In today’s episode of The Startup Chat, Steli and Hiten talk about Product Prioritization. They highlight how to prioritize what is important for your business and how to get the team on board, working towards the important objectives.
Product prioritization is an important metric in the success of your company. You must know what is important for your customer and how your product will deliver that to them. An important part of this, is ensuring the team are engaged in solving the problems and achieving the goals of the company, which allows the product to be optimized effectively.
Tune into this week’s episode of The Startup Chat to learn about product development and product prioritization. Hiten, shares his expertise on some fatal mistakes of product development and how to fix those problems. Steli and Hiten also discuss how to empower your team to get involved in all parts of the business.
Time Stamped Show Notes:
01:01 Product development questions.
02:20 The number one challenge in product development.
03:41 It’s important to do your research.
04:39 Figure out what the problem in your business is.
04:50 An example of problem solving in business.
05:52 Changing the way you do business to solve your problems.
06:46 Why is product development so difficult.
07:43 Working together toward the main priorities.
08:43 Why removing silos from your company is good for business.
11:01 For more information on Product Development visit Product Habits
3 Key Points:
If you can’t figure out your number one problem, you have no business at all.
We are used to our own constructs.
All teams should work based on the number one priority of the business.
Recommended - https://producthabits.com
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: Today on the Startup Chat, I forced my man, Hiten Shah, to talk about product prioritization. He's been teaching all of you people how to build better products on producthabits.com. For those of you that are not on the email list yet, pause the podcast right now. Type in the URL on your phone, put in your email address, it's the most valuable email you'll get to learn how to build better products. So, Hiten you published a bunch of stuff on how to do prioritization of products, that's probably why Hiten, why I had to strong arm him to do this episode but I know that some people still need to hear it from you in a different format, so let's quickly bang out an episode on this. People have a product, and MVP, some kind of a version. There is a huge list of ideas they have, of things they want to build. There's a huge list of things that customers tell them to do. There is the potential to look at should we be improving our current features that are not quite perfect? Or should we be building more new features? Should we be building new features until they're perfect and really well polished before we release them, or should we just be like launching new features really quickly even if they're not great? Do we let others tell us what to do? Should we do it internally? What kind of process do we do? Do we vote up features or not? I do think this is a super complicated problem for most teams, deciding how to prioritize, what to build and how to build that. What is your basic framework? What have you learned through all your research? How should companies and teams think about this?
Hiten Shah: Last year I asked the audience of my email list, right when we were changing the name of it to Product Habit, because it used to be my personal email list and I wanted to do more and help more people, and be very focused. I wanted to do it about product, I really love product and all that kind of stuff.