One of the main goals of a product roadmap is to create a product of value to an identified customer base. This is designed to make it possible for a company to achieve specific financial goals. The product roadmap will cover market opportunities, reveal competitive pricing, provide steps from creation to successful distribution and more.
In an article from Pragmatic Marketing Magazine, “If no strategy exists, then one should be created…without a driving strategy behind it…(a) company risks being jacked around by short-term opportunities…product planning might very well stimulate some strategic discussions.”
One of the most important aspects of product roadmapping is to create a method of effective project communications. It can be used to help all team members understand the company’s vision for a specific product. The steps and initiatives required to create a successful product will be effectively communicated.
Don’t Include Dates
A successful roadmap doesn’t need any hard and fast dates. It’s important the document be as flexible as possible, as unexpected situations are likely to occur. If a goal cannot be met on a specific date frustration can begin to build. Being able to adapt your product roadmap to changing situations is key for eliminating frustration.
There are certain instances in which historical information can be useful for a product roadmap. It would help when building a case to further a new product’s development. Resource planning will need historical information. This will provide a way for a product roadmap to show exactly what is needed to finish the product’s creation, while also providing an overview of your current progress.
A roadmap can be used to plan for future resources, providing insight to all levels of management of the stage of your product’s development and what is needed from them. Likewise, it will inform a company’s investors how it plans to expand and increase revenue in the future. This is also a way to increase a customer base by letting them anticipate the availability of the new product.
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