How to conquer feature FOMO
Feature FOMO (fear of missing out) occurs when a competitor releases a new feature and you just can’t stop thinking about it. Perhaps the feature is already in your backlog or even under active development. Maybe it looks really cool and is generating a lot of buzz in the community. Perhaps you are getting stick from your sales team -
“We can’t close deals whilst they have this and we don’t.”
or your leadership team -
“We’ve got be more agile so we can produce features like that and respond to our competitors.”
Even the most experienced product managers get Feature FOMO, but there are things you can do to make sure you keep it at bay. This will allow you to continue to make the right decisions for your product and your company.
Step 1 — Find out how real it is
Just because your competitor has posted a new feature on their website and is talking about it in sales meetings doesn’t mean it’s available or even built yet. Firms have different philosophies around pre-announcing features. I remember a competitor pre-announcing their mobile application around three years before it was available.
So, the first job is to understand at what stage this feature is at in the product lifecycle. Utilize your listening posts and have your client facing teams pose probing questions in their interactions.
Step 2 — Assess the value
Assuming the feature is real and is available, the next stage is to assess the value. Is this a standalone feature or it is part of a bigger strategic initiative? Does the feature unlock or magnify the value in other parts of the product? Is the feature the first of its type? Is the feature innovative?
Return to your Right to Win analysis and re-score with the new feature included. Hopefully you will still have an overall right to win — something you may want to tactfully remind your sales team.
Speak to a few of your trusted customers and users to get their feedback and views on the feature.
Step 3 — Make a decision
Use the data you gathered in the previous step and your judgement to make a decision on how to respond. There are three options:
a) Schedule accelerated development for an improved version of the feature to counter the competitor’s offering.
b) Monitor the market reaction and see if the new feature has any significant impact before making your move.
c) Make a note in your competitive analysis but stay focused on your existing product strategy and roadmap.
In most cases, option c) is the best course of action. But regardless of which option you choose, it is important to share your analysis and conclusions with your team and stakeholders.
If the feature is creating too much noise, the minimum requirement is to create messaging that your sales team can use to counter if they feel this is becoming an issue in the sales process.
As a product manager, it is your job to get your colleagues excited about the features you are developing. And confident that these features offer the best value for your target market at any particular time. Only that way can you turn Feature FOMO to Feature JOMO — the joy of missing out.
