- What is Product Management
Product management is an organizational life-cycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product life-cycle. Similarly,product life-cycle management (PLM) integrates people, data, processes and business systems.
- The Simple Rule for Feature Prioritization
When you prioritize features, ask yourself:
- Are you prioritizing features without a solid strategy and prioritization criteria?
- Are you only listening to the loudest stakeholder, biggest customer, or squeaky wheel?
- Are you just chasing after the features of the competition (feature parity)?
- Are you trying to chase the latest trend in your industry?
If you answer yes to any of the above questions, then your prioritization will not only be difficult, but it’ll be highly ineffective.
So here is the simple rule: Your feature prioritization should flow from your overall product strategy.
Your company’s strategy will inform your high-level roadmap, which tells you what type of functionality you need to build in the short- and mid-term, to satisfy your customers needs as well as other internal company needs.
- How to use data to make decisions.
You Can Use Data to Make Better Roadmap Decisions
Product managers may think that unsolicited customer feedback only helps them to understand the vocal minority (the customers who voluntarily share their thoughts and ideas). However, carefully collected feedback combined with other data provides an objective look at every customer, making it an an excellent way to learn more about who your customers actually are and how they’re using your product. Knowledge is power, right?
..product managers can make more well-rounded product roadmaps by relying on a combination of feedback and data; customer feedback is fuel for ideas, while data is fuel for decisions. For example, when deciding between updating an old feature or adding a new one based on several customer suggestions, you can look at the lifetime value (LTV) of the customers who’ve requested the update and the LTV of customers who’ve asked for a new feature to determine which initiative would be most valuable to your company.
While analysis paralysis is real, it’s easily avoidable when you keep in mind what the goals of this data analysis are, decide what the information threshold for a decision is, and always remember that done is better than perfect!
- How do you know if a product is well designed
flexibile for change,
strategize adding features