Starting a company is both art and science. Like all crafts, it has its own set of tools, each of them designed for a specific purpose. Using the correct tool along with the right methodology for each part of the process, increases efficiency and reduces costly mistakes. This helps you stay on top of things, make the most out of your resources, and maximize your chances of success.
A Product Vision Statement is a standard statement that provides (directly or indirectly) information about key attributes of the product.
A good Product Vision Statement is invaluable throughout the product development process. It serves as a compass for strategy and as a reference point for design & implementation: features & options that align with it are included in the product, while the ones that don't are left out. It gives the product (and the company) a voice.
Personas are fictional, generalized representations of similar target audience members. They are used to personify an audience group and make it easier to empathize with them, understand their needs/desires, and propose the right solution for them.
As direct representatives of a customer group, personas can help companies align with the goals of that group. The company then uses this information to identify how they can target that specific group of customers and what will resonate with them.
The Value Proposition Canvas provides a detailed look into the relationship between two broader parts of the Osterwalder's Business Model Canvas: customer segments and value propositions.
The starting point for a Value Proposition Canvas is the customer. The tool captures their needs and desires, the pains they currently experience, and things that may delight them. This information is then used to define the value proposition of the product in an intentional and targeted way.
The Product Vision Board is a simple visual tool that captures the product vision and its associated attributes. It gathers all relevant information in one place and is a useful reference point for product-related decisions.
The Product Vision Board can be used to test assumptions and capture new insights. By collecting the target group, needs, product and business values all in one place, it helps to both visualize and validate the product's vision and strategy. As a result, it helps entrepreneurs remain connected to their vision while developing their product.
A pitch deck is a concise presentation that provides an overview of the business, its product, and its main areas of activity. The main goal is to convince the audience of the future potential of the business and its product.
Pitch decks are usually prepared by entrepreneurs looking to raise funds from potential investors (aka "investor deck"). However a deck may also be presented to customers, employees, or other stakeholders. In all cases it is important that the pitch deck engage the audience in a conversation about the business.
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