How do you measure product vision?

To enhance clarity in the vision, consider working backward to illustrate the connection between the vision's metrics/OKRs and the company's overall KPIs. This not only provides clear insight for C-level stakeholders but also helps the development team in understanding the "why and what" behind the vision. It's a strategic alignment that fosters a unified understanding across the board. ??

To measure product vision, establish clear criteria aligned with strategic goals. Criteria may include market fit, user satisfaction, and long-term impact. In the Indian market, the success of Paytm's vision to digitize payments is evident. They set criteria such as seamless transactions, widespread adoption, and financial inclusion. Monitoring these benchmarks allows continual assessment of the product's alignment with its visionary objectives, ensuring sustained relevance and success.

Based on my experience, it's crucial that the 'Product Vision' criteria are aligned with your company's goals. Having clearly defined criteria is important, but it's equally important to ensure that these criteria resonate with your leadership and team in terms of achievability. This assures that the 'What' and 'Why' of the product vision are measurable and aligned with organizational objectives.

Measuring product vision is a bit of an abstract concept, but it's incredibly important. The vision of a product is essentially its guiding star, setting the direction for what you want to achieve. There are many ways to measure the vision, one of them is innovation.A strong product vision often includes elements of innovation. You can measure this by looking at how your product adapts to changing market conditions, customer needs, and technological advancements.Lastly, think about the long-term impact of your product. A vision is not just about immediate results but also about the legacy and ongoing influence of your product.

There is no quantitative measure for product vision however, it can be gauged with the analyst rankings (as they evaluate a company strategy and innovation quotient. You can also have a subjective assessment with your important stakeholders

Collecting feedback from stakeholders is essential to measure your product vision. ??? Utilize surveys, interviews, and focus groups to gather diverse perspectives. This helps you understand their needs and expectations, ensuring your vision aligns with their values. ?? Engage with your team, customers, and partners regularly. ?? Use usability tests and market research to get actionable insights. The more inclusive your feedback process, the more robust your product vision becomes. Finally, document and analyze this feedback meticulously. ?? Look for patterns and trends that highlight gaps and strengths in your vision. This data-driven approach helps in refining your vision and aligning it with stakeholder expectations. ??

Once feedback is collected, analyze the data to identify gaps, strengths, weaknesses, opportunities, and threats. ?? Tools like SWOT analysis, gap analysis, or affinity diagrams can help organize and visualize this data effectively. Look for common themes, trends, and discrepancies in your feedback data. ?? Compare these insights against your defined vision criteria to assess alignment and areas for improvement. Analyzing feedback data thoroughly ensures your product vision remains relevant and actionable, driving continuous improvement. ??

Updating your product vision based on feedback analysis is crucial for maintaining its relevance. ??? Revise your vision statement to enhance clarity, simplicity, relevance, differentiation, and feasibility. In my experience, regularly updating your product strategy, roadmap, and backlog to reflect these changes ensures alignment with your updated vision. ?? This approach helps maintain focus and drive towards your goals. Communicate these updates clearly to all stakeholders to ensure buy-in and support. This transparency fosters trust and collaboration. ??

A product vision is dynamic, evolving with new insights. Regularly update it to align with newfound understanding. When changes are made, communicate these updates to key stakeholders. Strive for a balance, avoiding overly frequent alterations to maintain stability and clarity.

We once rolled out a product vision akin to a blockbuster trailer. Using TikTok to create a snappy, story-driven campaign, we caught not just eyes, but hearts. Our stakeholders replayed the narrative in their minds long after. Later, inspired by Reddit AMAs, we hosted a "Vision Hour," an interactive Q&A where stakeholders dove into the product narrative. Real-time polls and reactions captured through Slido helped us gauge instant feedback and support. Crafting communication that turns heads isn't just strategic, it's an art; let’s paint our vision not just on the canvas but in minds!

Effectively communicating your product vision is key to gaining stakeholder support. ?? Use various channels like presentations, newsletters, blogs, and videos to share your vision. Use stories, examples, and data to illustrate how your vision solves problems, fulfills needs, or creates benefits for your customers. ?? This makes your vision more relatable and compelling. One thing I've found helpful is to invite feedback and questions during these communications to foster engagement and alignment. ??

Monitoring and iterating your product vision is an ongoing process. ?? Track key metrics like customer satisfaction, retention, engagement, and revenue to measure progress. Regularly collect and analyze feedback to adapt your vision to changing needs and conditions. ?? This iterative approach ensures your product vision remains dynamic and responsive. In my experience, this continuous monitoring and adaptation help maintain alignment with your stakeholders and market trends, driving sustained success. ??

Product Vision, according to PMTK, is a combination of two ideas that can be expressed in an intuitive formula: ?????????????? ???????????? = ?????????????? ?????????????? + ?????????????? ?????????????? Therefore, in PMTK, the product vision is a plan that describes a product's future evolution. Therefore, it is not possible to measure a product vision, which is a statement. One can measure the statement itself: how clearly it's articulated and how realistic or achievable it is. ?

In addition to these steps, remember to choose the right KPIs to measure your product vision's impact effectively. ?? The more colorful and unique your journey, the stronger your product vision will be. In my experience, crafting a vision that leaves a lasting impact requires careful consideration of these KPIs and a commitment to regular review and refinement. ??

The more colorful and unique your journey, the stronger your product vision. It's about creating a trail of impact that leaves others in awe. It’s all about KPIs. Choosing the right KPI is the key.

I separate mission and vision. Lets say you're a wind power-turbine provider. The vision could then be outside the own domain and something like "a fossile free world." The mission is the own assignment and the way your organization/product portfolio/product contributes together with others to the vision. A specific product in a turbine portfolio would then have a specific mission in targeting operator segments as well as contributing to the own organizations overall objectives. The measurement could then be linked to any measurement in the marketing, sales, supply or installed base process.