When it comes to defining the vision and mission for a product, intuition and creativity often take the spotlight. However, in today’s world, the smartest companies are leaning heavily on data to ground their vision in reality and ensure their mission resonates with the market. Furthermore, it is important for a product manager to understand the vision and mission in detail to get the essence of why commpany wants to move into that direction and leverage the same within product features. Every feature then communicates the value in line with what was found during the market research.
Using Market and Industry Trends to Define Vision and Mission
Step 1: Gather Industry Data
Objective: Understand the broader landscape your product will operate within.
Example: You are launching a productivity tool for remote teams.How to do it:
- Market Research Reports:
Look for reports from reliable sources like Gartner, McKinsey, or Statista to get insights into the future of remote work and productivity tools.
Example Insight: A McKinsey report states that hybrid work is expected to grow by 45% in the next 5 years2. - Trend Analysis Tools:
Use platforms like Google Trends, Ahrefs, or SEMrush to see what topics people are searching for.
Example Insight: Searches for “async collaboration tools” increased by 30% in the past year. - Competitor Benchmarking:
Study competitors like Slack or Microsoft Teams using tools like SimilarWeb (website traffic), G2 Crowd (product reviews), or Owler (competitive intelligence).
Example Insight: Slack’s latest updates focus on integrations with task management tools, signaling an industry move toward all-in-one platforms.
Output: A clear understanding of where the market is heading and what competitors are prioritizing.Step 2: Identify Unmet Needs
Objective: Pinpoint gaps or underserved areas in the market where your product can make a difference.How to do it:
- Social Media Listening:
Use tools like Brandwatch or Hootsuite Insights to monitor conversations about remote work challenges.
Example Insight: Twitter and LinkedIn users complain about Zoom fatigue and the lack of tools for async communication. - Forums and Communities:
Browse Reddit (e.g., r/productivity or r/remote work) and Quora to identify recurring pain points.
Example Insight: Many users express a desire for tools that reduce reliance on meetings while improving transparency. - Customer Interviews:
Conduct interviews with target users (e.g., remote team managers) to validate the trends.
Example Insight: Managers say their teams struggle to balance real-time and asynchronous work effectively.
Output: A list of specific, validated pain points or opportunities.Step 3: Refine Vision with Trends and Needs
Objective: Create an inspiring, future-oriented statement that reflects the trends and unmet needs.How to do it:
- Combine Insights:
Use the gathered data to frame a vision that positions your product as a leader in addressing the identified trends and gaps.
Example Vision: “Transforming the way remote teams collaborate by creating tools that prioritize async work, reduce fatigue, and enhance transparency.” - Validate with Stakeholders:
Share the draft vision with internal teams, investors, and potential customers for feedback.
Example: A focus group with remote team leaders confirms that this vision resonates and feels relevant.
Output: A finalized vision that reflects a bold, data-driven goal.Step 4: Define Mission to Align with Vision
Objective: Develop a practical, action-oriented mission statement that supports achieving the vision.How to do it:
- Set Actionable Goals:
Break down your vision into tangible goals informed by market data.
Example Goal: Build features that promote async communication and integrate with popular task management tools. - Draft the Mission:
Craft a statement that emphasizes what the product will do to achieve the vision.
Example Mission: “To provide intuitive, flexible, and integrated tools that help remote teams collaborate efficiently without compromising their well-being.” - Validate with Stakeholders:
Like the vision, test the mission with stakeholders to ensure it aligns with their expectations.
Example: Surveys reveal that potential customers find the mission practical and achievable.
Output: A mission statement that acts as a roadmap for fulfilling the vision.
Live Example: Zoom (Hypothetical Process)
Step 1: Market Data Collection
Trend Insight: Hybrid work is the future; demand for video communication will grow but needs to be complemented by async tools2.
Competitor Insight: Slack is moving into video collaboration, but async tools remain underdeveloped1.
Step 2: Identify Needs
Insight from forums: Users are frustrated with excessive live meetings.
Customer feedback: Need for tools that support async communication and integrate seamlessly into workflows.
Step 3: Craft Vision
Vision: “Empowering hybrid teams to achieve seamless collaboration through innovative, flexible, and inclusive communication tools.”
Step 4: Define Mission
Mission: “To create tools that reduce meeting dependency, enhance async collaboration, and support integration into daily workflows for hybrid teams.”This step-by-step process ensures your vision and mission statements are grounded in reality, inspire your team, and resonate with customers.
Go to https://allproductmanagement.com/index.php/data-driven-product-managers/for data related topics.