Product Management Frameworks: Effective product management is essential to the success of any product development process. It helps to guarantee that everything to be done fits the demands or expectations of consumers and that resources are used efficiently. It means that product managers must take a planned approach.
Product Management Frameworks and Methodologies
Product Management Frameworks help with this technique by offering a complete and objective framework for evaluating opportunities, prioritizing tasks, and defining criteria. The following are 21 Top Product Management Frameworks and How to Use Product Management Frameworks.
1. Minimum Viable Product
This approach, given by Eric Reis, author of Lean Startup, highlights the need for learning while building new products. The technique, also known as Lean Software Development, suggests the creation of a simple (or bare-bones) product for testing at first.Â
The team creates a solution with minimum functionality that is sufficient to address a problem. This allows for obtaining the client feedback and the confirmation of ideas in deciding what may be done better.
2. Working backwards
This approach reverses the product development process, beginning with what is generally done afterward. It was developed and popularised by Amazon, therefore, it is also known as the Amazon technique. Your product team starts by assuming that the product was created to find out if the customer’s issue has been resolved.
At first, you compose a press release announcing the product’s availability. The document outlines the challenge and the value that the product provides above current alternatives. This helps to ensure that the product is worth developing.
3. North Star Framework
Introduced by Amplitude, this approach focuses on a single, critical metric- the North Star Metric. Sean Ellis, a startup counselor, sees this statistic as one that “best captures the core value that your product delivers to customers.”Â
A variety of important components contribute to the North Star Metric’s effectiveness. Your team tries to influence these key inputs in all it does every day.
4. Business Model Canvas
This approach tries to make it clear how the product team will provide value and accelerate the product development process. The business model canvas gives a comprehensive, high-level overview of the many strategic areas important for bringing the product to market.
This model helps businesses of all sizes better understand and define their business models. It includes parts that may differ from one company to the next and is generally used together with the Value Proposition Canvas and other strategic management tools.
5. Job to Be Done
Also known as JTBD, this framework focuses on understanding customer requirements using scenarios rather than personas. Encouraged by Clayton Christensen, it asks for a more in-depth knowledge of the consumer, including their purpose or “job” that your product must do.Â
Job To Be Done moves the focus of attention from the product to the client. It is useful to understand consumers’ thinking processes while buying so that product teams know what to concentrate on.
6. Opportunity Solution Tree
Teresa Torres created this framework, which is a graphical representation of how you plan to achieve your aimed objective. The diagrammatic tool was created to simplify the discovery process and allow for the correct prioritization of customers. Torres created the framework to help product teams understand and concentrate on “the big picture” of their work. It helps in effectively thinking about any choices to be made.
7. Weighted Impact Scoring
This is a widely used prioritization framework among top product managers. The weighted impact scoring technique ranks efforts or features using a simple scoring system.Â
You can begin by choosing some important factors and giving a weight (in percentage) to each one to indicate how significant they are. Initiatives get evaluated and graded according to these criteria.
8. RICE Prioritisation
The Intercom team designed a very basic framework. It requires the assessment of product concepts based on four elements, which are derived from the name: reach, impact, confidence, and effort. Each initiative receives a final grade based on these factors. All projects are rated based on their final ratings, which reflect their relative worth to the product and company.
9. Design sprint
Design Sprint, founded by Jake Knapp at Google Ventures, is a five-step or five-day approach inspired by design thinking. It tries to reduce the risks associated with product launches.
This design framework calls for the team to collaborate to analyze, create, prototype, and verify ideas before launching a new product or service. It helps in the rapid identification of major issues, as well as the formulation and testing of solutions.
10. Customer Journey Map
This is a visual representation of all the actions that a typical prospect or client performs while engaging with your product or service. The framework, sometimes known as the Five Es, aids in understanding the customer experience. It makes it easy for product managers to gather information on consumer behavior and design a plan that best fits the observed behavior.
11. Kano Model
This model, which is based on the concepts of Japanese scientist Noriaki Kano, is effective for determining which product qualities will be most beneficial to consumers. It has two axes: one shows how successfully a need is supplied, and the other shows how satisfied consumers are as a result. The Kano Model assists in identifying characteristics that are more likely to please consumers. Prioritise features that provide the greatest joy about the cost of their operation.
