Crafting Product Vision Methods and Guidance on KPI Estimation

By Leslie Cook
Posted on December 29, 2023

Welcome to our Product Newsletter, a biweekly email highlighting top discussions, and learning resources for product managers.

What We Will Cover In This Edition:-

Top Discussions:

1) What is your method of creating a product vision?

2) Seeking guidance on KPI estimation.

3) Systems for improved product positioning

Top Learning Resources:

1. Ultimate guide to product management resources

2. Why product management is dying

3. The art of writing a Product Requirement Document

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Top Discussions

Question 1) What is your method of creating a product vision?

Do you prepare a presentation with your sales marketing solutions architect, including an elevator pitch, a product data sheet, a vision box, user materials, a press release, etc.?

– Amy Walker

Discussion

A] A product vision is a statement that outlines the purpose, goals, and direction of a product. It should inspire and guide the team in their decision-making process and help align everyone’s efforts towards a common goal.
Here are some steps that can help you create a product vision:

Understand your market and target audience: Before you create a product vision, you need to understand your market and target audience. You need to know what problems they are facing, what their needs are, and what they are looking for in a product.
Define the purpose of your product: What problem does your product solve? What is its purpose? Defining the purpose of your product will help you create a clear and concise product vision.
Identify your unique value proposition: What makes your product unique? What sets it apart from the competition? Identifying your unique value proposition will help you create a product vision that highlights the benefits and advantages of your product.
Set goals and objectives: What are your goals and objectives for your product? What do you want to achieve? Your product vision should align with your goals and objectives.
Communicate your vision: Once you have created your product vision, you need to communicate it to your team and stakeholders. It should be clear, concise, and inspiring. You want everyone to be on board and working towards the same goal.

Remember that creating a product vision is an iterative process. It may take several revisions to get it right. Keep refining your vision until it accurately reflects the purpose, goals, and direction of your product.

– Matthew Shun

B] I find having the team create the vision and strategy is best for a few reasons.

Anyone can have a good idea, but having a group makes it easy to elevate it to a great idea.
More importantly, when everyone has a stake in the vision/strategy they are far more likely to be bought in and committed

Devs are great, if they are strong devs that don’t get bogged down in details. Some of the best ideas will come from them, but you also run the risk of going down a “how would I build this and address all the problems that arise”

– Gary Houston

C] I completely agree with you! Involving the team in creating the vision and strategy can have many benefits. As you mentioned, it can help to elevate ideas to something great by combining the different perspectives and expertise of team members. Additionally, involving the team can also help to increase buy-in and commitment, as they are more likely to be invested in something they have had a hand in creating.

This approach can also help to promote a sense of ownership among team members, which can lead to increased motivation and accountability. When team members feel that they have a personal stake in the success of the vision and strategy, they are more likely to take ownership of their roles and responsibilities and work collaboratively to achieve shared goals.

Thus, involving the team in creating the vision and strategy can be a powerful way to harness the collective creativity, expertise, and commitment of your team. It can help to create a shared sense of purpose and direction, and ultimately drive success and growth for your organization.

– Flavia Bergstein

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Question 2) Seeking guidance on KPI Estimation

I’m developing a search feature for my app and estimating the monthly search frequency. Not sure how to estimate how many of those MAUs (Monthly Active Users) will really use this search feature. According to user research, it will probably be a secondary navigation option, although it is something that has been frequently requested by the users.

– Jonathan Tessa

Discussion

A] Estimating the monthly search frequency for a new search feature can be a challenging task, but utilizing your monthly active users (MAUs) can provide a good starting point.

To estimate how many of your MAUs will use the search feature, you can look at industry benchmarks for similar types of apps, and then adjust them based on your user research data. For example, if your app is similar to others in your industry, and those apps have a search utilization rate of 20%, you could estimate that 20% of your MAUs will use your search feature.

However, because your user research suggests that the search feature will be a secondary navigation option, you may want to adjust this percentage downwards. You could look at similar apps with a similar feature hierarchy and see how often their secondary features are used, and then adjust accordingly.

Therefore, it’s important to track usage of the search feature once it’s launched and adjust your estimates accordingly. As your users become more familiar with the feature and its benefits, you may find that the search utilization rate increases over time.

– Dianne Stinger

B] Quite agree with @Luisneilson, performing a faux door test by including a search button to track clicks and prompt messages can be an effective way to gather data on user behavior and interest in the search feature. This method can provide insights on whether users are finding the search button and clicking on it, as well as how often they are using it.

Additionally, by analyzing the data collected from this test, you can identify any potential issues with the search feature or the placement of the search button, and make adjustments accordingly. This can help improve the user experience and increase the utilization of the search feature over time.

All in all, a faux door test is a low-cost and efficient way to learn about user behavior and gather insights that can inform the development of the search feature.

