How can you develop a product roadmap as a PM?

In my experience, product roadmap starts with a good understanding of the target market, including the segmentation and competitive landscape. Which customers am I serving and what are the requirements or pain points of this target segment/ customer base ? How is competitor playing in these segments ? The second part is customer validation - interview the key customers in each segment and understand their pain points and discuss the product you want to build. You can assess the customer willingness to pay, why they would buy your product vs competition etc and then focus on how you can better differentiate compared to competition and provide value to your customers.

The value your product brings to the organization should not be underestimated. One should always keep the "what's in it for me?" mentality while working through the various components of their product. The value proposition to the end users, as well as their leadership, should be a cornerstone in the product strategy. Ensuring a robust value proposition allows organizations to better define their business case to implement your product, encourages user adoption and increases the ROI.

To define your product vision quickly, this approach I found in a book will come handy - 1. Start with filling this value proposition template - For: [target customer] Who:[target customer's needs] The:[product name] Is a: [product category] That: [product benefit] Unlike:[competitors] Our product:[differentiation] 2. Once above is complete, use information in #1 step to fill-in boxes in the vision statement below- 'A world where the [target customer] no longer suffers from the [identified problem] because of [product] they [benefit]'

Product Vision: This is a clear and inspiring picture of what the product aims to achieve. It’s developed by understanding user needs, analyzing gaps in the market, studying competitors, and keeping an eye on industry trends. Product Strategy: This is the plan that outlines how the product vision will be brought to life. It involves breaking down the vision into short-term and long-term goals, with a focus on achieving a return on investment (ROI). It also involves setting key performance indicators (KPIs) and objectives and key results (OKRs) to guide decision-making. Overall, having a well-defined product vision and strategy is crucial for creating a successful and impactful product in the market.

A good product vision statement should be crisp, clear, motivational that inspires the team to build an amazing product that meets the needs of the customer. It should further define the product strategy and roadmap consistent with the vision. It’s important to communicate the vision well and ensure stakeholder alignment with the vision.

Defining success metrics for each of my product features has worked well. For example, I was spearheading the development of a 'Next-gen content builder.' In order to track the impact of it, the metrics that I wanted to track against were: 1. Acquisition: The goal was to acquire net new logos from two new verticals, namely: Education & Electric utilities. 2. Improve the content designer's efficiency by 60%. 3. Focus on Activation & Retention 4. Revenue: Is the feature going to pave for a net new SKU or help with renewals, which in turn would attribute to the growth in revenue?

Having developed over 25 products, the biggest lesson that I learned was doing my homework first. Listen to what people want and form a consensus before you start designing anything. Unfortunately, too many people go down the route of producing something that they think people want, resulting in Rolls-Royce type solutions that no one wants to buy.

User story mapping is one of my go-to methods for laying out where my features fit in the grand scheme of things. Essentially, you're creating feature "buckets" (common themes) to put stories/epics in to figure out dependencies and understand which ones to do first. A high value feature might not be ready to ship unless a lower value technical task is done. Similarly, a great functionality within your product might be closely tied to another functionality which needs to be developed in parallel or immediately afterwards.

Focus on being a differentiator. The uniqueness of your product or offering should be highlighted. Its ok to be similar to another product but there should always be something that sets yours apart from the rest of the pack. Figure out what that is! Do market research, ask friends, ask colleagues, join professional organizations and learn from others around you. You can have all of the ideas in the world but if the do not set you apart or resonate with end users you are not setting yourself up for success.

Creating product roadmap is actually the most interesting aspect of a PM job. This is where strategy, critical thinking, data analysis, art of prioritisation, all comes into one picture. In my opinion, it is a glorified bottom up approach to product development. For ex : If you are building a car, you should imagine a car first. Break it down to pieces. Scrap the wheels and the body. Keep scraping it down till you find individual components to build. And then start building one by one. Use the analogy on any product.

