How does the importance of a product vision change from 0-1 products to a growing product to a very mature product?

Both product lifecycles require a strong long-term vision in order to effectively motivate the team and attract users. Without a strong vision, the 0 to 1 product would not be able to focus on goals/exit criteria for launch while the mature product would get stuck in a routine problem-solving approach with the existing base.

When creating a product vision for a 0-1 product, the focus is primarily on finding the right product-market fit. This phase involves investing significant time in user research, deeply understanding the problem your users face, and identifying their pain points. The goal is to come up with an MVP (Minimum Viable Product) that is good enough to launch while also being flexible enough to evolve. Recruiting design partners and consistently iterating on the vision is key in this stage. It’s important not to get too attached to the original vision, as many pivots can happen during 0-1. Continuous learning and the ability to act quickly are crucial to success. While understanding the market potential and competitors is important, you may also be creating a new market, making it more challenging to predict trends and identify emerging competitors.

As the product grows and matures, the product vision also matures. In this stage, the emphasis shifts to validating which features, functionalities, and packaging add the most value to users and the business. The focus is often on retention, expansion, and revenue growth. It becomes increasingly important to monitor market trends and user behavior to identify opportunities for value improvement. This is also the time to assess when to invest further in expanding a successful product or when to sunset features or technologies that are outdated or have limited user appeal. Maintaining old technology or underused features can hurt the business by diverting resources, so it’s essential to keep optimizing.

At this stage, staying informed about competitors is key, ensuring you leverage any new competitive advantages. The goal for a mature product is to remain a cash cow, continuing to deliver value to users and impact the business positively. This requires continuously improving, growing the user base, and increasing revenue while keeping a close eye on market trends and evolving needs.