What Is a product roadmap and how to create one for your business?
Over 30,000 new consumer products flood the market every year. But only 40% of developed products ever make it to launch. Reason? Lack of a clear product roadmap!
Over 30,000 new consumer products flood the market every year.
But only 40% of developed products ever make it to launch, and of those 40%, just 60% manage to generate any revenue.
Staggering, I know. But the reason is often the lack of a clear product roadmap.
What separates successful products from the also-rans is a clear plan, strong cross-team collaboration, and everyone working towards a shared vision.
A brilliant idea is just the seed. To achieve success, you need a product road map – a clear plan that guides your product from concept to reality.
In this article, I’ll explain what is a product roadmap, why you need one, its different types, and the exact steps to build your own roadmap, from start to finish.
Let’s get straight into it.
What is a product roadmap?
A product road map is a plan that outlines the goals and direction of a product over time. It shows you where the product is going and how it will get there.
Product roadmapping keeps everyone involved ( developers, marketers, salespeople) on the same page.
It helps understand the product's direction and why certain decisions are made. It also helps you figure out which features are most important to build first, based on things like customer needs and business goals.
A product roadmap includes:
- Goals: What you want to achieve with the product.
- Features: Specific functionalities or improvements that will be added.
- Timelines: Estimated dates for when different parts of the roadmap will be completed.
- Milestones: Key points in the development process that show significant progress.
- Resources: Information about what is needed in terms of people, tools, or budget to reach the goals.
Let’s say you’re making a fitness app that helps users track workouts and nutrition. Here’s what its product roadmap example would look like:
- Goals: Increase user engagement by 20% in six months.
- Features: New workout routines for beginners, integration with wearable devices, enhanced nutrition tracking.
- Timelines: New workouts by the end of Q1, device integration by mid-Q2, and nutrition updates by the start of Q3.
- Milestones: Launch of new workout routines, successful integration with two major fitness trackers.
- Resources: Hiring two new developers and purchasing software tools for device integration.
Let’s understand the importance of a product roadmap in detail.
Importance of a product roadmap
Building a product without a plan is risky. You might end up developing features that nobody wants or that don't fit together well.
The roadmap helps you identify potential roadblocks and make adjustments before you invest too much time and resources.
Without a roadmap, your team can be working in silos, each person focused on their own thing.
The roadmap brings everyone together. It shows them the big picture and how each piece contributes to the overall product vision.
A product roadmap is also a great communication tool. It clearly outlines the product's goals and how the development process will achieve those goals.
Products developed by cross-functional teams throughout the process achieve a 36% higher profitability.
Investors, partners, and even customers are often interested in the future of your product, it gives them a glimpse of what's to come.
Types of product roadmaps
Product roadmaps detail the product's journey, but they do so in different variations suited for different audiences.
Let's break down the most common types of product roadmaps.
Internal roadmaps
These roadmaps are for the people building the product, including:
- Designers
- Developers
- Product managers
- And anyone else directly involved.
Feature roadmap
This type of product road map lists features, prioritizes them, and gives estimated timelines for when they'll be built.
It is primarily for the development team and helps them understand what to work on next and how the different features fit together.
This roadmap includes specific feature descriptions, user stories (explanations of how users will interact with the feature), and technical details relevant to developers.
Theme based roadmap
This roadmap group features together based on a central theme or goal. It gives a broader picture of how features will work together to achieve a specific objective.
Teams often use this roadmap to see the bigger picture of the product they're working on.
Theme roadmaps will have the themes listed prominently, along with the features that contribute to each theme. There might be some details about the features, but not as much as in a feature roadmap.
Sprint plan roadmap
This roadmap focuses on a very short timeframe, typically a development cycle called a sprint (which can be a few weeks to a month). It details the specific tasks that need to be completed within that sprint.
Development teams heavily rely on sprint roadmaps. They help the team stay focused on what needs to be done right now and track progress throughout the sprint.
Sprint roadmaps include timelines for coding, testing, and deployment, along with details about specific features and technical tasks.
External roadmaps
These roadmaps are for people outside the core development team. Some of the external roadmaps include:
Release plan roadmap
A release plan is a detailed schedule for a specific upcoming release of your product, like a new version or a major update. It breaks down exactly what features, bug fixes, and other improvements will be included in that release.
