What do product teams get wrong when defining their product vision?

• Vision statements should be simple, describe the value and stand the test of time (atleast one or two market cycles)
• Every product is built to solve a user/ people problem or help solve a pain-point. This should be the main focus when building a product vision and the most important questions are ‘Who is this product for’ and ‘What problem is it solving’?
• Teams that answer the two questions above typically get their vision statement right and teams that focus on teh urgent, immediate or playing catch-up to competition (btoh real & perceived) usually do not
• One of the best examples is is that of the iPhone vs Blackberry - the iPhone focused on solving real-consumer problems in accessing the internet & online content from your phone while the Blackberry foucssed on adding features for their Corporate customers 
• The interesting sub-plot here is that Sony Ericsson & Nokia had smartphones that were much more capable than the iPhone when it launched and Sony Ericsson was a leader world-wide. But, they almost didn't have a Vision (or didn't seem to have one) and threw away their marketshare & lead by throwing features & specs at consumers that didn't help them in any manner 
• This brings us to another critical point in Product Vision - Timing! Great products could be ideated years or decades before the Technology allows them to be! General Magic almost launched the first smartphone in early 90s, almost 20-years before the iPhone! Apple itself launched the first tablet in the early 90s (but killed it). This mix of market awareness, technology limitations or capablities, consumer willingness to pay, etc all matter when defining a Prodcut Vision

This is a great question. In fact, it might be easier just to focus on what teams actually get right because there might be fewer answers.

In all seriousness, I think a few things spring to mind. Number one is not being conscious of the problem. Really focusing on what problem are we trying to solve, what value are we creating, and how will life be better after we bring our solution to market is huge.

I think not thinking big enough is also a big challenge that we see into. There was another question about the difference between a positioning statement and a product vision. Not thinking big enough would be an example of something that might lead you to write a positioning statement when you should really be writing a vision.

The product vision should reflect the needs of the customer, the current market, and the longterm strategy. I often see companies so myopically focused on their shortterm vision that they don't align with the market, the compeition, or customer needs and they lose product market fit. I find that it helps defining a broad vision for the year and then refocusing the roadmap quarterly to ensure the vision is still aligned to turbulent times.