In crafting a product roadmap, I rely on three key categories: 1) Customer Insights: Derived from direct customer feedback, sales, and partner input. 2) Engineering Focus: Addressing technical debt and engineering requirements. 3) Innovation: Featuring visionary, game-changing elements. Balancing the roadmap doesn't entail equal distribution but strategic allocation. In my experience, this approach ensures a well-rounded product strategy that effectively addresses customer needs, tackles technical challenges, and fosters innovation.

In my experience it has been these steps: Understand customer needs and pain points. Set clear product objectives and key results (OKRs). Evaluate and prioritize features based on impact and effort. Establish a realistic timeline and milestones. Continuously gather and incorporate user feedback. Work closely with sales, marketing, CS, engineering, and other teams. Be ready to adapt the roadmap as market dynamics change. And the most important part, ensure that it alligns perfectly with Business Goals. While presenting, I bucket features to visually show what features will help achieving which company goal, pick a color scheme and stick to it throughout my narrative.

When you set out to put together a roadmap, envision what your plan is for the next 3 releases. Between the end of one release and the start of another, start refining based on factors such as: customer value, business impact, cost, and strategy. A good way to bounce your ideas off others is to meet with internal stakeholders like customer success groups, solution engineers, and account executives who meet with customers on a frequent basis and have hands-on experience with customer use cases.

Effective communication is pivotal in managing a dynamic product roadmap. It's not a static blueprint but a living guide that evolves. Tailoring communication to various stakeholders is crucial. Customers often have tunnel vision and a "what's in it for me" perspective, so highlight how changes benefit them. Analysts and investors appreciate your agility in responding to market shifts. Regular updates through newsletters, presentations, or demos foster transparency and trust, which are vital in navigating ever-changing product landscapes.

Developing a product roadmap as a PM is a dynamic process that requires a combination of strategic thinking, effective communication, and adaptability. By defining a clear product vision, prioritizing initiatives, creating a visual roadmap, communicating with stakeholders, and remaining flexible, PMs can steer their products toward success. Real-world examples from companies like Tesla, Airbnb, HubSpot, and Spotify illustrate the practical application of these principles. Mastering the art of product roadmap development is key to delivering value to customers and achieving organizational goals

In my experience, To develop a product roadmap as a PM, you can follow these steps : ?Understand your product vision and strategy. ?Gather customer feedback. ?Analyze your competition. What are your competitors doing? What features and functionality do they offer? What are their strengths and weaknesses? ?Prioritize your features and initiatives. ?Create a timeline. Once you have prioritized your features and initiatives, ?Communicate your roadmap to your team and stakeholders. ?Review and update your roadmap regularly. -Here are some additional tips for developing a product roadmap as a PM: ?Keep your roadmap focused and strategic. ?Be realistic and achievable ?Be flexible and adaptable. ?Balance Short-term and Long-term Goals.

An important piece to remember is 'A roadmap is not a project plan' as product roadmap manages 'outcomes' compared to project or release plans, which manage 'outputs'.

Goal of product roadmap is to align stakeholders, set priorities, and guide the product development process. Below pointers can be considered for this- - Keep the Customer in Mind - Balance Short-Term and Long-Term Goals - Communicate Clearly & Gather Stakeholder Input - Prioritize Features and Initiatives - Create a Visual Roadmap - Set Objectives and Key Results (OKRs) - Feedback and Iteration There could be many more based on the template PM's are following but these could be one of those key pointer to be considered.

Tailoring your strategy and roadmap to the specific stage of your product is indeed essential. ? Mature Product Stage: When your product is already in the market, the focus shifts to gathering user feedback and understanding their preferences. This valuable input helps identify areas for improvement and refinement. ? User Feedback as Opportunities: User problems or pain points serve as opportunities for enhancement. These challenges become the focal points for problem-solving and innovation. ? Prioritization based on Metrics and Impact: Not all identified problems are equal. Prioritization involves considering target metrics, estimated impact, and how solving a particular problem aligns with the broader product vision.