Data driven prioritization & roadmap planning
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Data Driven Prioritization and Roadmap Planning for Product Managers
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Data driven prioritization & roadmap planning
- 1. Webinar: Data-Driven Prioritization & Roadmap Planning Muralidhar Somisetty Today’s Speaker16th Sep 2016
- 2. A Typical Challenge for a Product Manager
- 3. Product Manager’s Dilemma: Everyone’s requirement is high-priority“ “My customer wants this feature or else deal closure is at risk “ - Sales Account Manager “Most support calls are related to this buggy feature – Prioritize to fix. - Support Manager “Our competitor has this feature and needs to be appear on our roadmap” – Biz Dev Manager “We need to ship the product soon and I have committed this feature” - Boss
- 4. Opinion based Prioritization • Prioritizing Details, not the big picture • Decisions not being tied to the strategic goals • Stakeholders questioning Prioritization • Priorities usually being driven by the loudest executives or the latest sales prospects “Companies who build products based on internal opinion will eventually get beaten by the competition.”
- 5. DESTINY OF THE PRODUCT – WHO OWNS IT ?
- 6. It is “Product Manager” – CEO of the Product
- 7. Product Management Cycle Define/ Gather Prioritize Plan/ Roadmap Build/ Launch Validate/ Feedback Key Phases that define destiny of the Product
- 8. An objective data-driven prioritization model is the key for defining credible and successful roadmaps.
- 9. Question for Product Managers… Prioritization is a difficult exercise for Release 1 (or MVP) Or Release 2
- 10. Many Techniques for Product Prioritization Ref: http://foldingburritos.com/ X-Axis: Qualitative How oriented a method is towards getting input from the inside or the outside world? Y-Axis: Quantitative How oriented a method is towards relying on data & metrics over some expert’s personal opinions. Striking the right balance between Quantitative and Qualitative methods depends on the many factors.
- 11. Popular Quantitative Methods : KANO Model Ref: http://foldingburritos.com/ Customer Delight Vs Product Function
- 12. Popular Quantitative Methods : Prioritization Ranking Matrix Outside-In Customer Perspective Inside-Out Stakeholder Perspective
- 13. Popular Quantitative Methods : Value Vs Risk Features are scored in two dimensions: Value and Risk Risk/Complexity : • Schedule risk • Cost risk • Functionality risk Value: Customer Success Business Value Company Vision Instinctive Method for Product Managers
- 14. Popular Quantitative Methods : Value Vs Cost Biggest Bang for the Buck – Inherent ROI Analysis Maximize Value Delivery Over Time Use Business Model Canvas for MVP release, especially for start- ups with scarce resources.
- 15. Align priorities/roadmap using Product KPIs Customer C-SAT, NPS, VIP Account, Feature Adoption, Drop-off points, Surveys Company Strategic Initiatives, Revenues, Top-line growth, Margins, CompetitionMark et Size (TAM), Sales Pipeline, TTM, Differentiators or Missing Features Operations Budget, Running Cost, Support, Quality Metrics Value Quantifying Value Through Product Metrics
- 16. Popular Quantitative Methods : Weighted Scoring Over Value/Cost Add a layer of weighted scoring matrix on Value method to fine-tune the prioritization
- 18. Best Practices for Prioritization Exercise 1. Make it a inclusive process (team/stakeholders) regardless of technique. 2. Drive it is an objective exercise substantiated with data/metrics (as much as possible). 3. Focus on the big-ticket items (limit the number for productive discussion). 4. Bucketize requirements into broad/strategic themes. 5. Have guestimates ready from engineering. 6. Make it a customer-centric conversation on how to increase value. 7. Be realistic in setting goals.
- 19. Key Takeaways 1. Striking the right balance is an art and that comes only with experience. 2. Maintain Transparency with Stakeholders (regardless of methods/techniques). 3. Provide insight into feature selection process for stakeholders. 4. Data-driven Prioritization will lead to quick convergence and easy buy-in.
- 20. Thank You Woises linkedin.com/in/muralis @muralidhar9 woises.com/blog
Editor's Notes
- Even the most seasoned product manager struggles with determining which features and initiatives to put on the roadmap. With so many opportunities competing for scarce resources, how to decide?
- Do it right the first time.
- With the Kano model product managers can look at potential features through the lens of the delight a feature provides customers versus the potential investment you make to improve the feature. There are some basic features that your product simply needs to have in order for you to sell your product in the market. You need to have these “threshold” features, but continuing to invest in them won’t improve customer delight dramatically. There are some features (like performance) that give you a proportionate increase in customer satisfaction as you invest in them. Finally, there are some “excitement” features that you can invest in that will yield a disproportionate increase in customer delight. If you don’t have these features, customers might not even miss them; but if you include them, and continue to invest in them you will create dramatic customer delight.
- The goal is to look for a balanced approach, going for High-risk/High-value first, Low-risk/High-value second and finally Low-risk/Low-value. High-risk/Low-value items are best avoided.
- The main goal with this method is that we try to maximize value deliveryover time. That is, for a given release timeframe, we work on the most valuable items we can fit in the period.
- Acquisition: users come to the site / product; Activation: users enjoy 1st visit, signup; Retention: users come back multiple times; Revenue: users’ activity leads to revenue for the product; Referral: users like product enough to recommend to others.
- The goal is to look for a balanced approach, going for High-risk/High-value first, Low-risk/High-value second and finally Low-risk/Low-value. High-risk/Low-value items are best avoided. A clear, objective scoring model can inform the initiatives you decide to include on your roadmap, and lend credibility to your product strategy.
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