One of the key elements of a successful product management organization is creating the vision for your products—the ‘why’ that drives their purchase and the factors that make them successful in their markets. When you nail the product vision, you’re well on your way to business success.
So how do you create product vision?
Creating product vision starts at the top of the organization. The executive team must not only understand the role of product management but fully fund and support the team. Ideally, product management will have a seat at the management table.
With the right support established, here are three keys product leaders implement to create product vision in their organization:
- Strategic thought leadership: To win market share, products not only solve problems for their customers, but the producer of these products must be seen as a thought leader in their industry. They need to be at the forefront of the industry. They do this through research, execution and consistent delivery of their products.
- Paint the big picture. The product leaders need to help others see the big picture of where their products are heading. They start by working closely with the members of the product team to instill the vision. The product managers and product owners work closely with their Engineering, Marketing and Sales coworkers to assure they understand the overall product direction and clearly understand where products are heading. At least one positive side effect of this effort is that it establishes the product team’s leadership in the company.
- Develop the possibilities for successful products. Working with the Product Marketing team, they establish the direction for successful products. They work to elevate their products in the market and validate their success with increased revenue and market share. This requires hard work and perseverance; it requires a product team that is dedicated not only to the success of their products but to the overall success of the company.
Creating the right product vision takes a lot of work, especially up-front work. However, once you have established your products as industry leading, the benefits multiply and become easier to expand. Take time to evaluate your current vision and determine what steps you need to take to get to the next level.
Questions: Why do you think it’s important to have visionary products? What is the most important next step for you to create a compelling product vision? Please leave a comment in the space below.
The Product Management Perspective: Creating product vision is the first of five key factors of a methodology I have developed to create successful product teams. Stay tuned as I roll out the remainder of the factors in subsequent articles featured on Lead on Purpose.