Assessing Product Viability: Key Questions for Success
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Understanding Product Success
When evaluating whether a product is poised for success, it's crucial to focus on the metrics that resonate with your specific situation.
In my latest cohort of the 0 to 1 Group Coaching Program tailored for product managers leading startups, a recurring query emerged: "How can I determine if my product is on the path to success?" Numerous methodologies exist for tackling this question, with many prioritizing key performance indicators (KPIs) that successful product teams monitor. However, I propose flipping this perspective and advocating for a more inquiry-driven approach. Here’s how I would navigate this analysis:
Defining Success for the Business and Product Team
It's essential to clarify what "success" entails for both the business and the product team. What does it signify now, and how might that definition evolve in the future? Consider the pivotal goals that help define success and whether progress toward these objectives can be effectively tracked. Achieving consensus on this understanding is vital.
Examining the Product's Purpose
Assess the underlying reason for the product's existence. Is it effectively addressing the needs of its target users? Do team members believe in its potential? If there's ambiguity about the product's purpose or its intended audience, it’s imperative to clarify these aspects before proceeding.
Evaluating Previous Efforts
Reflect on the current stage of the product. Are we still in the conceptual phase? Have we conducted substantial user research to validate our ideas? It’s important to gauge what preliminary activities have been undertaken to define what being "on track" means in our context.
Identifying Potential Obstacles
Marty Cagan’s article, "The Four Big Risks," highlights critical risks in product development: Value, Viability, Usability, and Feasibility. Are any of these risks currently hindering the team, or might they pose challenges in the future? Distinguishing between known and unknown obstacles can inform strategies for addressing them.
Selecting Appropriate Product Health Metrics
With the above considerations, the focus should shift from a metrics-first mindset to one grounded in understanding the rationale behind measurement. This involves asking questions about what we want to measure and why, leading to the identification of relevant metrics.
As a key takeaway, prioritize inquiries that foster a deeper understanding of your context and guide better decisions about measuring product success. Numerous resources are available for further exploration in this domain. I particularly recommend Shreyas Doshi's insights on product metrics and Superhuman’s innovative approach to reverse-engineering product-market fit.
How do you manage product metrics within your team or organization? I would love to hear your insights—feel free to comment below or reach out on Twitter👇
-Lisa ✨
Follow me on Twitter: @lisazane15
Related Topics:
- What It Takes To Be An Exceptional Product Manager
- Building Tech Knowledge in a Specific Domain as a PM
- Transitioning a New Product From Concept to Launch
- Lessons from the Mayo Clinic's Care Model
- A Call for More Conscious Products
- Strategic Approaches to Product Management
- The Importance of Conscious Time Management
Chapter 1: Defining Success
In this chapter, we will explore the essential elements that contribute to defining what success means for your product and how to align your team around these objectives.
Section 1.1: The Meaning of Success
Success can have different interpretations depending on the context. Understanding this variably is crucial for any product team.
Section 1.2: The Importance of Purpose
The purpose of the product must be clear to ensure that it effectively meets user needs.
Chapter 2: Evaluating Progress
In this chapter, we'll discuss how to assess the current stage of your product and the steps taken to reach this point.
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