Creating a Powerful Product Vision

Insights for Technology Product Managers

In the technology industry, product managers (PMs) play a key role in shaping innovative and successful products. A strong product vision not only unifies teams but also inspires them to achieve remarkable results. It also becomes the driving force that sets you apart and positions you for greater responsibilities within your career as a PM. In this post, I will delve into the art of creating a compelling product vision, exploring strategies and insights that will empower you to lead with vision and propel your products (and career) to unprecedented heights. So, buckle up and prepare to embark on a journey that will transform the way you approach product management.

I will explore four essential concepts that will empower product managers to shape their product vision with precision and effectiveness. These concepts include embracing healthy fear, adopting a holistic perspective, creating an environment for innovation, and biasing towards progress. By mastering these principles, product managers can navigate the dynamic landscape of technology products and deliver exceptional value to customers.

With that out of the way, let's dive in and uncover the secrets to crafting a compelling product vision:

Embracing Healthy Fear

Fear, when channeled in the right way, can be a catalyst for growth and success. However, it is crucial to differentiate between unhealthy fear, such as paranoia and FOMO, and healthy fear, which fosters clarity and curiosity. Unhealthy fear leads to chasing after every deal or feature, distracting from the overall vision. Healthy fear, on the other hand, keeps product managers grounded, preventing complacency and driving relentless curiosity. It urges them to remain attentive to customer needs, even when feedback seems positive, and ensures they do not miss opportunities for further growth. By embracing healthy fear, product managers can maintain focus, continually refine their strategies, and stay ahead of the competition.

Examples of healthy fear can be seen in the thoughtful consideration of market trends and potential disruptions. For instance, a product manager might feel a healthy fear when they see a new startup entering their industry with a disruptive innovation. This fear can drive them to investigate the threat, assess the competitive landscape, and explore potential improvements to their own product. Similarly, healthy fear can manifest when a product manager recognizes that customer satisfaction metrics have plateaued at an above-average level for the industry or market segment. Instead of being satisfied with “above average” results, or becoming complacent, they fear the possibility of falling behind and work diligently to uncover areas for enhancement and innovation so their products can become truly market leading or trend-setting.

Conversely, unhealthy fear often takes the form of irrational anxieties, like the fear of missing out (FOMO) on every emerging trend or the constant worry of being overtaken by competitors. For instance, a product manager who constantly pivots their product strategy in response to every new trend without proper evaluation is driven by unhealthy fear. This fear can lead to a lack of focus, wasted resources, and a failure to adhere to the product's core vision. Similarly, the fear of competitors can become unhealthy when it leads to a frantic rush to respond publicly with “takedowns” of a competitor, or to release new “copy-cat” features or updates without strategic analysis, resulting in a chaotic product roadmap and diminished user experience.

Adopting a Holistic Perspective

Product managers must embrace the wisdom of Rabbi Hillel's famous saying: "If I am not for myself, who will be for me? If I am only for myself, what am I? And if not now, when?" This quote encourages product managers to think like owners and consider the broader interests of the company. "If I am not for myself, who will be for me" highlights the importance of personal drive, vision, and execution. It reminds product managers that they are responsible for energizing and inspiring their teams. "If I am only for myself, what am I" emphasizes the need to wear the "company hat" and make decisions that align with the broader organizational goals, even if it means prioritizing the company's needs over specific product initiatives. Finally, "if not now, when" urges product managers to have a bias for action and pursue speed in execution. Swift delivery and adaptability allow for more experimentation, which leads to greater insights and success in the ever-evolving technology landscape.

To truly embrace the wisdom of Rabbi Hillel's famous saying and excel as product managers, it's not enough to internalize these principles for personal growth alone. Convincing leadership and colleagues of the value in thinking beyond product silos can be instrumental in driving a company-wide shift towards a more strategic approach. By embodying the philosophy of 'If I am not for myself, who will be for me,' product managers can become advocates for fostering a culture of innovation and responsibility throughout the company. They can showcase how wearing the 'company hat,' as highlighted in 'If I am only for myself, what am I,' not only aligns individual efforts with broader organizational goals but also strengthens the company's position in the market.

