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- Top 5 Product Management Frameworks to Apply Today for Faster Impact
Top 5 Product Management Frameworks to Apply Today for Faster Impact
Top 5 Product Management Frameworks to Apply Today for Faster Impact
Why does it matter?
When I first began working in Product, I did not receive any formal training or guidance on frameworks. While I did receive valuable management advice, I had to conduct my own research to discover effective frameworks. Once I started implementing these frameworks on a daily basis, it significantly improved my impact on product development and increased recognition from my peers and senior management.
Product management frameworks help product teams make better decisions and bring successful products to market, leading to increased efficiency, quicker identification of opportunities and risks, and faster delivery on the product roadmap. However, using frameworks too strictly can reduce agility, and choosing the right framework requires careful consideration to avoid wasting time and making poor decisions.
Let me share in this post the top 5 directional ones that all product managers should think about.
1- North Star Framework
First, you need to know where you go right????
The North Star Framework is a product management approach that defines a single metric representing the product's ultimate success, aligns the team towards it, and enables continuous evaluation for achieving goals.
For product managers, this means, in dark moments when nobody is looking, this is when you need to look up to your North Star Metrics as this will guide you on making the right call and what to push for.
Key Learning
💡 Define the North Star metric: Identify a key metric aligned with business objectives and measurable over time.
🗣️ Communicate the North Star to the team: Ensure everyone understands the metric's significance and their contribution to its improvement.
🎯 Set goals and milestones: Break down the North Star metric into achievable short-term goals to maintain momentum and track progress.
📊 Collect and analyze relevant data: Continuously gather data related to the metric and use it to inform decisions and prioritize work.
🔄 Iterate and adapt: Reevaluate and adjust the North Star metric as the product and user needs evolve, ensuring its relevance to the product's goals.
2- Apply the Minimum Viable Product (MVP) mindset
The Minimum Viable Product (MVP) framework emphasizes releasing a product with the minimum set of features that address critical customer problems, allowing for iterative improvements based on user feedback. The last part is critical!
That saved so many hours of wasted product features…
Key Learning
💡 Implement an MVP approach and mindset: Focus on core features that solve the key customer problem based on user stories and launch the product quickly (even not perfect).
🧪 Gather customer feedback: This is really the main objective - Actively seek user input and measure key metrics to evaluate product success. Many times those experiments failed for me but that's okay. Keep doing them and double down on those that work!
🔄 Iterate and improve: Use user feedback and data-driven insights to enhance the product and meet customer needs effectively.
⏱️ Save time and resources: Avoid building unnecessary features and concentrate on delivering value to customers.
3- Product Prioritization Framework IS A MUST
Product prioritization frameworks are essential for product managers to make informed decisions about which features or projects to prioritize based on strategic goals and user needs. They ensure resource allocation, avoid scope creep, and maximize impact.
Key Learning
🎯 Identify and understand the strategic goals of the product. Remember that’s your compass.
📋 Gather user feedback and prioritize features based on potential impact and value!
🏆 Assign values to tasks using the RICE framework score or other prioritization frameworks. Starts small, an Effort / Value metric is enough to get you started
⚖️ Determine the relative importance of each task based on the framework.
🗣️ Communicate the prioritization decision to stakeholders and team members.
🔄 Reevaluate and update the prioritization regularly based on feedback, market changes, and business priorities.
4- CIRCLES Method for Deep Thinking and Design
The CIRCLES Method is a comprehensive framework that empowers product managers to prioritize and design user-centered products effectively through a structured approach and key questions.
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