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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

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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.

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.

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Business

What is a Customer Data Platform?

Consolidating real-time data sources, linking them to a customer profile, and making them instantly deployable in a campaign gives a CDP a great chance of winning over your present marketing team members.

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What is a customer data platform

A customer Data Platform (CDP) is a new approach to centralizing your business’s promotional and sales information. Learn how companies use CDP to get ahead of the competition and effectively address their clients.

1. Understanding a Customer Data Platform

A customer data platform stores and organizes customer information in one place, making it accessible to various customer care, sales, and marketing departments. The software can do its functions because it compiles information from multiple channels, such as your company’s social media profiles, website statistics, and live chat sessions.

You may best analyze your consumer’s needs and produce more targeted marketing campaigns with a customer data platform. Your marketing and sales activities will be more efficient, saving you time and resources. The advertising, sales and other teams that you manage will be able to make more informed decisions with the help of detailed prospective customers.

2. Reasons Why Businesses Should Implement a Customer Data Platform

A customer data platform is essential for modern businesses for many reasons.

The Elimination of Third-Party Cookies

Given the development of privacy rules and the shifting security expectations of consumers, marketing methods dependent on cookies set by third parties are becoming more unsustainable.

First-party consumer data, collected directly from your clientele, is the new gold standard. You may better serve your clients’ individual needs by creating a unified database of their information and using that information to send them tailored messages. By adjusting to the world of first-party cookies, your digital advertising will be able to draw on a far richer pool of data, including consumer interactions, choices, and transactions.

Development of Comprehensive Channels of Interaction

Advertising platforms like Google Ads and social media are becoming more popular among businesses. Direct mail campaigns are one kind of marketing communication, sales call to prospective clients, and in-person visits from clients. Whatever channel your consumers choose to engage with your company, it’s essential to provide them with a smooth, customized experience.

Omni-channel success begins with a detailed consumer profile fed by a customer data platform. If you do not have the proper marketing software, your clients may have a poor experience with you on several platforms. That is an issue since clients who are unclear on what they want cannot make a purchase.

Adopting a More Personalized Approach to Advertising is The Norm Now

Marketing Messages that are universally sent to all customers, both present and prospective, are no longer appropriate. Consider the impact of brand loyalty on advertising, for instance. One customer’s connection with your business is not the same as another’s, even if they have made many purchases from you.

With marketing technology, particularly a customer data platform, it is now feasible to personalize marketing communications in response to individual customers’ actions. The most excellent way to learn what a consumer wants is to tailor your marketing to their purchases, purchasing habits, and associated activities.

Upgrades That Will Help Your Business Thrive

3. Benefits of Customer Data Platform

Track the Most Productive Advertising Avenues

Knowing who you are selling to enables you to focus on the most effective methods of communication. Their use patterns may help you determine the best places to advertise to them, increasing your chances of success.

Make Better Products and Services Available

Understanding your clientele has applications beyond advertising and sales. Customers’ pain concerns are a goldmine of information for developing fresh offerings that appeal to your target market.

Upgrades Your Advertising Language

With a deeper understanding of your target demographic, you can craft more persuasive marketing communications. Knowing your potential market’s language, pain points desired solutions, and previous purchases allow you to communicate with them more effectively.

Accumulate All of Your Client Information in One Centralized Database

There are many different places where data on your customers may be found. A customer data platform consolidates data from several sources into a centralized repository, giving you a complete view of your clientele in one convenient location. There is no need to go between applications to compile data on your clientele.

4. Final Verdict

Consolidating real-time data sources, linking them to a customer profile, and making them instantly deployable in a campaign gives a CDP a great chance of winning over your present marketing team members. As the pace of your campaigns increases on a global scale, you may find yourself in the advantageous situation of improving the degree of customization and targeted advertising. This aligns with a decline in time spent on data cleansing and making ads.

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