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How To Create the Best Product Vision

The Product Vision is a clear, concise statement—a quick summary—that describes how your product supports enterprise or your companies' objectives. It’s an easy-to-remember ‘elevator pitch’ that you and everyone on the team can use to communicate with those unfamiliar with your product.
 
While helping you communicate with the uninitiated is useful, your Product Vision is especially valuable as a means of ensuring everyone on the team is pulling in the same direction. It’s the central “shared vision” that underpins decisions about priority and business value, day in and day out.
 
Don’t have a Product Vision? It’s worth the time to develop one. Here are a few tips:

Create the Best Product Vision

In general, good vision statements address:

  1. Who the target customer/user is.
  2. What needs the productwill address (specifically identifying the most valuable or mission-critical ones)
  3. How the productmeasures up to the competition; what makes it unique.

As Product Owner, you should lead the process of developing and validating the Product Vision, but be sure to involve team members and stakeholders as well to ensure they have input, and feel a sense of ownership over your vision.

From Agile Project Management for Dummies, here are Four Steps to Defining Your Product Vision.

Here’s a good post from Scrum Alliance about Product Vision.