Informal description
Let $M$ and $N$ be monoids, and let $r : M \to N \to \mathrm{Prop}$ be a relation between them. Given a list $l$ of elements of type $\iota$, and functions $f : \iota \to M$ and $g : \iota \to N$, if the relation $r$ holds for the identity elements ($r(1,1)$) and is preserved under multiplication (i.e., for any $i \in \iota$ and $a \in M$, $b \in N$, if $r(a,b)$ holds then $r(f(i) \cdot a, g(i) \cdot b)$ also holds), then the relation $r$ holds between the product of the list obtained by mapping $f$ over $l$ and the product of the list obtained by mapping $g$ over $l$.
In symbols:
\[ r(1,1) \land (\forall i\ a\ b, r(a,b) \to r(f(i) \cdot a, g(i) \cdot b)) \implies r\left(\prod (l.\mathrm{map}\ f), \prod (l.\mathrm{map}\ g)\right) \]