within the same niche that carry similar value are called "analogues". But they all solve the same problem for customers – entertain them if they are bored.
It is a common mistake to consider analogues only. To obtain a profound product vision, you should also think about substitutes. Yet it might be very hard to compete with them directly. You would definitely benefit from at least being aware of the situation there.
Let’s check how EcoGrow solves customers' issues. EcoGrow solves the problem of limited gardening space and resources by incorporating hydroponics with intelligent automation. The system's LED lights mimic natural sunlight, promoting photosynthesis year-round, while its app monitors plant needs in real-time, adjusting water and nutrient delivery accordingly. Users can track their garden's progress and receive personalized advice through the app, making gardening accessible to beginners and providing convenience for more experienced gardeners.
It is a common mistake to consider analogues only. To obtain a profound product vision, you should also think about substitutes. Yet it might be very hard to compete with them directly. You would definitely benefit from at least being aware of the situation there.
Let’s check how EcoGrow solves customers' issues. EcoGrow solves the problem of limited gardening space and resources by incorporating hydroponics with intelligent automation. The system's LED lights mimic natural sunlight, promoting photosynthesis year-round, while its app monitors plant needs in real-time, adjusting water and nutrient delivery accordingly. Users can track their garden's progress and receive personalized advice through the app, making gardening accessible to beginners and providing convenience for more experienced gardeners.
Why?
Human beings are very resistant to change. If they get used to doing something in a certain way, convincing them to try another may be tough. No one except for friends and family would start using your product instead of the previous one if you did not offer them a much better experience.
Basically, there are two common strategic ways to win a competition: to offer a discount, keeping an appropriate quality (just enough for this particular customer), or offer a premium quality at the same or even higher price.
Basically, there are two common strategic ways to win a competition: to offer a discount, keeping an appropriate quality (just enough for this particular customer), or offer a premium quality at the same or even higher price.
Aside from that, there are various so-called "unfair" advantages. They may include access to influencers who would promote your product for their audience, a partnership with a well-established product that would include your product in a promotion bundle, or a fancy technological feature that is attractive to geeks… As you can see even from that list, they are usually mostly marketing tricks, and they just add some additional value for the customer over the top of your basic product value proposition.
Among main EcoGrow advantages are: innovative technology (higher yields and faster growth cycles), sustainability, space efficiency and great user experience. All these things create an additional value for its customers compared to competitors like traditional gardening or grocery delivery services (substitutes) and existing aeroponic/hydroponic gardening systems (analogs).
Among main EcoGrow advantages are: innovative technology (higher yields and faster growth cycles), sustainability, space efficiency and great user experience. All these things create an additional value for its customers compared to competitors like traditional gardening or grocery delivery services (substitutes) and existing aeroponic/hydroponic gardening systems (analogs).
Where?
This is the last question to ask. Where do you want your product to be in the long term?
You may think of a market share, top-of-mind rankings, or, of course, simple and transparent revenue goals. You create an image for the entire team, "Where this path could lead us?" so you want to be ambitious to motivate them, yet realistic enough to avoid disappointment.
What could be a good target for EcoGrow?
You may think of a market share, top-of-mind rankings, or, of course, simple and transparent revenue goals. You create an image for the entire team, "Where this path could lead us?" so you want to be ambitious to motivate them, yet realistic enough to avoid disappointment.
What could be a good target for EcoGrow?
- Achieve User Acquisition Goal of 10,000 Users,
- Establish a Strong Online Community Presence with 100000+ members,
- Secure Partnerships with 5 Eco-Conscious Lifestyle Influencers or Brands.
And finally…
So now you have all the answers about your product, and ready to push it on your teams' meetings and investors calls. Feel like something is missed?
You are right. Actually, the main thing behind any genuinely successful product is the Purpose.
You are right. Actually, the main thing behind any genuinely successful product is the Purpose.
The Purpose of your product describes a good thing that it does.
As simple as that. Purpose is not about money, personal achievements, or competitive advantages, it is a deep reason why people make efforts to change the world even after reaching all thinkable wealth and fame.
Many company leaders started their business path by acknowledging the Purpose ahead. But don't worry if you haven't grasped it yet — a lot of them, too, came to that idea lately, after the initial success of their businesses.
The Purpose is often represented as a "product vision statement." Some of the well-known examples are:
"To accelerate the world's transition to sustainable energy." (Tesla)
"To make everyone in the world healthier." (Fitbit)
"To help create a world where you can belong anywhere." (Airbnb)
What could be a Purpose of EcoGrow? EcoGrow aims to empower individuals to lead more sustainable lives by providing them with a simple, efficient way to grow their own food. It addresses the increasing need for food security and promotes a healthier lifestyle by offering access to fresh, pesticide-free produce. By making gardening accessible to everyone, EcoGrow fosters a connection with nature and educates users about sustainable practices, contributing to a greener planet.
I am sure you grasp the idea. Think of it, and you find yours one day.
Finally, you are all done with the vision—you know who your customers are and their pains, you understand what your product is, how you will win the competition, and to what great results it will lead you. It is a bright start for the incredible journey.
Many company leaders started their business path by acknowledging the Purpose ahead. But don't worry if you haven't grasped it yet — a lot of them, too, came to that idea lately, after the initial success of their businesses.
The Purpose is often represented as a "product vision statement." Some of the well-known examples are:
"To accelerate the world's transition to sustainable energy." (Tesla)
"To make everyone in the world healthier." (Fitbit)
"To help create a world where you can belong anywhere." (Airbnb)
What could be a Purpose of EcoGrow? EcoGrow aims to empower individuals to lead more sustainable lives by providing them with a simple, efficient way to grow their own food. It addresses the increasing need for food security and promotes a healthier lifestyle by offering access to fresh, pesticide-free produce. By making gardening accessible to everyone, EcoGrow fosters a connection with nature and educates users about sustainable practices, contributing to a greener planet.
I am sure you grasp the idea. Think of it, and you find yours one day.
Finally, you are all done with the vision—you know who your customers are and their pains, you understand what your product is, how you will win the competition, and to what great results it will lead you. It is a bright start for the incredible journey.
