The template is based on an approach called Product Framing that was created to help in the product statement. When initiatives begin with hazy, poorly stated, or understood challenges, the solutions will often follow suit. Use the tasks in this template to identify your customer, contextualize the problem area, select the most attractive possibilities, and combine them into a clear product Statement.
What is a product statement?
A product vision, often known as a product statement, outlines your product's broad, long-term objective. Vision statements are inspirational statements that explain briefly where the product wants to go and what it wants to accomplish in the long run.
The statement should serve as a useful tool to all stakeholders engaged in creating a product about the common goal they're attempting to achieve with this product. Your vision statement should also address why you're developing a product and what your organization expects to achieve with it in the future.
Why is a product statement important?
Consider how difficult it would be to design a strategically sound product without grasping the value of having one. How would that product team determine where to concentrate its efforts, which features to prioritize, and which markets to pursue? What strategic foundation would they use to make decisions and priorities?
1. It aids in the creation of a better product plan.
Creating a vision helps your team to approach the creation of your product from the top down. To put it another way, you start with a broad vision statement and then transform it into a strategic guide and action plan - the product roadmap. The strategic perspective of that roadmap can then be translated into a tactical development strategy. Creating a product statement should have been the first stage in any new product's launch for your team, and that should generally occur before focusing on the product plan.
2. It helps you make better strategic decisions during the planning process.
A product vision might help you develop because it can help you find worthwhile efforts more quickly and readily. Consider your product statement a beacon that you may use to guide your team when they're dealing with competing priorities or a lack of vision.
3. It will aid in the alignment of teams and stakeholders across the organization.
Finally, a product statement may offer value by allowing your team to more clearly communicate the high-level aim that is driving the development of your product. This might assist align the many groups and departments that will be working on your product throughout your firm. Everyone has a true north to turn to when they have a common vision, which might help them remember why they're doing what they're on about.
Product visions may appear to be a simple statement, but developing a product vision that customers buy into takes time. It will be a compelling statement if you spend a couple of hours over a week writing it, refining it, and sharing it with stakeholders. A faulty vision statement can lead to a slew of planning and implementation issues. That's why it's critical to comprehend and invest time properly defining your product vision.
When to use the product statement template?
Although there is not a single format that can be used for every product vision, there are certain tried-and-true templates to employ as a starting point. This is a traditional fill-in-the-blank format that you may use to organize your thoughts. Starting a new product with a concept is critical. On the other hand, the product statement is extremely likely to be altered or even fully replaced over time. A new product must always begin with a well-stated vision statement, type of business, product, or team.
Product would be for primary audience who need or opportunity statement. The key advantage is that the incentive to buy is a product category that includes the product. Our product statement of primary distinction, in contrast to primary competitive uniqueness.
This template was created to develop strategic marketing statements in mind. Your product statement, On the other hand, your product statement should be more visionary and inspirational than your product positioning, which relates to the place your product occupies in the marketplace. This shall be used as a template before the release. Use the product statement template in the planning and production phase, to over-rule all the things that need to be done to stay on the deadline.
What should a product statement include?
It isn't easy to define the ideal product vision, particularly when you're beginning from scratch. You control the product vision as the product owner, but it doesn't imply you should define it alone. The best visions are developed in partnership with product stakeholders and put to the management team's pressure test. So, it is important to know what your product statement should include or exclude.
Irrespective of which path you take with your vision, five elements must be included in any product vision statement. All of these factors contribute to the integrity of your product vision. All product statements should include the following information:
Be customer-centric: Your product exists only to serve your consumers. You should rewrite your product vision if you don't mention them.
It should be a pretty big stretch, but not impossible: Your goal should be achievable. You'll have such a hard time trying to rally your team around the statement if it's too far out there. Don't say anything like "be great." That's ridiculous. Find out what you mean when you declare you want to be "the greatest."
Demonstrate differentiation: Your statement should include a chance to explain how your product differs from that of your rivals.
Consider the future: You want people to comment regarding your product in five years.
Product statement templates
To begin, ensure that all of your major people are present so that you can go through the statement template together. Filling in the blanks is all there is to it. Use the sales pitch to put your vision statement to the test, and your product concept isn't ready for the outer world if you can't pitch it in 30 seconds.