Great products started from a simple vision — a vision to do something exceptional. It’s that ‘a-ha’ moment, the spark of creativity that drives you to build something greater than yourself.

But what exactly is a product vision, and in today’s fast-paced, agile world, is it still essential? Do we still need to document product vision and strategy? If so, how can we do it effectively with clear strategic planning and actionable insights?

In this article, I’ll provide a brief overview of what a product vision and product strategy entail and share the best frameworks and templates along with real-life examples.

The Power of Product Vision

Product Vision = WHY

A Product Vision communicates WHY you are building something. It’s a simple sentence that describes the problem users are trying to solve and the capabilities it enables them to solve.

However, crafting a great product vision is not a straightforward task. It involves getting everyone on board and in agreement with the idea. Otherwise, it becomes a document nobody cares about.

A great product vision is customer-centric, audacious, and achievable. It becomes much more memorable when it speaks to people’s hearts.

First, make sure that your key stakeholders are actively involved. This step is as simple as gathering them together and filling in the following blanks:

For [target audience]
Who [statement of need or opportunity]
The [Product name] is a [product category]
That [Key benefit, reason to buy]
Unlike [Primary competitive alternative]
Our Product [Statement of primary differentiation]

By aligning your team and stakeholders on these fundamental aspects, you lay the groundwork for a cohesive and effective product strategy that supports new product development and the entire product lifecycle.

Let’s take a look at some product vision examples:

Toyota
‘For eco-conscious consumers who need a dependable way of getting around, Toyota is an automotive manufacturer that produces reliable, energy efficient vehicles at an affordable price. Unlike other automotive manufacturers, Toyota is a market leader that is committed to providing clean, safe, and high-quality products to our customers’.

Wallmart
‘For price-sensitive consumers around the globe, Walmart is a multinational retail corporation that provides everyday products at the lowest possible price. What sets Walmart apart is its operational excellence, inventory management, and their commitment to helping people live better lives by saving them money’.

The Art of Product Strategy

Product Strategy = WHERE & HOW

Product strategy is a set of choices you need to achieve your product vision. It outlines the most promising direction for reaching that future state, with clear objectives and key results.

For example, which problems will you solve? Who will use your product? Which business objectives will you aim for? In short, a product strategy defines how you will get there through strategic thinking and leadership.

The product strategy needs to be so unique that competitors cannot copy it without risking their current operations.

15 Frameworks and Templates

Let’s now explore 15 robust product vision and strategy frameworks to discover ones that suits your needs and strengthen your roadmap:

1. Ansoff Matrix

A strategic planning framework to help companies evaluate strategies for future growth. Often called the Product/Market Expansion Grid, it comprises four quadrants: Market Penetration, Product Development, Market Development and Diversification. Each quadrant contains a potential growth strategy that you should evaluate and then prioritize ones that offer the highest value with minimal risk or resources required.

2. Blue Ocean Strategy

A business strategy focusing on creating new demand in unchallenged markets, instead of competing with others. This framework points out 4 key actions to take into account to refine existing products: Raise, Reduce, Eliminate and Create. It’s great tool to consider when you feel like your company or your product is stuck in the ‘red ocean’ and you are looking for ways to innovate and improve the customer experience.

3. Business Model Canvas

A strategic management tool that outlines all high-level strategic details of your business on 1 page. Lay out 9 key components of your business: Value proposition, Customer Segments, Channels, Customer Relationship, Revenue Streams, Key Resources, Key Partners, Key Activities and Cost Structure.

4. Elevator Pitch

An elevator pitch is a brief, persuasive speech that you can use to spark interest in what your organization does. You can also use one to create interest in a project, idea or product. A good elevator pitch should last no longer than 30 to 45 seconds.
Elevator Pitch Template:

The biggest problem our audience has is [Problem] and we can solve this problem by [Solution — showing them, giving them] which will allow them to [Value Proposition].

5. Gap Analysis

A gap analysis is a strategic process that helps your business compare its current, real-world situation with its ideal goals. Setting clear goals, understanding the current situation, and identifying challenges allows your product team to collaborate on a plan to achieve those goals. Use a simple table format to enter your Current State, Desired Future State (To), GAPS and Remedies.

6. Jobs-to-be-Done (JTBD)

The JTBD framework suggests developing products based on helping customers complete particular jobs. The JTBD theory states that markets grow, evolve, and renew whenever customers have a Job to be Done, and then buy a product to complete it. A JTBD statement concisely describes the way a particular product or service fits into a person’s life to help them achieve a particular task, goal, or outcome that was previously unachievable.

