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Product Management

Exploring Product Management Frameworks: Essential Strategies for 2024

When you release a certain product to the masses, you must make sure that it passes every testing phase possible. The finalized product has to address the pain points or needs of the customer, ensuring that no bugs escape the development process. For that, you have to use the right product management methodologies.

Dmytro LokshynDmytro Lokshyn
January 8, 2024
man looking into the future*source

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When you release a certain product to the masses, you must make sure that it passes every testing phase possible. The finalized product has to address the pain points or needs of the customer, ensuring that no bugs escape the development process. For that, you have to use the right product management methodologies.

In today’s constantly changing landscape, the right framework can make the difference between success and complete failure with a product. With that in mind, what exactly are these kinds of frameworks, and how can they help you? How do you even create an effective product strategy using these frameworks? This article will provide some top tips that you should follow in 2024.

Introduction to Product Management Frameworks

Product management frameworks are tools that companies use to create an effective product strategy. This type of framework will look at different parts of the development process, searching for opportunities that have the potential to build profit.

This way, developers and product managers can reach their vision of the product without any delays. Once you understand what product strategy is and how a product management framework can help, you should be able to release a qualitative program.

A product strategy framework is essential because it can help streamline an otherwise complex project. It helps determine an effective product strategy, prioritize tasks, and narrow down the design. By using the right framework, you make sure the program has as few flaws as possible, drawing more potential users your way upon release.

Key Frameworks in Product Management

Here are the main management frameworks that are frequently used in product development:

1.    Kano Model

The Kano model is one of the most popular options that product managers use, as it helps them launch a product that appeals most to the masses. With this framework, they can find the features that a potential user may find most useful, focusing on them to address a specific problem. The framework was created by Noriaki Kano, a Japanese professor who believed the success of a product or service relied on whether the users found it desirable or not.

With the Kano model, you will be able to see two stages. The first will show how well you managed to meet a specific need in the development of a product. The other will showcase how well the customers responded and whether they were satisfied or not. With the Kano model, you should be able to find out the features that would most likely delight your users.

2.    Value Proposition Canvas

While the Kano model focuses more on what a customer may want, the Value Proposition Canvas shifts the light on the need. With this framework, product managers can understand the specific problems of a client and create a product that can solve that issue.

By simply telling them that your product is great and helpful, you may not be able to get them to buy it. However, if they see that the item can bring them gain and reach their pain point, they will be more likely to choose you in favor of other businesses. In the end, the value proposition canvas is a great tool for businesses to understand their clients.

3.    RICE Framework

The RICE framework focuses on four components from which its name is derived: reach, impact, confidence, and effort. Below is a representation of what each component means:

·      Reach: How many people do you expect will use your product within a given period?

·      Impact: What impact will the released product have on your customers? Will your feature bring value to the users?

·      Confidence: How confident are you that your estimates are accurate? At what percentage do you count your enthusiasm for the feature, when you don’t have the data?

·      Effort: How many of your resources will the feature or product take to finalize? How much time will it take, and how many members of your team do you need to make it happen?

The framework was created by a previous Intercom product manager, who wanted to reduce the troubles brought by product roadmap prioritization while still making good strategy decisions. With this framework, you will be able to determine whether a certain feature or product is worth the effort or not.

4.   Opportunity Solution Tree

Put together by Teresa Torres, this framework can give you an average representation of how you plan to reach a certain point. It shows you the big picture of the development stages along with opportunities and solutions so that you can make all the right decisions in the creational process.

This framework is non-linear, but instead offers different paths that your team can take to reach a specific outcome. It will show you the potential results that you may come across by using a specific path, along with the strategies that you can use to get past those issues.

5.    Job to be Done (JTBD)

Like most frameworks, the JTBD also focuses on a customer’s needs, but rather than basing it on the persona, it uses the scenarios as well. Created by Clayton Christiansen and Tony Ulwick, it offers a deeper understanding of your customer’s goals, along with the “job” they would like your product to perform.

This framework has become popular as of late, mostly as product managers gain a better understanding of user behavior. The theory behind it was that people don’t buy an article because they studied it. They get it because they look for something to solve an issue.

When you start looking at things through this perspective, you get a better grasp of the “why’s” behind a user’s behavior. This ultimately leads you to find innovative ways to offer a solution.

Developing an Effective Product Strategy

For your product to fit in the market, you need to use a good product strategy framework that offers you a long-term view. With a well-implemented framework, you get more clarity, as well as a better direction and focus when working on a specific feature or product.

