The Product Owner and the Product Manager collaborate to create a Product Vision although the Product Manager typically leads this effort.

To define the Product Vision, the Product Owner must:

• Collaborate on Stakeholder Engagement
  • Work with the Product Manager to identify key stakeholders who should be involved in shaping the product vision, including customers, users, executives, and other relevant parties.
  • Collaborate with the Product Manager to gather insights from stakeholders through interviews, surveys, and workshops to understand their needs, goals, and expectations.
• Share User Insights
  • Share user personas and insights gathered from user research with the Product Manager to help them understand the target audience and their needs.
  • Provide context on the user behaviors, preferences, pain points, and motivations to inform the development of the product vision.
• Contribute Market Analysis
  • Provide insight on market trends, competitive landscape, and emerging technologies that may impact the product.
  • Share market research findings with the Product Manager to help them assess opportunities and threats in the market.
• Identify Key Problems and Opportunities
  • Collaborate on identifying the key problems or opportunities that the product should address, based on stakeholder needs, user insights, and market analysis.
  • Prioritize these problems or opportunities together based on their impact on users and alignment with business goals.
• Define Product Objectives
  • Work with the Product Manager to define clear and specific objectives for the product that align with the identifies problems or opportunities.
  • Ensure objectives are measurable and achievable.
• Craft the Product Vision Statement
  • Collaborate with the Product Manager on developing a concise and inspiring product vision statement that communicates the purpose and direction of the product.
  • Brainstorm ideas and insights with the Product Manager to describe the desired future state of the product, the value it will deliver to users, and its unique differentiation in the market.
• Validate and Iterate
  • In collaboration with the Product Manager, review and validate the product vision, gathering feedback from stakeholders to ensure its clarity, relevance, and alignment with stakeholder needs.
  • Iterate on the product vision statement based on feedback, adjusting as needed to ensure its effectiveness and resonance.
• Communicate and Align
  • Collaborate with the Product Manager on communicating the product vision with the development team and other stakeholders, ensuring that everyone understands and is aligned with the overarching goals and objectives.
  • Use various communication channels, such as meetings, presentations, and documentation to effectively convey the vision to all stakeholders.
• Maintain Alignment with the Roadmap
  • Work with the Product Owner to ensure that the product vision remains aligned with the product roadmap and strategic priorities of the organization.
  • Review and update the product vision as needed to reflect changes in market conditions, user feedback, and business goals.

To define the Product Vision, the Product Manager must:

• Understand the Business Context
  • Start by gaining a clear understanding of the Northern Trust's vision, values, and strategic objectives.
  • Identify how the product fits into the broader organizational goals and priorities.
• Conduct Market Research
  • Conduct market research to understand the industry landscape, market trends, and competitive analysis.
  • Identify opportunities and gaps in the market that the product can address.
• Identify Target Customers
  • Define the target audience for the product by creating user personas that represent different segments of the target market.
  • Gain insights into the needs, pain points, and preferences of the target customers through surveys, interviews, and data analysis.
• Define Problem Statements
  • Based on the insights gathered from market research and customer analysis, define clear problem statements that the product aims to solve.
  • Articulate the key challenges or opportunities that the product will address for the target customer(s).
• Establish Product Goals
  • Define specific, measurable, achievable, relevant, and time-bound goals for the product.
  • Ensure that the product goals align with the identified problem statements and contribute to achieving the company's overall objectives.
• Craft the Vision Statement
  • Develop a concise and compelling vision statement that captures the essence of the product and its intended impact.
  • Describe the future state that the product aims to achieve and the value it will deliver to customers and stakeholders.
• Communicate the Vision
  • Share the product vision with key stakeholders, including executives, team members, and relevant departments.
  • Ensure that the vision is communicated clearly and effectively, emphasizing the value proposition and benefits of the product.
• Iterate and Refine
  • Gather feedback from stakeholders on the product vision and incorporate any relevant insights or suggestions.
  • Continuously iterate and refine the vision based on new information, changing market dynamics, and evolving business priorities.
• Align with Roadmap and Strategy
  • Ensure that the product vision is aligned with the product roadmap and strategic priorities of the organization.
  • Review and adjust the vision as needed to maintain alignment with the overall product strategy.
• Inspire and Motivate
  • Act as a champion for the product vision, inspiring and motivating the team to rally behind a shared purpose and goal.
  • Keep the vision at the forefront of discussions and decision-making processes to maintain focus and momentum.

For [target audience] who [need, want] [product name] is a [market category] that [one key benefit] unlike [competition or current situation] our product [competitive advantage].