How to write a Product Concept Note

Product Concept Note

A product concept note is a document that helps the stakeholders and readers to understand the product or feature to be developed. It elaborates on the problem statement, identifying the users and their pain points and proposing possible solutions.

Structure of a Product Concept Note

Project summary

A project summary, as the name implies, is a section that provides readers with a brief overview of the problem as well as highlights of the product. This is the first section of the concept note that the reader will go through. You want to provide an overview of the document and capture their attention so that they read the entire document and understand its significance.

Goals and success criteria

This section defines the goal we want to achieve after launching this product or feature, as well as the metrics to track post-launch. Stating the goal helps stakeholders in developing an understanding of the product. Every stakeholder wants to know whether or not the product was a success, and knowing the goal and metrics to track can help them determine that.

Problem statement

A problem statement is a combination of text and quantitative data that defines the customer’s current problem. It helps stakeholders to understand the need for the proposed product and emphasizes its importance when backed with data.

User persona

User personas are different types of users who use your product. It is essential to know who your users are. For whom are you developing this new product or feature? Segmenting users based on demographics, psychography, behavior, and goals in different categories help understand their pain points.

User journey

This section describes the current journey of the users in achieving their goals. It allows us to identify the pain points experienced by the user in the current journey.

Assumptions

This section is used to state any assumptions made at various stages of problem-solving. Defining the assumptions allows all stakeholders to be on the same page and eliminates the possibility of misunderstanding.

Pain points

Pain points can be identified by conducting user research, focus group discussion, in-depth interviews, and walking the user journey. Understanding the user’s pain points is essential for developing solutions based on the problem statement and the goal.

High-level solutions

High-level solutions are a brief overview of potential solutions to the pain points. Thinking of high-solutions allows us to expand our thinking and consider multiple possible solutions.

Prioritization

Using a prioritization framework, we prioritize the solution that can solve our pain points and improve user experience. There are multiple possible solutions, and it is essential to prioritize in order to avoid wasting time and resources implementing all of them.

Detailed solution

In this section, we can go over the prioritized solution in full depth. Our solution should be able to demonstrate how the problem is solved as well as elaborate on various components of the solution in order to build a product or feature. After reading this section, each stakeholder should be able to identify and understand the proposed solution and the different components required to build it.

Impact

This section discusses the proposed solution’s impact on both the user and the business. It allows stakeholders to understand the impact of proposed solutions and whether they are profitable for the business and aligned with the goals.

New user journey

A workflow diagram illustrating how a user will interact with the system in the proposed solution. Readers will understand how the user will interact with the system and how it will solve the problem.

Metrics

Define the metrics that would allow us to track the impact of the implemented solution. These metrics should be aligned with the goal and success criteria as they will allow us to determine the success and failure of the product.

Competitive landscape

As the world evolves, competition grows, and it is crucial to state what the competition is doing to solve a problem. A brief overview of the competitors will help readers understand the importance of this problem.

Go-to-market strategy

This section should explain how you plan to release the product. This will allow stakeholders to plan ahead of time for the rollout and be aware of the criteria for the next phase rollout.

Future Scope

It is possible that not all solutions are implemented based on prioritization and there is scope for improvement. These solutions can be recalled and considered for implementation in the future.

This approach has worked for me as it allows me to think in a structured manner. Do give it a try, and see if it works for you as well. Do share your thoughts in the comment section.