An effective product strategy makes sure that every member of your team is working toward the same goal, reducing delays potentially caused by distraction. Moreover, when everyone is going in the same direction, you can see potential issues faster, before they have the chance of becoming major problems.

To determine an effective product development strategy, here are some tips that you could follow:

Understand the Problem

Before you start thinking of a solution, you need to learn exactly what the problem is. This may involve a lot of market research, understanding the pain points, and so on. By acknowledging the problem that needs to be solved, you can choose the right framework to go on with.

Define the Goal

Before you start setting priorities within a product strategy, think about where you want to go in the long run. What are your goals and vision? By setting up realistic objectives, you can set a direction for the entire process, bringing more value to your product.

Choose the Framework

The framework you pick can help determine the perspective that you have while implementing your strategy. You may go for the JTBD or RICE prioritization framework, depending on your focus point. This can help you create a roadmap for the product creation.

Collaborate with the Team

Last but not least, creating a strategy for your product is not just some isolated action from a single member. Everyone should be involved, from the stakeholders to the users, so the strategy has to be shared with them. This is the best way for you to ensure success.

Prioritizing Features and Roadmaps

A very important part of product management is the ability to prioritize the features and create a roadmap of the plan. Not only should this help you determine which feature will bring the most value to your users, but it can also aid you in making a calculated decision. Here is how a product prioritization framework can help determine features and set roadmaps, provided you choose the right model for your purposes.

1.    RICE Scoring Model

As we have established above, the RICE model focuses on four components (reach, impact, confidence, and effort) which will further be used to rank a specific feature. By giving a score to all of these features, you can determine exactly what their priority is in the development roadmap.

By making data-driven decisions using this model, you are able to establish the best way to utilize your resources. You may use the model to determine the shortest path towards success, leading not only to efficiency but also to a much better product outcome.

2.    MoSCoW Method

The MoSCow Method is a model that sends your features into four different categories: the “must-haves,” the “should-haves,” the “could-haves,” and the “won’t haves.” With this approach, you can determine exactly which feature is a top priority and which one should be addressed later on. This way, product managers will know that they should implement the top-priority features first.

The MoSCoW method can be adapted to different situations, helping you reduce conflict among stakeholders. It sparks discussions, and the data obtained from brainstorming can help you make decisions concerning the features.

3.    Weight Impact Scoring

The weighted scoring model is another type of framework that decides priority based on the potential impact. In this case, several key performance indicators (KPI) may be used to determine one’s position.

With this method, a KPI is assigned a certain weight, to determine exactly how important it is to the overall strategy. This way, you can determine the impact and whether a feature should be addressed sooner on the roadmap or not. This can bring you to your goals much faster.

4.   Waterfall Model

Frequently used for software development, the waterfall model focuses on the workflow of the product, in which every step is a priority. For a product to be a success, everything needs to have a linear path and pass through several fixed stages in the right order. The first stage is “requirements,” which is followed by “design.” Next, you need to go through “implementation” and “verification.” The last step is “maintenance”.

This prioritization framework was created by Winston Royce, a computer scientist from the ‘70s. He did not originally name it “waterfall,” but he received the credit for putting down the system of this linear model. Unlike others, this project management framework is not very flexible. If there is an issue to address with your product, it needs to be done in its appropriate phase.

Case Studies and Examples

To implement a product management framework, you first need to see how it was previously used. Here are a couple of examples to help you understand each strategy:

    Weighted Scoring Model Application

The weighted scoring model has long since been used by different companies to make important decisions. Companies such as Shopify or Spotify used variants of this framework to determine which feature should be a priority to improve user engagement. By determining the potential impact it could have on the users, this strategy could keep the users satisfied in the long run.

   Kano Model Examples

Perhaps the most popular Kano model example is found in Apple’s strategy for the iPhone. From the first moment, Apple focused on features that would bring “delight” to their users. This included sleek designs, touchscreens, app stores, and so on. These features were not necessary yet, but they were such good additions that people had to have them. While Apple would later implement “needs” as well, it would mostly use the Kano model to attract potential customers.

The Bottom Line

In the end, for your product to be a success in the long term, you need to use the right product management processes and frameworks in the development stage. By adopting a lean product management strategy, you can experiment with your product until you find the perfect fit. You can start your journey by using the product management tools offered by Boostify Labs!

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