Difference Between Product Vision and Product Strategy
One way to explain the difference between product vision and product strategy is to use the famous quote by Martin Luther King Jr. The quote starts with, “I have a dream….” This statement is a vision, the way and manner this statement would be carried out is not stated but if it was then we could call it a strategy.
Many times people mix or use the two concepts interchangeably but truly they are both important elements in the development of any product and they mean different things. Product Vision is a mission statement for the product. It reflects the direction the product should go. It describes the end goal of a product. A product vision is always straight to the point in outlining or detailing the purpose, who it is for, the solution and values.
A product vision is inspiring and is the core foundation for starting or developing a product. It could be just a single line sentence or a couple of lines but it typically describes the long-term goal of the product. Product Strategy on the other hand is a detailed document that outlines the steps on how the product vision will be achieved. In simpler terms, Product vision focuses on telling you where the product should be or the long-term goal. I like to think of it as a motto for the product while Product Strategy explains how you will achieve this or how you will get there.
Characteristics of Product Vision
A well-thought-out product vision for a product should have the following characteristics;
Clarity on the purpose of a product
Direction and focus for teams working on the product
The Product vision should be able to highlight the problem it solves and whom it serves. For example, using Microsoft's product statement, “To help people and businesses throughout the world realize their full potential.” We can tell that Microsoft aims to solve the problem of businesses underperforming or not meeting their full potential due to the lack of organizational tools.
It should be able to answer the question of who is the product for, what the product hopes to achieve and what the solution lies in the use of this product.
It should be customer-centric. Remember the end goal of any product is to serve its users. Product vision should be focused on the customer and tell how it solves the customer's problem.
Characteristics of Product Strategy
A product strategy explains how an organization hopes to achieve the product goal or product vision. Here are some characteristics of a Product strategy;
A Product Strategy is well-detailed and outlines the plans for actualizing the Product goal.
A Product Strategy is driven or made from market research and data. It is not something that is constructed abstractly
It is clear, easy to understand and the content is easily communicated to either the business or technology department
It aligns with the business goals
It is flexible and adaptable and can also work with change.
It is important to always remember that a Product vision serves as a clear picture to tell where the product is heading while Product strategy helps you achieve this goal. In addition, you can not successfully create a product vision and product strategy without putting this to use;
Having an in-depth understanding of your product
Answering all the possible “WHAT” “WHY” and “HOW” questions on your product
Aligning or collaborating with other members of your team to get their feedback or input
Finally, document your findings.
Importance of a Product Vision
A product vision helps in providing direction for all departments involved in the development of a product. Think of it as a road map or a guideline to keep on track.
A product vision serves as an inspiration for the organization, it is a foundation that pushes the team and encourages them to think and work in line with the vision statement.
It helps in the decision-making process of the product.
In summary, the Product vision is an important foundation in the development phase of a product, the Product strategy is always based on the Product vision and this is done or carried out by the lead Product manager in the organization.