12. Spotify Squads
This model represents the culture that has contributed to Spotify’s success. It includes autonomous product squads, which are small, cross-functional teams. The framework aims to enable squads to pick what to work on to achieve a desired end rather than assigning tasks to them. An important need is that the selected work fits in with an organization’s broader strategy.
13. GIST Planning
According to the developer, the name of this framework comes from the components required to lead genuine agile planning and execution. These are Goals, Ideas, Steps, and Tasks. Itamar Gilad created the GIST Planning framework, which is motivated by Lean Startup Growth Marketing, and behavioural economics ideas. The idea is to reduce executive overhead, increase team autonomy, and speed up development.
14. 3 Pillars of ProductÂ
The 3 Pillars of Product model, developed by product strategist Neal Cabage, defines key principles of product management. The three important components are product or opportunity identification, product strategy, and product development. Product managers and teams may use the model as a guide to create successful solutions.
15. Double Diamond
The British Design Council created the Double Diamond framework, a design process model with four stages or parts. These include discovery, definition, development, and delivery. According to the creators, the four steps apply to any method of producing anything new. This is a continuous procedure with two sorts of thinking: divergent and convergent.
16. DACI
DACI is an abbreviation for Driver, Approved, Contributor, and Informed. It is a framework for roles and responsibilities that promotes collaboration by defining who is accountable for what is inside a team or project. It is comparable to the more well-known RACI framework. Still, DACI is especially important to Product Management since it promotes ownership rather than delivery, which is more consistent with the Agile Product mindset.Â
When starting a new project or forming a new team, use this framework to lay out the PM’s duties and how to engage with leadership, stakeholders, and other contributors. The model below shows how ownership might be better explained within the product development team.
17. Product Team Competencies
This is yet another framework designed by Cabbage. Product Team Competencies was created to highlight the vital skills required for project management, particularly when it comes to digital products. The concept represents a two-dimensional range of talents or capacities.Â
It assigns product leaders to one of two camps: strategic or tactical, external or internal. The Product Team Competencies framework is beneficial for determining, communicating, and improving overall team competencies.
18. Circles Method
The CIRCLES Method, a design framework developed by Lewis Lin, gives guidance on how to respond thoughtfully and in-depth to design challenges. It is helpful for completely comprehending what to create and why it is required. The framework’s name is derived from the processes to take while solving design problems.
19. Product Market Matrix
This framework is often referred to as the Ansoff Matrix, after the mathematician Igor Ansoff, who created it in 1957. The Product-Market Matrix, also known as the Product-Market Expansion Grid, is a 2×2 matrix with four options: market development, product development, market penetration, and diversification. Businesses often utilize it to analyze and plan their growth strategy.
20. Innovation Adoption Curve
The Innovation Adoption Curve explains how and why a new product or innovation is adopted. Everett Rogers, the innovator, divided adopters into five categories: innovators, early adopters, early majority, late majority, and laggards. The framework emphasizes the need for marketing to each group in a unique manner.
21. Hooked Method
This model, based on Nir Eyal’s 2014 book “Hooked,” outlines how a consumer interacts with a product in four stages. It is a guide to developing habit-forming things. The four processes or phases regarded to be necessary for such items are trigger, action, reward, and investment.
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Q1 - What are the 5 C's of product management?
Ans - The five C's are Company, Customers, Competitors, Collaborators, and Climate (or Context).
Q2 - What are the 5 P's of product management?
Ans - The 5Ps of Product Management are key to its operations: product, price, place, promotion, and people. Mastering these factors is more than simply about improving organisational efficiency it is the key to achieving the full potential of any product or service.
Q3 - Is Jira a PLM tool?
Ans - While Jira may be used for components of Product Lifecycle Management (PLM), it is mainly a project management and problem tracking tool, rather than a standalone PLM system, though it can be connected with PLM systems.
Q4 - What is PMO in product management?
Ans - A PMO, or project management office, is a distinct organization inside an organization that offers project management assistance. It confirms that the best project management methods and standards are followed, allowing the organization to produce maximum value from its projects.
Q5 - What is the difference between PM and PMO?
Ans - The PMO doesn't manage the project in the same manner that a project manager would, but it does provide direct assistance to project managers once the project is started. The PMO is part of the organization's project management team. PM differs from management in that it has a specific schedule for when the project will be finished.