– Nathan Endicott

C] The evaluation goals for the search feature may vary depending on the specific objectives of the app or business. However, in general, there are two main aspects to consider when evaluating the search feature:

Effectiveness: This refers to how well the search feature performs in terms of returning relevant results to users. The effectiveness of the search can be evaluated by analyzing user feedback and metrics such as the click-through rate (CTR) and bounce rate. For example, if users are frequently clicking on search results but then quickly leaving the app, it may indicate that the results are not relevant to their search queries. In this case, you may need to improve the search algorithm or provide better metadata for the content being searched.
Usage: This refers to how often users are utilizing the search feature. Evaluating usage can help determine if the search feature is meeting the needs of users and whether it is a valuable addition to the app. Metrics such as the number of searches per user, the percentage of users who use the search feature, and the time spent on the search page can provide insights into the usage of the feature.

Hence, when evaluating the search feature, it is important to consider both effectiveness and usage to gain a comprehensive understanding of how the feature is performing and how it can be improved.

– Eva Richardson

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Question 3) Systems for Improved Product Positioning

Hi everyone, I wanted to offer a fresh idea I’ve been developing. Creating a product positioning system rather than merely making a statement will help your go-to-market strategy.

What’s your opinion on this? your responses would mean a lot to me.
Thanks in advance.

– Quinn Gomez

Discussion

A] Product positioning is the art and science of creating a perception of a product in the minds of consumers. It is how you differentiate your product from competitors and make it more appealing to potential customers. In today’s competitive market, product positioning has become even more critical. In this regard, it is essential to understand that systems over statements can lead to better product positioning.

– Lawrence Martin

B] Agree @LawrenceMartin. Product positioning statements are the traditional way of communicating the value of a product to customers. These statements typically consist of a few sentences that describe the product’s features and benefits. While such statements can be helpful, they often fall short when it comes to creating a compelling narrative that resonates with consumers.

On the other hand, systems thinking provides a more holistic and interconnected approach to product positioning. It emphasizes the interdependence of various elements in a system, including the product, the customer, the market, and the competition. By adopting a systems approach, you can create a more cohesive and compelling narrative that resonates with consumers on a deeper level.

For instance, let’s consider the example of Apple’s product positioning. Apple’s marketing campaigns often focus on the interconnection of their products and services, highlighting how their products work seamlessly together to create a better user experience. By emphasizing the interconnectedness of their products and services, Apple creates a compelling narrative that resonates with consumers who value simplicity, convenience, and efficiency.

– Fergus Xavier

C] That’s a great concept! Building a positioning system can be an effective way to develop a comprehensive strategy that guides your go-to-market plan.

A positioning system involves a set of interconnected elements that work together to create a compelling narrative for your product or service. It considers various factors, including the target market, customer needs, competitive landscape, and unique value proposition, among others. By analyzing these factors and developing a cohesive narrative that ties them together, you can create a positioning system that resonates with your target audience and guides your go-to-market strategy.

Here are some key elements that could be part of a positioning system:

Target market: A clear understanding of your target market and the key customer segments you’re trying to reach.
Customer needs: A deep understanding of the needs, wants, and pain points of your target customers.
Unique value proposition: A clear and compelling statement that communicates your product’s unique value proposition and sets it apart from the competition.
Competitive landscape: An analysis of the competitive landscape and how your product stacks up against the competition.
Messaging: A consistent messaging strategy that communicates your product’s value proposition across all channels and touchpoints.
Brand identity: A clear and consistent brand identity that reflects your product’s unique value proposition and resonates with your target audience.

By bringing these elements together into a cohesive system, you can create a positioning strategy that informs your go-to-market plan and guides all your marketing and sales efforts. This approach can help you develop a more effective marketing and sales strategy, better connect with your target audience, and ultimately drive business growth.

– Dan Coelho

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Top Learning Resources

The ultimate guide to product management resources

As you embark on your Product Management journey, it’s essential to have the right resources at your fingertips. To help you navigate the wealth of online information, I’ve compiled a comprehensive list of essential resources, books, blogs, and communities that will provide you with the insights and guidance necessary to excel in the field. So, whether you’re new to Product Management or looking to expand your knowledge, this list is perfect for you!

The art of writing product requirement document (PRD)

There are many articles on the medium which highlight n number of benefits of writing PRD — ( Unified Communication, Reference document, Knowledge Transfer, etc) all these are good but it doesn’t give me the motivation that why should I do this. But what I learnt is that PRD is for me and not for other stakeholders. When this thought came in, I stopped running away from writing shitty PRDs. The only objective I would say of writing PRD is to declutter my brain and bring complete clarity on why we are building this product/feature, what will be done and How it will be done. I now stopped thinking that I am writing PRD for devs to guide them on how to build a particular feature. I am writing so that I know what I planned to build. Everything else is secondary. Period!

Why product management is dying

One of the main reasons for this belief is the increasing use of agile development methodologies. Agile emphasizes collaboration and flexibility, and it allows for rapid iteration and experimentation. This can lead to a blurring of the lines between product management and other roles, such as engineering and design, making it difficult to clearly define the role of the product manager.

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