In this ever-changing world, new and creative products are entering the market every day. To keep up with the current trends and maximize their revenue and profit, companies need to continuously adjust and adapt their products and services according to customers’ requirements and demands everywhere.
Companies design and develop new products with added features to attract new customers and retain potential customers. So, the question arises. How do companies do that? The answer lies in product planning.
Product planning is the process of searching and developing new ideas for a product, sorting out the best and profitable ideas, planning their development, converting them into actual products, and introducing them in the market after extensive marketing campaigns.
Product planning is not the sole responsibility of one person. It requires intricate planning and seamless coordination between multiple departments of the company. The process of product planning is a continuous and dynamic one.
Each step is carefully planned and allocated to different teams according to the company’s overall goal and objective. From research and development to customer service, the success of a product is dependent on the proper functioning of each department.
To plan and create a product, a company formulates an overall high-level strategy called a theme. To execute this plan, it is broken down into multiple additional steps or epics, which are small strategic plans themselves. Each epic is further broken down into user stories, representing a small unit of development work that allows a user to complete a task or goal in the product.
Epics, themes, and stories are used to classify the amount of work in a product plan. A particular epic has one common objective. It could be a feature, business requirement, or a customer request. In other words, it is a placeholder for a required feature. An epic takes more than one sprint to complete.
If there are multiple user stories with the same focus area, product planners create an epic and attach the stories to a particular epic.
However, keeping track of the multiple stages of product development is a time-consuming and challenging task. Looking for a product roadmap template to make your job easier?
Well, don’t worry! Stackby is here to your rescue. We have created a state-of-the-art Product Roadmap Template to assist you with your product plan. With this product roadmap template, product development will now seem like a walk in the park.
Using Stackby’s product roadmap template, you will be able to:
- Track your product planning roadmap and milestones on a single interface.
- Record each epic created and attach a description and the corresponding story.
- Track each story and attach an ID to the same. You can also track its current status.
- Monitor the start date and end date of each sprint and its current status.
- Use the template’s in-built calendar to monitor the releases.
- Record the planned and actual release date.
Monitor and update all the details of your product planning process with this product roadmap template.