JTBD Statement:

When I [context], but [barrier], help me [goal], so I [outcome].

Let’s take a look at Peloton’s JTBD Statement:

When I need an option to workout, but I can’t go to my favorite studio, help me get a convenient and inspiring indoor workout, so I can feel my best.

7. Lean Canvas

A startup business model that helps you to deconstruct your business idea into its key assumptions and validate it. It’s a perfect one-page format for brainstorming possible business models, 9 blocks guide you through logical steps starting with your customer problems right through to your unfair advantage.

8. McKinsey 7S Framework

McKinsey 7S framework illustrates how seven elements of businesses can be aligned to increase effectiveness. The framework has a combination of “hard elements” (strategy, structure and systems) which are easily identified and “soft elements” (shared values, skills, styles and staff) which are less tangible and are influenced by things like culture. This model helps to understand how elements are interrelated in an organization and whether there are missing elements that need realigning.

9. North Star Metric

A north star metric measures the most critical outcome of success for the product. It acts as a focal point for your product team. Amplitude proposes a great way to classify North Star Metrics. Depending on the game you are playing, you might want to focus on: Attention, Transaction or Productivity. Identifying the game you are playing is the first step toward finding your North Star Metric.

North Star Metrics examples:

➤ Spotify: Time spent listening to music

➤ Airbnb: Number of nights booked

➤ Facebook: Daily active users

➤ Uber: Number of rides per week

10. Porter’s 5 Forces

A model that identifies and analyses 5 Competitive Forces that shape every industry. The key goal of using Porter’s 5 Forces is to better understand the strength and positioning of the competitors within your industry. Use it to guide your brand’s strategy and increase your competitive advantage. These 5 forces are:

• Power Of Buyers

• Power of Suppliers

• Threat of New Entrants

• Threat of Substitutes

• Competitive Rivalry within an Industry.

11. SWOT Analysis

A tool used to identify your product’s strengths, weaknesses, opportunities, and threats, helping you strategically plan for future developments. Once you have a clear understanding of your product’s positioning, you can assess how to move forward, whether new functionalities are needed, or whether to focus on improving existing features. Opportunities and threats can help you think outside the box and rethink your product in terms of usage cases, customer needs, and emerging trends.

12. Product Strategy Canvas

This tool provides a high-level overview of your product and business direction. It comprises 11 key elements for analyzing your product: vision, market, constraints, costs, value proposition, growth, marketing, unique activities, trade-offs, capabilities, supporting systems, and self-assessment questions. Each element contains questions to help you articulate core aspects of your product in a single space.

13. Product Vision Board

A visual representation of the product’s vision statement and the following key elements:

• Target segments: Which market or market segment does this product address? Who are the target customers and users?

• Needs: What problem does the product solve? Which benefit does it provide?

• Product: What product is it? What makes it stand out? Is it feasible to develop the product?

• Business Goals: How is your product going to benefit the company? What are the business goals?

14.Product-Market Fit Canvas

Product-Market Fit measures how your product matches your target user and market needs. It forces you to put the customer at the heart of your product design and innovation. You look at everything from their perspective, including your product features, usability, pricing, and more. As a result, you’ll create something that’s more likely to achieve product/market fit.

15. Value Proposition Canvas

A framework that ensures your product is positioned around what the customer values and needs, based on solid market research. The Value Proposition Canvas is formed around two building blocks: Product’s Value Proposition and a Customer Profile. A fit is achieved when the products and services offered as part of the value proposition address the most significant pains and gains from the customer profile.

alue Preposition Statement:

We help [X] do [Y] by doing [Z]

Value Proposition Examples:

Airbnb exists to create a world where anyone can belong anywhere, providing healthy travel that is local, authentic, diverse, inclusive and sustainable.

Uber is the smartest way to get around. It is one-tap, predictable, and cashless.

At Bloom & Wild we make sending and receiving flowers a joy, using technology to turn emotions into an action in the simplest and most beautiful way possible.

Notion Templates Done For You

To make your journey smoother, I have designed Notion Templates for each of these frameworks. These templates provide a structured approach, guiding you through the process of crafting a compelling product vision and strategy.

Whether you’re an experienced product manager or a business owner looking to innovate, these Done For You Notion Templates will streamline your strategic planning processes. Engage with your team, customers, and stakeholders, ensuring everyone’s on the same page about WHY, WHERE, and HOW you’re building something great.

Don’t let your vision and strategy be mere artifacts! Turn it into a value you deliver to the world.

Click the link below to GET IT:

Product Vision and Strategy Templates