…n real time. This provides a tremendous opportunity for businesses to develop with their customers! Companies that get product right experience increased customer lifetime value (CLV or LTV), higher net promoter scores (NPS), and reduced cost of acquisition (CAC). Product is the ongoing critical link between the P&L and the roadmap, constantly evaluating the tra…
A product vision points the way; a product strategy tells the team how to deal with the obstacles and opportunities; the roadmap reminds the team what to focus their energy on; and the metrics tell them what’s working and whether a reprioritization is necessary.
You can start with identifying themes that are most important for your product (or business when you look at sales and marketing priorities) → Sequence those themes → Generate ideas within themes → Estimate time and cost → Prioritize projects within themes that have high impact and low cost to build. This process advocated by Ian, from Amazon, is the most widely accepted or up-voted one.
Rather than see the Head of Product as the CEO of Product, the PM is put as close to the customer as possible to make decisions on their behalf, and plays the role of Information Hub to align stakeholders through effective conversations. Your stakeholders want to have these conversations, and it’s your job to make sure they happen.