What is a product roadmap?
A product roadmap is a guide to help customers and business leaders understand the value proposition of your product or service. The roadmap is important for communicating a vision of what the product or service will do, who your customers will be, and what the market needs. To be successful, a product roadmap must be relevant, accurate, and understandable.
Product roadmaps are a living document that changes and evolves with the changing needs of the organization. The purpose of a roadmap is to inform all stakeholders of the current state of the product or service. When a roadmap is done well, all stakeholders will benefit. The product roadmap is a key tool for getting buy-in from executive management and stakeholders.
It’s crucial to develop a shared understanding of the vision, priorities, direction, and objectives of the product or project. There is an organization-wide, consensus-based Product design process used for building and updating a roadmap. The first step is to set up a roadmap steering committee, comprised of key stakeholders. This committee will be the one responsible for identifying opportunities, prioritizing them, and setting deadlines for achieving specific milestones.
The product roadmap defines who the audience for the product or service is, and where it will operate. The product roadmap describes how the product will evolve over time, in terms of new features, capabilities, and improvements.