Product managers have loads of responsibilities on them. And they can have a hard time delivering ideas across the company. Also, they could face issues trouble in evaluating the opportunities among other things. All this has to be organized and prioritized accordingly. That’s where different product prioritization techniques can help you.
Based on the size of your business, product management responsibilities can vary. For example, solopreneurs who are just starting out may need to select and manage project management software on their own. On a broader level, product prioritization techniques can help streamline decision-making and support many tasks that are critical to your business.
Check out these brief prioritization techniques in this blog to help you:
OKRs (Objectives and Key Results)
All entrepreneurs big or small start with a goal they want to achieve. That goal can be anything from expanding business to multiple states, achieving bigger sales targets, increasing customers’ lifetime value, or anything like that. But setting the objectives alone won’t do you much good. Instead, you will have to push to create a plan and evaluate the performance at every stage. Monitoring the key results against your efforts is crucial for success. Also, it can help you shape your strategy and tweak that strategy over time.
The main advantage is that it helps at different stages starting from setting goals to finding key results. Also, it sorts out the hassle of communicating the goals and the roadmap across the business. Further, it saves businesses from any confusion regarding their goals.
To apply such a model to your business, your results must be measurable. Otherwise, the model may not benefit you at all. You can use a 1 to 10 scale or 0 to 100% to calculate the key results. Making concrete goals and evaluating efforts against measurable results is highly advisable. When you are not missing out on any of these elements, your business can significantly benefit. So, the model is worth trying and applying to your business.
The Kano Model
Any business would want to develop a product that satisfies the customers to the fullest. And to achieve that, there is a model known as the Kano model that businesses can adopt to maximize their customer satisfaction. The Kano model is named after Dr. Noriaki Kano who introduced this model.
This model works around five features of which three should be in a product and two should be avoided. The following are the features of the Kano model:
Basic Features
The basic features are the ones your customer expects to see in your product. There’s nothing special about such features and they could be the standard qualities of the product. However, you still have to include them in the product because missing out on them can make the customers consider someone else’s product over yours.
Performance Features
Other types of features to include in your product are the performance features. These types of features are not always necessary to have. But such features can be the “satisfiers” for the customers. Also, the better the performance of your product is, the better it is from the customer’s perspective.
Excitement Features
The excitement features are the ones that make customers excited about your product. These features are also sometimes termed the delighters. The delighters play a crucial part in customer satisfaction and generating hype around a product. Also, your excitement features can get your product a competitive edge over the competition. So, it’s best to have such features and leverage them to your advantage.
Indifferent
Indifferent features are the ones you should avoid in your product since they are of no advantage. These are the features the customers may not even pay attention to. So, what you should do instead is to steer clear of them since they won’t add any particular value.
Dissatisfaction
Where indifferent features are the ones you should avoid, dissatisfiers are the ones you should try not to have at all in a product. Because the dissatisfactions can negate all the positives of your product. One way to avoid such features is to test your product before the launch and record feedback. Such insights can help you from the idea of dissatisfying the customers.
By focusing on the five elements of the Kano model, you can enhance both customer experience and satisfaction. Thus, making a checklist around them can be worth it.
Conclusion
Simultaneously using the OKRs and Kano model can help product managers achieve objectives, track performance, and develop excellent products. Both types of practices are popular because of their effectiveness. So, it is advisable to adopt and leverage them.
