Product Vision is our shared idea of where we are going with our product.
The Product Vision tells us what the product will be, who will be using it, why they will like it and how it will be different from the competition.
It might or might not have specific quantified goals connected to it.
The general idea is that the Product Vision should be fairly stable and well known in the organisation. Since it will guide a lot of decisions it is important that it doesn’t change all the time. Changing the Product Vision is considered a pivot in the language of Lean Startup. Sometimes you need to do it – and you should always be open for the possibility, especially in early stages. But a common mistake is to not stay true to your Product Vision and just add features randomly as customers ask for them. Even though this can be a way to get quick money it is a risky approach since your product might become feature bloated and after a while it might be ok at solving many problems, but not great at anything. In today’s hypercompetition this is a risky approach. Of course the need immediate money might outweigh the overall goals of the product. But make sure you seriously consider the long term implications if you stray from what you believe is right.
Here is an example of a Product Vision for AgilePM.se: