One of the most challenging parts of product management is to right size initiatives and how they will drive the business. Onlver time I have also realized that the most complicated projects to size are ones which might not seem big at first but unlock critical capabilities. These are flywheel initiatives that open up new businesses / categories and provide opportunities that are non-linear and this is where product judgement becomes most critical. A good PM understands the business in depth and even if we can’t put exact numbers and right size these initiatives it’s our job to identify and prioritize them to unlock massive value for the orgs. How have you dealt with prioritizing such initiatives and what do you do to ensure they are right sized?
A ref. model which I use is a variation of the SIPOC model - which SYSTEMS will be, how complex are the INPUTS, how complex is the actual PROCESS to be completed, impact level of expected OUTCOMES & finally who all or CUSTOMERS will be impacted by it. It is not an established framework but it has often helped me to assess the complexity of any prod. initiative. Your inputs are highly welcome.
Flywheel initiatives to keep the cycle running. I loved the concept and would love to know a few examples of something new for me.... Aditya Vikram
Prioritizing initiatives that unlock critical capabilities and drive non-linear growth requires a combination of strategic thinking and understanding of the business landscape. To prioritize such initiatives, I assess their potential impact on the business's long-term goals and how they align with the organization's vision. I also consider factors such as market trends, customer needs, and competitive landscape to gauge their significance. To ensure these initiatives are right-sized, I break them down into manageable phases or iterations, allowing for agile development and incremental value delivery. I also leverage data-driven insights, feedback from stakeholders, and market validation to refine and adjust the initiative's scope as needed. Collaboration with cross-functional teams is essential to gather diverse perspectives and ensure alignment with broader business objectives.
For any initiative that we pick it is very important to understand what are the implications & in order to get that initiative done what kind of effort and changes are needed. We might have to deep dive with engineering to understand its actual scope & not assess based on the first line of changes that we see. This might not solve the first problem completely but gives an understanding about the amount of effort that will be needed for the flywheel initiative. Post that we need to assess the impact of this initiative, majorly around the CX & business KPI's. Third thing which is most important of all is understanding & predicting the market. It's very important to correctly predict how the dynamics would change post the initiative is launched. The best time to launch the flywheel would be when I can spare that amount of effort needed, the initiative aligns directly or indirectly with my North Star product metrics & the market is ready to accept or is actually in need of the initiative.
Program-Project Manager | Product Ops | IIMB Alumni
11moVery good topic to discuss. I would take one step back and also bring what topic to right size first? If this is not done right, then all the tasks down streams invariably suffers eventually.