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Product Prioritization Techniques: A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management

Product Prioritization Techniques: A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management, Effort-Impact Matrix

Published

3 years ago

April 3, 2020

TwinzTech

Product Prioritization Techniques A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management

“So much to do, so little time.” This thought has undoubtedly crossed your mind at least once when sitting at your desk, trying to keep up with a deadline.

Product managers often struggle to articulate, evaluate, and prioritize opportunities during the development and reading about some hr metrics for performance management. This blog will highlight some tried and tested product prioritization techniques that have will help you beat the product backlog and reach your goals.

Table of Contents

1. Objectives and key results (OKR)

All budding entrepreneurs and product managers will be able to relate to Martin Luther King Jr. “I have a dream” speech because, in a way, they all have a dream, a goal they want to achieve while developing a product.

But the hard truth of life is that ideas rarely measure up to reality, and even if we have clear objectives, the results we achieve are often different. Objectives and key results (OKR) is a framework that is included in many product prioritization techniques that are meant to define and track product objectives and their outcomes.

2. Critical elements of OKR’s

OKR’s include a clear goal, along with a crucial result that has to be measurable. The main aim is to help product managers and developers plan to achieve their objectives using concrete and specific actions.

One significant benefit of using OKR’s in product management is that everyone in the team knows what they are expected to do. If everyone has a clear idea about their specific tasks, it will be more accessible to move towards the same goal.

The key results must be measurable; that is, the only way the objectives and actual results framework will be helpful. When using OKR’s, you can use a 0 – 100% score or 0 to 10 to measure the key findings.

Bottom Line: If you want to know if OKRs are useful, listen to Google’s Larry Page. The former CEO of Alphabet and co-founder of Google testified that OKRs have helped Google achieve 10x growth and keep the company on time and track.

3. The Kano Model

As the business, there is a phrase often repeated so much that it tends to get a little annoying; nevertheless, it is true; “the customer is always right.” The Kano Model builds upon this idea and sets up a five-step guide to help product managers develop a product or service centered on customer satisfaction.

Developed by Japanese professor Dr. Noriaki Kano, the Kano Model is a product development, and customer satisfaction theory that classifies customer preferences into five categories for more efficient product prioritization.

4. Critical Elements of the Kano Model

Basic Features: When you consider the basic features of your product, you need to make sure the parts match the customer’s needs. Even though the essential components may not necessarily make the customer pick you over a competitor, it is crucial because the customer may not choose your product if you don’t get it right.

Performance Features: The performance attributes, also known as ‘satisfiers,’ are not necessary for the product but, if added, increase the customer’s enjoyment. It is a general rule that when it comes to performance attributes, more is always better.

Excitement features: As the name suggests, the exciting features, or delighters, are meant to provide a disproportionate increase in customer satisfaction and generate excitement among users. Excitement attributes play a crucial role in your product’s competitive edge.

Bottom Line: The Kano Model is an innovative product prioritization technique that will put you in your customer’s shoes and allow you to relate to your customers’ needs. The key to successfully carrying out the Kano Model Analysis is to generate product ideas and features based on customers’ experiences and expectations.

5. Effort-Impact Matrix

It is curious to think that even though each day has precisely 24 hours, there are some days when you have all the time in the world, and you are more productive, and there are days when you work like crazy but have nothing to show for it.

For effective product prioritization, you need to manage your time more efficiently to avoid getting caught up with meaningless work.

An Effort-Impact Matrix is a decision-making tool that allows you to prioritize your work and use your time, effort, and resources fruitfully.

6. Critical Elements of Effort-Impact Matrix

Use the Effort-Impact Matrix for prioritization. You will find that it helps you identify and focus on activities that need your immediate attention compared to those that can wait. This will help you rank your work and plan your day more efficiently.

This technique will also help you analyze the amount of effort required for each task, along with the benefits you stand to receive once the job is completed. Using the high-impact high-effort evaluation technique will motivate you to take up challenging tasks that require considerable effort because of the end business value.

This decision-making tool and prioritization technique will also help you optimize and assign your time and resources not to waste any effort when achieving your goals.

Bottom Line: The Effort-Impact Matrix is a way to get your product back on track and align team priorities so that it becomes easier to achieve your set business goals.

Business

How Music Can Impact Your Customers’ Experiences Grocery Stores

As people are heavily influenced by music, it is important that, as a grocery store owner, you get the type of music right in your store. Why? Read on to find out!

Published

5 days ago

September 19, 2023

TwinzTech

How Music Can Impact Your Customers Experiences Grocery Stores

There’s a lot that goes into sales in any store. The people in the store, the store’s layout, the lighting, the color scheme, and, of course, the music.

If you were to walk into a grocery store and there was no music playing, it would be unnerving, to say the least, and there is a reason why. When most people think of music playing in a store, they think of the general type of music and link it to the products in the store.

As people are heavily influenced by music, it is important that, as a grocery store owner, you get the type of music right in your store. Why? Read on to find out!

Table of Contents

1. Increase Sales

Research has found that the right kind of music will boost sales. It is true!

The most successful grocery stores use familiar-sounding background music to promote sales, and there is a reason why- it works! Music for business is not a new area, and having a set playlist is better than simply putting it on the radio. When customers hear music that is familiar, they will feel relaxed, and when they feel relaxed, they are more likely to purchase items.

2. Reduction In Complaints

Nobody likes complaints, especially in retail. It has once again been found that those familiar tunes which you can play in your supermarket have been linked to a reduction in complaints being made.

The tempo of the music can impact the behavior of the buyers in your grocery store

It has also been shown to impact how customers assess their time in the store. For instance, one study found that customers who were waiting and were surrounded by unfamiliar music described the store as being dirtier, the staff being ruder, and the waiting times being longer. In the same market setting, a set of customers who had familiar music being played reported, well, the opposite!

3. Impulse Purchases

The tempo of the music can impact the behavior of the buyers in your grocery store.

Ever wonder why faster-paced music is played around the holidays? This is why! Studies have found that when it comes to playing faster-paced music, shoppers were more likely to make more impulsive buys, upping sales in the store.

4. Brand Promotion

There is a reason why when you go into a higher-end grocery store, they are playing more classically themed music. Or, when you go into a grocery store that is full of health-based products, there is a reason why they usually play more relaxed music.

They are trying to build an association with their brand. So, if you are looking for the right kind of music to play in your grocery store, think about what it is that you sell. For generic grocery stores, something like easy listening or happy music will usually work to help get customers feeling good and relaxed enough to buy produce.

5. Atmosphere

You want to create a warm and welcoming atmosphere in your supermarket. One of the easiest ways to do that is with music, as even if the customers aren’t aware of the type of music that is playing consciously, they will still hear it and be impacted by it. In short, softer, happier music prompts relaxation and helps up general purchases, and, as before, faster music prompts impulse buys.