Imagine you are out shopping for a pair of shoes. You find two types—one that is super comfy but rather ugly and another that is fashionable. Still, you would get blisters within an hour of wearing them. The paradox is that neither pair is perfect, yet each has elements you desire.
Translated into the Product Management world, this is like deciding between two or more good-but-not-great options, each with pros and cons.
How to decide?
- Set Your Objectives:
Whether you are gunning for a 25% quarterly increase in user engagement or aiming to grow your MRR (Monthly Recurring Revenue) by 10%, be specific.
The OKR (Objectives and Key Results) framework is used to nail these down. - Prioritize Like a Pro:
To make data-driven decisions, employ frameworks like MoSCoW (Must-have, Should-have, Could-have, and Won’t-have) or ICE Score (Impact, Confidence, Ease). These tools help you assess your options in a balanced way. - Feedback is Gold:
Use methodologies like the Lean Startup’s Build-Measure-Learn loop or simple NPS (Net Promoter Score) surveys to validate your choices. You want actionable insights, and you want them fast.
Example:
Your SaaS product had only a team of five developers, but a wishlist is a mile long. It happens all the time.
You opted to focus on User Interface (UI) for the dashboard, the most frequented feature and rolled out a chat function in beta.
Two months and 1,000 user surveys later, the chat function is not resonating with the users. You pivot, saving approximately $50,000 in projected development costs.
Cheers to the decision well made!
Navigating the Shoe Paradox in Product Management means making tough but informed decisions. Your structured approach will not only make your life easier, but it will also ensure that you are making decisions you can confidently stand by.
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