A product roadmap is a visual representation of the product strategy of an organization. It contains an overview of the product’s vision, goals, and objectives, as well as the milestones and deliverables that will be used to achieve them.
Having clear goals in place before creating a roadmap is important because it allows the product team to prioritize the ideas and tasks that will have the greatest impact on achieving those goals. By aligning around the roadmap and prioritizing tasks based on their expected return on investment (ROI), the team can ensure that they are working on the right things at the right time and advancing toward their ultimate vision.
For example, if the company’s goal is to increase user engagement, the roadmap might include tasks like redesigning the app’s user interface, implementing push notifications, and adding new features that encourage users to spend more time on the app. These tasks are prioritized based on their anticipated impact on user engagement and the amount of effort required to complete them.
There are numerous frameworks and methodologies, such as the Lean Methodology, Agile, and Scrum, that product managers use to create roadmaps when conducting a literature review. Each of these frameworks emphasizes the need for well-defined goals prior to developing a road map and prioritizing tasks. In addition, many businesses use the North Star metric to gauge their progress and success. The North Star metric is a key performance indicator (KPI) that is aligned with the company’s overall vision and goals and that guides decision-making and prioritization.
Among the tools that can be utilized to create a product roadmap are:
- Excel or Google Sheets can be utilized to create a simple roadmap containing a list of planned features and their respective release dates.
- Asana, Trello, and Jira are examples of project management software that can be used to create a roadmap with multiple components, such as user stories, acceptance criteria, and dependencies.
- There are also specialized tools such as Aha!, ProductPlan, and Roadmunk that are designed specifically for creating product roadmaps and offer additional features such as stakeholder management and forecasting.
Among the possible elements of a product road map are:
Vision: A statement that defines the product’s overall objective and provides context for the road map.
Goals: The precise, quantifiable objectives that the product team hopes to accomplish.
Initiatives: The high-level projects that must be undertaken to attain the objectives.
Features: Specific functionality that will be delivered in order to accomplish the initiatives.
Releases: The specific dates or timeframes that the customer will receive the features.
Milestones: Dependencies are the other features or initiatives that must be completed prior to the delivery of a feature.
Key indicators of progress on the roadmap, such as the completion of a major feature or the launch of a product.
Metrics: The measurable data that will be used to track the product’s progress and success.
In conclusion, a product roadmap is a significant tool for a product development company to establish goals, align around, and prioritize tasks. By establishing clear objectives prior to developing a road map, the team can ensure that they are working on the right things and making progress toward their ultimate vision. This is supported by the literature review, which emphasizes the significance of having clear goals and utilizing frameworks and methodologies such as Lean, Agile, Scrum, and North Star Metric as tools for successful product management.
