Three Pillars of Product Design
There are three important aspects that every product manager should be mindful, while designing products; technical feasibility, market acceptability, and business viability.
Technical feasibility — in my opinion, this should be first criteria to evaluate any product idea or feature. This is the reason why most startups without a strong technical founder or team fail, as product ideas aren’t accurately prioritised based on implementation cost – customer benefit framework.
It could often be the case that idea is simply impossible with the current technological realities; but, more likely scenario is that it is impractical to deliver within the expected timeline with your organisational capacity or expertise.
Market acceptability — or product-market fit, as startup crowd would like to call it. In an ideal world, product ideas come from genuine customer paint points. But, in a real world, product ideas are pushed forth by distressed executives, starving for growth at all costs.
It is ultimately the product manage’s responsibility to validate each product assumption and ensure value creation for customers.
Business viability — Great products with popular demand will still fail without a sustainable business model. And even profitable products can go out of business over the long-haul, lacking a competitive edge.
A good product manager makes sure that the product not only create value for customers but also sustainably capture value for the company.
In essence, product managers designing new product idea or features need to ascertain practicality of implementation details, determine customer benefits, along with potential market demand, and also envision competitive positioning of the product.