Moreover, 'if not now, when' can be a powerful rallying cry to inspire change. By embracing a holistic perspective and then consistently delivering results, product managers can lead by example, demonstrating how this approach leads to faster adaptation and better outcomes in the ever-evolving technology landscape. PMs who do this become pioneers of a mindset shift that benefits not only their own products but the entire company's future success.

Creating an Environment for Innovation

Innovation thrives in an environment that encourages experimentation and embraces the iterative process. Rather than striving for a single perfect solution, product managers should prioritize taking action and trying multiple experiments. This approach allows for quicker adaptation and learning from failures, without the fear of enduring excessive collateral damage. It is vital to understand that competitors are continuously evolving, and complacency is a hindrance to progress. By embracing a mindset that values speed and experimentation, product managers can seize opportunities, gain valuable insights, and outperform their competitors.

However, it's essential to acknowledge that talk alone about moving fast and iterating isn't enough. Some product managers may find themselves trapped in a cycle where they speak of rapid iterations but struggle to implement this effectively. For instance, different products may have varying thresholds for what constitutes a minimum viable product (MVP) or a minimum lovable product (MLP). PMs must not only clearly outline their iteration plans but also provide context about why their specific approach (the MVP/MLP feature launch set) is going to work for their situation. This transparency enables their teams and stakeholders to understand the rationale behind the chosen strategies and contributes to a more productive innovation process.

Moreover, some product managers fall into the trap of launching quickly with the intention of iterating but end up mired in a culture that prioritizes launches over graceful landings. They continuously add new features without genuinely experimenting or iterating. This issue can be exacerbated by corporate mechanisms such as annual planning, where it's often easier to secure resources for new initiatives with merely-projected revenues than to obtain support for continuing enhancements to already launched products. To create a truly innovative environment, product managers must balance the focus on new launches with a commitment to refining and experimenting with existing products and features. This dual approach ensures that innovation is not just about starting new projects but also about sustaining and evolving existing ones.

Bias towards progress, not perfection

In the pursuit of creating a remarkable product vision, it is crucial for product managers to prioritize progress over perfection. An insightful anecdote comes to mind, where a photography professor conducted an experiment comparing two groups of students: one that took 100 photos and another focused on capturing a single perfect shot. Surprisingly, it was the group that embraced repetition and experimentation that produced higher quality work overall. This story highlights the transformative power of repetition in nurturing skill development and fostering innovation. As product managers, it is essential to embrace this concept, recognizing that the pursuit of perfection can impede progress. By shipping often, embracing iterative processes and learning from each iteration, product managers can acquire the necessary skills and insights to deliver truly exceptional products.

Moreover, we are fortunate to be operating in the “cloud era”, where the advantages for experimentation are unprecedented. Unlike the past, where launching experiments meant substantial up-front investments in infrastructure, today's cloud & open source technologies provide a playground for product managers to try numerous experiments without the fear of living with the collateral damage and costs of failures. The cloud era enables rapid scaling, resource (re-)allocation, and the ability to pivot swiftly based on real-time data. This means that product managers can innovate with agility, iterate continuously, and test hypotheses without the constraints of traditional infrastructure limitations. It's a time when the cost of failure has significantly decreased, while the potential for groundbreaking discoveries and progress has multiplied. Embracing this empowers product managers to bias towards progress, knowing that the path to perfection is paved with continuous experimentation and learning.

Takeaways

Creating a compelling product vision is instrumental in the success of technology product managers – both for the job you have now, and to grow your skills towards owning larger product portfolios, divisions or even becoming a CEO one day!

By embracing healthy fear, adopting a holistic perspective, fostering an environment for innovation & biasing for progress - product managers can drive their teams towards delivering exceptional products. Remember, fear is not always a negative force. When harnessed effectively, it can serve as a driving factor, propelling product managers towards continuous improvement and innovation. With a clear and visionary approach, product managers will be well-equipped to navigate the ever-changing landscape of technology products and drive their organizations and careers towards sustainable growth and success.