A product roadmap is a result of strategic planning. It documents both the executive strategy and overall goals of a product. However, what specific details go in the product roadmap depends on who are you building roadmap for.
As a product roadmap example, development teams will outline detailed execution steps for the team, target release dates, and milestones. The product roadmapping chart developed for senior executives will focus on the higher-level details on features and functions and how product milestones fit the overall company goals and metrics. If the product roadmap is for external stakeholders like customers or investors, it should provide details of new features, and future direction of the product to get them interested.
Product Managers often lead the process of building roadmap, which is often called Roadmapping. They take inputs from various teams such as market research, production, engineering, sales, and executives. Taking information from all the cross-functional teams ensures that the product roadmap is grounded in reality and has taken into account the interests, needs, and capabilities of all the stakeholders involved. It also helps build consensus and alignment amongst all the stakeholders to achieve broader business goals.
What are the necessary components of a product roadmap?
1. Product Vision
This is the entire basis of the roadmap. Outline details of the product that you are making, it’s functionalities and your short and long term vision for it.
Pro Tip: Perform deep analytics by talking to internal and external stakeholders. Assess customer feedback by taking into account the sales team’s observations, market and competitor share, and defining customer personas. Share this vision across various teams and stakeholders to align everyone.
They are the time-bound and measurable targets, with defined metrics for determining success. They are included in a product roadmap to show the critical milestones which need to be accomplished to make the product vision a reality.
Strategic initiatives represent high-level objectives that need to be completed to achieve the goals. It is advisable to bucket your feature development and releases under these significant initiatives to show how product development relates to the strategy.
A release is the launch of a new product, feature, or functionality.
Dates or time frame for a specific goal or feature to finish. Timelines mentioned in a product roadmap usually act as guidelines for the product teams
Status of the different goals, initiatives, development, etc. concerning time.
A quick check if you have built a useful product roadmap is:
- It evolves and changes with the product and market requirements
- It acts as a communication tool between all people involved
- It indicates exact goals and ties them to the business objectives
Product Roadmap Examples
There are many formats of building product roadmaps. The most critical factor in building a roadmap is the type of audience you are making it for – whether the roadmap is for internal teams or external stakeholders. To give you a better idea, let’s look into different types of roadmaps.
Example 1: The roadmap template below is a strategic outlook of a short term and long term product strategy for customers and investors. They can see how your product plans to evolve, listing both functionalities, and the modules developed.
Example 2: The Product Roadmap below is a different way of representing the roadmap once it hits the market. Visual representation shows activities planned at the various stages of adoption of the product lifecycle
Example 3: A release roadmap typically shows a plan for new features, enhancements and bug fixes in upcoming months. Usually, release roadmaps represent a 3 to 6 months product development window. It is vital to develop this roadmap in alignment with all the stakeholders involved like Development, Testing, and Marketing, etc. to ensure consensus around the release.
Example 4: The Roadmapping below shows the product development work across different functions and teams. It is a useful visualization for the product managers, project managers, and internal teams to assess the product/ project progress and measure against their goals.
Example 5: This Roadmap template below gives a detailed status of product development at any given point of time. It focuses specifically on what stage of development the product is in at the present moment. Product Manager needs to continually update the roadmap to show the product progress to all the stakeholders at a glance.
Example 6: The roadmap template below is for both internal and external stakeholders. It highlights the high-level goals and objectives of the product. Product managers can use this product roadmap template to showcase broader goals and objectives of the product.
In any product based company, product, or portfolio of products are the only source of revenues. This makes developing a product roadmap an irreplaceable tool for any product-based business. Though Roadmapping is a continuous and time-consuming process, however investing time in it is critical. Make use of ready-made templates to save time to create your product roadmap. We have developed a library of product roadmap and strategy roadmap templates to help you save time. Check out our library of Product Roadmap templates. You may also check out the broader collection of Strategy templates.
Here is a Free Roadmap PowerPoint Template for you to try.
If you liked any of our templates, we would like you to use them. Use a 10% discount (ESSENTIAL10) on our Essential Pack (value $9.99) and find the simplicity in using the templates to build your roadmap.
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