In this video, Ira Liubinets, the Chief Business Analysis Officer at Linkup Studio, discusses how to shape a product idea by selecting and prioritizing the right features. She highlights that prioritization is crucial in focusing on features that will significantly impact business success and optimizing limited resources like time and money.
You'll know the main factors to consider in prioritization, including customer needs, your business type (B2B or B2C), and the nature of the business (start-up or ongoing). You'll learn the importance of aligning product features with business strategy, user retention, and key business challenges.
She emphasizes the importance of aligning product features with business strategy, user retention, and key business challenges. She also points out that limitations such as budget and time shape the prioritization process. Ira also covers prioritization techniques, discusses their pros and cons, and gives real-world examples.
In the Episode, Ira Talked about
The Definition of Prioritization
It is the process of deciding which product features should be developed first based on their impact on business goals. It's an essential method to optimize the use of limited resources like time and money.
Comparing B2B vs. B2C Priorities
Different types of products and businesses, such as B2B and B2C, can have varying priorities. B2B platforms might prioritize features like analytics, reporting tools, and integrations, while B2C platforms could focus more on user experience features like personalized feeds and social sharing capabilities.
Startups vs. Established Businesses
Startups might want to focus on unique features and creating an MVP to secure their place in the market, while ongoing businesses, already having a proven market position, may face challenges in balancing the maintenance of existing features with the development of new ones.
The Role of Business Strategy in Prioritization
Prioritization should align with the business strategy and brand positioning. It should focus on user retention and attraction.
Essential Factors to Consider
Key factors such as budget, time, clear product vision, scope, market analysis, customer needs, preferences, behaviors, and technical aspects must be considered in the prioritization process.
Techniques for Prioritization
There are many techniques for prioritization, including the Kano Model, RISE Framework, Value vs Complexity of Effort, Weighted Shortest Job First, and others. Each method has strengths and weaknesses and should be chosen based on the product and business goals.
Ira's Advice on Product Uniqueness and Feature Selection
It is better to prioritize unique functionalities alongside core features to differentiate your product. Also, it's important to evaluate the impact and effort for each feature, putting in front those with high impact but lower development efforts for quicker ROI.
The Benefits of Prioritization for Businesses
By effectively prioritizing, businesses can build products that meet customer needs, reduce development costs, improve time to market, increase customer satisfaction, and clearly communicate their product development plans to stakeholders and investors.
Successful Examples of Product-Goal Alignment
Netflix and Dropbox are successful examples of how prioritization can align product development with business goals. Both companies used prioritization to develop features that increased customer satisfaction and loyalty, leading to increased engagement and success.
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About Linkup Studio
We are a product-driven software development and design company based in Lviv. Over the last 10 years, we have served up top-notch work for 150+ satisfied clients, including Porsche, Bosch, Reverso, Impactive, and others. Let the review scores speak for themselves: 4.9 on Clutch and a spotless 5-star on Goodfirms. The company has been honored with the most prestigious awards in the industry, like Red Dot, UX Design Awards, and App of the Day. Linkup Studio is about creating results that matter for our clients.