Strategizing Priorities
Roadmap: A list of new features and improvements that will be available in the Product in a long span of time
A roadmap with defined priorities is a strategic plan for developing and delivering the features. This supports the team in organizing their activities on features that need to be focused with urgency. While a roadmap without defined priorities leads to inefficiency and confusion.
From my experience in Product Management, opportunities are boundless. But it always comes with the following limited elements -cost, resources, quality and time.
Thus, it is NOT OK to define random priorities in the Roadmap. It is important to have a strategy for defining priorities. In order to succeed in the Product Manager role, limited elements [cost, resources, quality and time] need to be managed in such a way that the Roadmap is successfully achieved.
Believe me, having this strategy is going to define your craftsmanship as a Product Manager!
In this blog let’s dive into the methods for prioritizing the Roadmap.
Cost-value proposition: Create a plan to prioritize user-centric features.
- Align with the Customers and assign weight for every feature included in your Roadmap.
- Assign weight to the features based on their probability of increasing the KPI of your final Product.
- The weight of the feature is directly proportional to the probability of an increase in KPI.
- During Roadmap Planning, prioritize the features that have a higher weight. The higher the weight, important the feature in your Roadmap.
Releasing user-centric features will create a prolific significance for your Product.
Harmonize the Vision statement: Create a plan that always has a Vision as its destination.
While the Mission is derived to achieve the Vision statement, prioritize each feature, module, or milestone in the Roadmap such that it takes a bit closer to achieving the Vision statement.
Reduce risk: Create a plan that will minimize the market risk for your Product
- Set up a rhythm to connect with the users and understand their expectations.
- Accommodate market analysis, and user reviews in the Roadmap and prioritize them.
It is important to understand that priorities are not set in stone.
Product Management and Risk are inseparable terms. It could be either market-based risk, development, technical or organizational risks. If needed, it is OK to adjust the priorities during the course of the Roadmap if it can reduce the overseen risk.
Find the balance: Create a realistic plan for committed features.
The key in Product Management is finding the right balance in the following elements — cost, time, quality and resources.
It is important for Product Managers, as it will help in visualizing the feasibility of his/her commitment. Finding the balance between what-is and what-not-is feasible gives a trustworthy appearance for the Product Plan.
As in any Business, keeping commitment makes your Plan more reliable.
Among the other strategies, this one provides an opportunity to work on your Leadership skills.
- Understand the development teams, and get insights into their strengths and weaknesses.
- Make commitments based on the insights.
Reduce Technical debts: Create a plan to deliver the Product with foresight
It is too short-sighted to think that including knowledge-sharing activities in the Planning might slow down the process of Product development.
- Based on the velocity and development trend, anticipate challenges.
- Create a plan to address the challenges
- Organize knowledge-sharing sessions, promote cross-functional activities
- Emphasize long-term vision and proactive learning
Learn to say NO: The fact is, it is not possible to always satisfy 100% of the user community. As a Product Manager, always do
- Actively listen
- Explain the business value
- Summarize the cost
and when the value-cost proposition is out of limits, it is important to say NO.
Last but not least, this is my hard-learned strategy.
What’s yours?
