What is a Product Vision Plan?
A product vision plan is a comprehensive plan that outlines the strategy for product development. It helps product teams stay focused on the purpose of the product and create a clear vision for what it should eventually become. It contains the specific objectives, actions, and measurements to be taken to reach the desired outcome. The product vision plan template is designed to help product teams create an effective product vision plan.
What's included in this Product Vision Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Product Vision Plan template for?
The Product Vision Plan Template is designed to help product teams in any industry create a clear and compelling vision for their product. It is a useful tool for product managers, entrepreneurs, and innovators looking to build a successful product strategy and launch successful products.
1. Define clear examples of your focus areas
A focus area is a major component of the product vision plan that outlines the main objectives and goals of the product. Examples of focus areas can include product market positioning, usability, cost, customer experience, and innovation. The focus areas should be determined based on the overall purpose and vision of the product.
2. Think about the objectives that could fall under that focus area
Objectives are the desired outcomes or goals that a product team is striving to reach. They should be specific and measurable, and should be related to the focus area in which they fall. For example, a product market positioning focus area may include objectives such as differentiating the product from competitors, or increasing customer loyalty.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are measurable targets that are used to track the progress of the product vision plan. They should be related to the objectives and should be measurable, such as the market share or customer churn rate. Setting KPIs helps to ensure that progress is being made and that goals are being reached.
An example of a KPI for the focus area of Product Market Position could be: Increase market share from 15% to 20%.
4. Implement related projects to achieve the KPIs
Projects, also known as actions, are the steps that are taken to achieve the KPIs and objectives of the product vision plan. Examples of projects may include developing unique features, enhancing customer support, streamlining user navigation, or improving system responsiveness.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform helps product teams bring their product vision plan to life. It helps teams align their strategy with their product objectives and launch successful products. Cascade provides product teams with the tools and resources they need to execute their strategy and reach their goals faster.