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How essential are domain expertise in managing a product?
Image courtesy: Fusion VenturesRecently I asked this question on my LinkedIn feed and yet to get a single reply. I have been pondering over it by myelf for some time. If you recollect the core product management skills preached around, those are hardly specific to a domain or industry.What has been your experience as a contributing product manager, or what have you seen in other product managers around?Like in sales, marketing, or accounting, are product management skills portable across domains and indutrries?Cheers,Ranjit
Hi Abhilash,
There are different methods for doing this, I will sum up my knowledge and will try to exlain as much as I can with very few words. I will try to list out few points that will definitely help you decide what you are looking for :
> Use Ranking System, Rank all the features based on the requirement and user demand
> Make Graph With Axis Impact & Effort, Point out all features and you will have super clear list of things which you might considering doing first, what to do next, what should be done later or not to work on it at all.
> Considering 2nd point in mind, Think of Feature / Module Dependency over other Features. For Example, If a feature X is having huge impact but with requirement of more Efforts & it will be dependent on Feature Y, You have to consider time & efforts for making Feature Y as well.
> List out features according to what problems do they solve and which one is having the highest degree of requirement.
> Try to think from the perspective to Build something on A Layer, on which, Later on you can build multiple Layers / Features. And Follow the same, start with the bottom (Main Problem Solution of your product), then work on Next Layer (Additional Features, Features that will add value, User demands etc) and eveything else falls in other layers.
Hope this helps :)
I don't think there is *one best way* to prioritize features. It's sort of a knack that comes with experience and understanding of your product and market.
As a startup founder who is constantly dealing with changing priorities, I use this criteria:
- What is the impact of the feature? Is it higher revenue, growth, retention or something else?
- Is this my top priority? Depending on your stage, you may want to optimize for revenue, growth or other parameters. For instance, if growth is your priority, then you may deprioritize a high impact feature that delivers more revenue.
- What is the cost of implementation? Cost is not just "developer time" cost - but the overall rollout and support cost. Remember though - cost can be dramatically reduced by using lean methodologies.
Thanks to Ujjwal (Trivedi)'s blog post below, I got reminded of this figure that captures decision making:That's a quick answer. Leave a comment, to discuss more!