list the components of a product plan or forecast with stakeholders.

Creating a successful product plan or forecast involves a series of steps that will guide the implementation and tracking of product features. Being a Certified Scrum Product Owner (CSPO), these elements become crucial to coordinating your interactions with different stakeholders spanning from the development team to customers, executives, vendors, and competitors. This document will present the key components that constitute a comprehensive product plan and forecast from a CSPO’s perspective.

1. Vision

The starting point of a great product plan is a clear and compelling vision. A product vision is a broad concept that encapsulates the objectives of the product and what it aims to accomplish. It should be inspirational, long-term, and act as guidance for all stakeholders. The vision needs to answer questions like what is our product, who uses it, what values it offers, and how it outperforms competitors.

For example, LinkedIn’s vision is: “Creating economic opportunity for every member of the global workforce.”

2. Goals and Objectives

To achieve the listed vision, definite goals and objectives need to be set. These should be quantifiable and include details about what needs to be achieved, what steps will help achieve it, how much time it will take, and how it will be measured.

Following the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) format can ensure that these goals are concrete, attainable, and useful in driving progress. For example, a goal could be: “Increase user engagement by 20% in the next six months.”

3. Market Analysis

Thorough market analysis is crucial to understand the market trends, competitive landscape, customer needs, and potential opportunities or threats. This analysis provides insights into market segmentation, competitor analysis, and provides a basic understanding of the target customer’s preferences, behavior, and expectations.

For instance, if creating an app like Uber, you’ll need to examine the transport and app market, Uber’s key competitors, and customer riding patterns.

4. Product Strategy

The product strategy is a high-level plan describing how the product vision and goals will be achieved. It includes key issues like the target market, competitive positioning, unique selling propositions (USPs), and revenue model. It outlines the key features and characteristics of the product that will appeal to the intended market.

As an example, Zoom’s product strategy could be defined as providing reliable, high-quality video conferencing software to both businesses and individuals, distinguishing itself with a user-friendly interface and strong security measures.

5. Roadmap

The product roadmap illustrates the path to reach the desired vision and goals laid out in the strategy. It’s a tactical tool that communicates what you are building and why. It set timelines for when new features and improvements will be launched.

An e-commerce site’s roadmap, for instance, could include launching a new mobile app in Q1, implementing a recommendation system in Q2, expanding to international markets in Q3, and adding a live chat feature in Q4.

6. Requirements and Features

This section lists out the specific features and capabilities that the product needs to integrate to implement the product strategy successfully. These requirements are often prioritized based on their impact, estimated effort, stakeholder preferences, etc.

For example, essential features for an email marketing software might include email templates, campaign analytics, automation sequences, A/B testing capabilities, and so forth.

7. Key Performance Indicators (KPIs)

KPIs are vital for measuring the success of your product and indicating whether your product plan is on the right track. They help gauge product health, guide strategic refinement decisions, improve customer satisfaction, and make future predictions.

Common KPIs could include active users, conversion rates, churn rates, revenue, customer satisfaction scores, etc.

As a CSPO, your role includes streamlining these aspects of the product plan with your Scrum team. You facilitate collaboration with stakeholders, ensuring everyone is moving in harmony towards achieving the product vision and the set objectives. By focusing on these key areas, you can deliver a product that offers genuine value to its users while meeting business goals.