It acts as a clear guide for the development team. They know exactly what needs to be done and by when to get the release out the door on time.
The core components of a release plan roadmap include the specific features of an upcoming release and any dependencies or prerequisites for the features being released. For example, Feature A might need to be completed before Feature B can be tested.
Customer-facing roadmap
A customer-facing roadmap is a high-level plan that outlines upcoming features, functionalities, or improvements for your product. It's a way to be transparent with your customers and show them how you're constantly working to make the product better.
It helps build trust with your customers by keeping them informed about upcoming changes and creates excitement for new features.
In a customer-facing product roadmap, you will find key features to be released, the benefits these features will bring to users, and estimated release dates.
Now that we know what is a product roadmap, let’s understand how to create one.
How to create a product roadmap?
Creating a product roadmap isn't a one-person job!
It's a collaborative effort that involves product managers, designers, developers, and sometimes even stakeholders like executives or sales leaders.
Everyone brings their unique perspective to the table to create a roadmap that reflects the product's vision.
Here's a breakdown of how to create a product roadmap:
- Define Your Product Vision and Goals
Where do you see this product going? What problem are you solving, and who are you solving it for? Clarify your product's vision and the long-term goals you want to achieve.
Having a clear vision and goals from the outset helps guide every decision you make about the roadmap.
- Gather Input from Stakeholders
Talk to everyone involved with the product, from the people building it to the people who will sell it, to gather their insights and requirements.
Understand customer needs, market trends, and any technical constraints as well.
- Identify Themes and Initiatives
Group similar features or ideas together based on a central theme or objective. It’ll help you see the bigger picture and how features work together to achieve a goal.
- Prioritize Features
You'll likely have a long list of features, but you can't build everything at once. Some features will have a bigger impact on your goals than others.
Analyze each feature based on factors like customer need, business value, and development effort so you can keep your focus on the most important items that will drive success.
- Estimate timelines
Once you know what features you'll be building, ballpark how long it will take to develop them and what resources you'll need.
Decide on realistic timelines for developing and releasing each feature.
Identify key milestones that mark significant progress to keep the team on track and provide clear targets to aim for.
- Visualize Your Roadmap
With your prioritized features in hand, you can start building your roadmap. Include a rough time frame (quarters or semesters) with prioritized features and briefly describe what each one entails.
Identify major milestones along the way, such as the launch of a new product version or the completion of a key feature.
Select a format for your roadmap that best communicates your plan. It could be a timeline-based chart, a Kanban board, or a product roadmapping software that suits your team's needs.
Most product roadmap tools offer several different types of formats for different types of roadmaps.
Share the roadmap with all relevant teams and stakeholders. Explain the reasoning behind the priorities and timelines. Ensure that everyone is aligned and understands the product’s direction.
- Update the Roadmap Regularly
Your roadmap isn't set in stone. Things change as new ideas emerge, priorities shift, and the market evolves.
Frequently revisit your roadmap as you gather new information and make adjustments to keep it relevant and on track.
Regular updates also help you adapt to any changes in the market or customer needs.
Product roadmap best practices
Here are some product roadmap best practices to keep your roadmap on track.
- Keep it visual: A well-designed roadmap should be easy to understand at a glance. Use charts, graphs, or timelines to make the information clear and concise.
- Start simple, iterate often: Don't spend weeks crafting a perfect roadmap. Start with a basic outline and get feedback early and often. Your roadmap should evolve as you learn more.
- Prioritize ruthlessly: There will always be more ideas than you can realistically handle. Be ruthless when prioritizing features. Focus on the features that will have the biggest impact and defer or eliminate lower-priority ones.
- Get feedback from everyone: Don't just rely on product managers or developers to build your roadmap. Get input from designers, marketers, sales, and even customers to ensure you're on the right track.
Build roadmaps with Formaloo!
You need the right product roadmap tool to bring your plan to life, collaborate with your team, and keep everyone on the same page.
And you want ease in creating a product roadmap, right?
Formaloo provides a library of customizable product roadmap templates to jumpstart your planning process.
You don’t need to build your roadmap from scratch – simply choose a template that aligns with your needs and personalize it with your specific goals and features.
It also keeps your roadmap dynamic. As priorities shift or new information emerges, you can easily update your roadmap in real time and ensure everyone has access to the latest information.
Check out Formaloo to start building your roadmap today!
