A product development roadmap is a strategic document which includes a high-level plan of actions, objectives, milestones, and deadlines for a product — including its ultimate vision and functionality.
- The basics
- types of product development roadmaps
- Product Manager vs. Product Owner
- steps to building an effective product roadmap
- Building an effective product roadmap: best practices
- Benefits of having a product roadmap
- Summary
- Book a free consultation!
Everyone participating in product development, from company founders and project executives down to the development team, should use it as a starting point and source of information.
In order for you to understand what all the excitement is about and how your project may profit from developing a plan like this, we’re going to walk you through some fundamental concerns linked to the product roadmap today.
a foundation
Let’s first explain a few points, including the many sorts of product roadmaps and the primary functions associated with them, which are frequently misunderstood.
4 different kinds of product development roadmaps
Project milestones, release dates, and activities that must be completed by a certain date are listed on the development team’s internal roadmap.
The main elements of the product and those that customers may utilize, such as marketing initiatives, lead generation plans, and other features, are the focus of an internal roadmap for the sales and marketing team.
The company’s KPIs, corporate goals, market penetration, and market position are some of the most significant concepts that are linked to an internal executive road map.
An external roadmap for consumers is a visually appealing and simple-to-read document that exclusively focuses on the advantages of the product.
Product Manager as opposed to Product Owner
A product manager (PM) is an employment in the Agile methodology, while a product owner (PO) is merely a role within a scrum project. The PM is in charge of executing the product development roadmap and overseeing the whole project. On the other side, a PO manages the product backlog, creates and updates the project’s commercial and/or technical requirements, and increases the value of the finished product. It is possible to mix these two jobs, however there is no such thing as a product owner outside of a scrum framework.
OK. We can now move on to creating a successful product development plan so you can obtain a rough concept of how to accomplish it correctly.
5 stages to creating a successful product roadmap
1 Describe the issue you’re trying to tackle and the goal of your solution.
You must understand why you want to create this product, how it will benefit people, and how it will help your company.
2 Determine target markets by performing a market analysis.
Build buyer personas by thoroughly describing your potential clients in order to develop a solution that will meet their unique demands.
3 Define achievements and goals clearly.
To motivate and inspire your team, objectives might be more broad-based and mission-oriented. On the other hand, the outcomes must be quite certain and measurable.
4 divide up the tasks
Build your team, specify roles and duties, and assign tasks so that everyone is aware of their obligations and who is responsible for what. This will aid in preventing misconceptions and confusion among your staff.
5 Determine:
vision (explain the project’s purpose),
approach (divide the vision into manageable goals),
timelines (arrange milestones chronologically),
features (provide end users with value),
MVP (solely concentrating on basic functionality),
metrics (assess if the outcomes conform to the expectations).
These 5 phases should, of course, be taken into consideration in line with the best practices that have been established through time, just like everything else in project management.
Best techniques for creating a successful product roadmap
Select an appropriate roadmap format, such as:
feature-based (monitors the development and deployment of product features),
goal-oriented (primarily concerned with attaining goals and generating rewards),
Now-next-later (defines priorities without committing to precise deadlines and allows for flexibility in making modifications in constantly changing situations).
Be precise; keep it succinct.
Don’t get bogged down in the technicalities! A product roadmap shouldn’t be a strict, step-by-step manual; rather, it should give context for your project. You must provide space for any necessary alterations and revisions.
Ensure that the roadmap is available to everyone who needs it.
A product roadmap serves as a form of navigational beacon for every team member and is not a secret document.
Examine, modify, and update.
React whenever something that has an impact on the project changes, whether it’s internal or external. Your product development procedures and your plan should both be agile.
Inform all parties involved.
Gaining the essential comments and guiding the project in the appropriate direction depend on transparency.
Don’t be afraid to use visual aids.
You may efficiently construct visually appealing roadmaps that are understandable to both technical and non-technical individuals using tools like Aha! or Roadmunk.
If you carefully designed your product development plan, you will begin to reap benefits that will show up in your day-to-day activities.
advantages of a product roadmap
Focus
A product roadmap will, first and foremost, assist you in maintaining your course toward accomplishing your objectives. When unsure of what to do or how to manage a situation, it may be quite beneficial to look through the goals, priorities, or even written descriptions of one’s own obligations.
Management
Without a single document including your vision, strategy, and goals, managing the product backlog is significantly more challenging. Furthermore, since the roadmap shouldn’t be considered final, you always have the option to step back, adopt a more expansive viewpoint, and alter the plan as necessary, putting the project on the proper course.
Communication
Your actions’ motivations and the “why” behind your objectives are made clearer by a product development plan. You may utilize a plan, depending on its kind, for both internal and external communications (with customers, stakeholders, and staff).
Summary
Doesn’t it sound great? Try it out and observe how it affects your project. And don’t worry, if you want to be sure that everything is done correctly, simply get in touch with us since a fantastic product roadmap is something that can be established in our Discovery Workshop!