Great products are created when there is a clear vision, a business goal, and a strategy that seeks to improve people’s lives while also benefiting companies. Writing and communicating the vision, strategy, and quantifiable goals can motivate and assist employees build exceptional products, increasing the likelihood of the company’s vision being realised.
Let’s break down what a vision, business goal and a strategy is, and why it is important for a product.
A vision is an overarching goal that states what a company aspires to become in the future. It acts as a North Star and becomes the driving force for every business unit in an organization.
Vision needs to be big and bold. One of my favourite vision/mission is from the company, Nintendo.
|Putting smile||Create an fantastic experience while playing the game|
|on the faces of everyone||Everyone – Target audience is not just the gamer, pro gamers but everyone from individuals to family members of any age group and gender.|
|Nintendo touches||Who tries to play the game for the first time or returning customers|
To learn more about how to create a vision, you can read my other blog which has more details on the vision.
A business goal is what a company wants to achieve in a set period. It describes the problem and translates the vision into a measurable goal.
To create an effective business goal, you’ll have to break it into two components.
A goal defines the direction you want to drive towards and an objective defines a measurable target to help achieve the business goal.
Rather than creating a fictional company and writing a vision and goal for it, let’s borrow Nintendo’s vision – Putting smiles on the faces of everyone Nintendo touches. If we have to create a fictional business goal for the above vision, what it would be? Let’s try.
The above goal is a growth plan that aims for Activation in AARRR framework. is a Breakdown of the above business goal:
Goal: Increase the number of new user signups for Nintendo Switch Online membership.
Objective: increase by 10% worldwide in the next half year.
The goal and objective are clear and measurable.
The product strategy explains how you plan to achieve the business goal. Writing and communicating product strategy creates alignment with the employees across business units in an organisation. Here’s an example.
The above strategy aligns with the business goal on increase new user signups. While Nintendo Switch consoles are not officially sold in India, there exist Indian customers who own consoles imported from available countries, hence launching online subscriptions in India would enable them to subscribe and pay using Indian credit or debit card which in turn increases the percentage of adoption overall.
So there you have it: a quick rundown of the Vision, Business Goal, and Strategy. One would not make sense without the other, hence establishing the above three is critical for product and organisational growth.