Product management is an art refined by the hard science of decision-making, where each choice can steer a project toward innovation or lead it astray. The role of a Product Manager (PM) transcends mere selection; it embodies the strategic vision of what to research, shape, and develop. Amidst the cacophony of methodologies and prioritization tools lies a fundamental truth—simplicity governs clarity.
When faced with the daunting question, "What is the right thing to build?" PMs often resort to complex prioritization frameworks. However, the allure of such methods can be misleading. Instead of wading through tiers of prioritization, PMs should adopt a binary approach: to build or not to build. This seemingly stark simplicity is deceptive, as it requires a profound understanding of the product's positioning criteria.
The binary decision-making process is not a matter of flipping a coin; it demands rigorous practice, deep thinking, critical analysis, and robust debate. It necessitates a clear grasp of the product's identity, its core value, and its 'hiring moments'—instances when customers 'hire' the product to get a job done. Without this integrated strategy, the product's path becomes murky, and its distinctiveness falters.
Understanding the product's role and its relevance in various scenarios allows PMs to categorize tasks into what must always occur, what should occur often, and what might sometimes take place. This classification informs design trade-offs, balancing the apparent with the obscure, and guiding economic choices.
With a clear opportunity and raw idea, the question then shifts to resource allocation. How much time should be invested? The answer sets boundaries that keep discussions focused and relevant. Key considerations include the availability of the right people and resources, the timing of the endeavor, and whether it contributes to new or core growth. Moreover, a measurable "signal" for the intent must underpin each proposed project.
Timing is of the essence. PMs are advised to budget work in no more than six-week increments, committing only at the moment of execution. This flexibility allows for responsiveness to the evolving business context. The strategic response to emergent information involves setting a consistent pace and designing decision rules that foster coherent teamwork and economically sound choices.
The addendum to this approach underscores the importance of avoiding sunk costs. With shorter cycles, prioritizing less-than-ideal projects is less detrimental. Applying zero-based budgeting principles to product management can unearth significant value, ensuring that investment aligns with current needs and opportunities, rather than past decisions.
In conclusion, product management is not about the abundance of choices but the precision of the right ones. The binary method—stripped of unnecessary complexity—enables PMs to cut through noise, hone in on what truly matters, and champion the development of products that resonate with purpose and intent.