Writing a Product Proposal
Writing a Product Proposal involves the preparation of a structured document that outlines a new product idea or a significant update to an existing product, aimed at securing approval and funding from decision-makers within the organisation.
Goal
The goal is to create a concise, compelling proposal that clearly communicates the value of the product to both the organisation and the end customer, ensuring that all aspects of the product are thoroughly considered and presented.
Context
There are unlimited ideas but limited resources in a company. The challenge is to ensure that the resources are allocated to the most promising ideas. Writing a product proposal is a structured way to present a new product idea or a significant update to an existing product that reduces the risk of investing in the wrong ideas by forcing the team to think through the idea in detail.
Inputs
| Artifact | Description |
|---|---|
| Ecosystem Strategy | A high-level plan for achieving the ecosystem vision within the next 1-3 years. |
| Product Strategy | Ideas for new products or features that we are considering developing. |
| Market Insights | Insights from the analysis of the market and the competitive landscape. |
| Customer Insights | Insights from user research, customer feedback, and support tickets. |
Outputs
| Artifact | Description | Benefits |
|---|---|---|
| 6-Pager | A concise document outlining a project or proposal, including background, problem statement, solution, and next steps. | Ensures alignment and understanding among stakeholders. |
| Press Release and FAQs | A press release format highlighting the benefits to customers and answering the key questions related to the product, how it will work and how to overcome potential challenges. | Ensures that the customer remains central to the product development process. |
Anti-patterns
- Neglecting Stakeholder Concerns: Failing to anticipate or address potential concerns that could impact stakeholder buy-in.
- Inadequate Preparation: Rushing the proposal without thorough research or consideration of market and customer needs.