Consider yourself a product manager at a crossroads, having to make the difficult decision to modify or discontinue a product. Making this choice is not easy. How can you determine which course to take next?
First things first: it's critical to establish precise goals and KPIs prior to launching any product or service. It's important to know your goals and how you plan to measure progress. What issue does your product address, you ask? Who gains from it? What benefit does it offer?
Determine the key performance indicators (KPIs) that demonstrate your advancement and establish goals to strive for. This up-front transparency will enable you to assess how well your product is performing in relation to your expectations.
Your product decisions are guided by well-defined objectives and metrics. It provides you with a means of gauging the success and level of performance of your product. Setting clear KPIs and objectives can help you monitor your progress and make informed decisions with data.
Generating value as opposed to profit
Recall that not every feature as a product manager has to immediately generate revenue. Certain features, such as social tools on websites like LinkedIn, are valuable even when they don't generate revenue.
When strategizing the future of your product, it's critical to strike a balance between money generation and value creation.
Making money alone could overshadow the significance of adding value for people. In order to balance these factors, one must consider the larger picture of product creation, satisfy user wants, and keep commercial objectives in mind.
Long-term rewards of creating value in addition to financial gain should be considered while making decisions.
Observing criticism and gaining knowledge
Input is crucial while making decisions. Getting input from many sources, such as user conversations, polls, data, and social media, can help you gain valuable understanding of what users desire.
Analyzing comments in-depth will assist you in identifying trends and making informed decisions regarding your product.
Receiving and acting upon feedback allows you to continue evolving. You may fix consumer problems, enhance their experience, and ensure your product lives up to their expectations by incorporating feedback into future updates.
A crucial component of using data to inform decisions in product management is feedback analysis.
Recognizing potential and effect
Finally, it is critical to comprehend both the current state and potential future directions of your product or feature. Determining whether to shift course or let go is aided by recognizing the value it adds to your customers and business, as well as the chances that lie ahead.
Recall not to let previous expenses influence your decision-making. It may be time to make a change in direction if a product isn't working.
Analyzing a product's performance in relation to your objectives and KPIs is part of the evaluation process. Determining if a product is worthwhile requires understanding the value it adds to both the company and its clients.
Product managers can make wise decisions that align with their overarching objectives by concentrating on quantifiable outcomes and potential future developments.
Last remarks
So, when you're having trouble determining whether to keep or discontinue a product, keep in mind to define specific objectives and KPIs, strike a balance between income generation and value creation, pay attention to customer feedback, and consider the potential and influence of your offering.
You may make informed judgments that align with the vision and objectives of your product by following these steps.
