This article dives into the best product management frameworks. They offer product managers a structured process for planning and delivering a new product. They establish best practices and give an overview of the expected workflow. These frameworks help to develop the right product in time.
With that in mind, we’ve assembled a list of the most effective and best product management frameworks. They serve the purpose of different phases of the product management process. Each of these frameworks will give you new insight into one part of your work as a product manager.
Read on to see which one is right for you!
What Are Product Management Frameworks?
The best Product management frameworks help companies create great products. They are a set of approaches and steps to follow throughout the product development process. They optimize the time it takes to create a quality product.
The best product management frameworks allow product managers to focus on delivering product value. They also need to think strategically about where their product will sit in the market.
Methodology and Framework – What’s the Difference?
Framework and methodology are two of the most commonly confused terms.
A methodology is a group of activities and tools for solving a specific type of problem. But, a framework is a set of guidelines that helps you organize your work and helps you think through a problem.
A methodology is usually focused on a particular phase of your work process. A framework can be applied across different phases and projects.
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The Best Product Management Frameworks
So many frameworks exist for the most complex first stages of the product management process. The best product management frameworks guide how to conduct product discovery, product planning and strategy, prioritization, and consistent execution.
Of course, other frameworks in the field of marketing, design, research, and analytics may be needed throughout the product lifecycle. Here are the ones that are most closely related to product management.
The Best Product Management Frameworks for Product Discovery
The analysis focuses on the core functional “job” the user is trying to get done. A “job” could be a task that people are trying to do; a goal or objective they are trying to achieve. It can also be a problem they are trying to resolve.
User Story Mapping
These are brainstorming solutions that are built on user stories. They help you discover project goals. They also summarize what potential users want to achieve by using the product.
It is primarily used in the field of UX research to define success metrics. Product managers later use this human-centered approach to make informed decisions during the product development process.
The assumption mapping process involves the cross-functional teams exploring their assumptions about the feasibility, viability, and desirability of the new product or service. Once outlined, each assumption is ranked according to its importance and potential risk.
The Best Product Design Frameworks
Product design is concerned with how a product looks, feels, and functions. It is a good approach for agile project management.
With a design-thinking approach, you pay attention to how one action affects the rest of the project. It is based on what customers say. It also looks for ways to improve the user experience by solving problems, getting new ideas, and making something new.
The sprint makes it easier for product teams to learn without having to build and launch. The sprint is a five-day process. It uses design, prototyping, and testing a product idea with customers. It is done to set quantitative metrics such as product pricing approach, competitive rivalry, and consumer base. It also helps see if the buyer’s power exceeds the supplier’s power.
The Best Product Management Frameworks for Strategic Product Planning
A strategic product management framework is a way to assess what is necessary for task success quickly.
A strategic framework is especially helpful for larger companies that want to execute a product strategy across multiple departments. There are many strategic frameworks you can use to create a product strategy. The most common ones are:
Business Model Canvas
The business model canvas helps you visualize how your product makes money. It allows you to think about the business models of your product ideas.
The business model canvas is organized into nine squares. Each represents a different aspect of a business. It is a great tool for making sure your current business can increase revenue.
Minimum Viable Product
The Minimum Viable Product (MVP) is the product with the least amount of features needed to satisfy early adopters. You may want to consider building an MVP before you build the final version to test user behavior. With it, you do market research by combining personal preferences and sales objectives.
The idea behind an MVP is to test product ideas and measure success metrics. You can do it by releasing a product with just enough features to satisfy early adopters. This will help you avoid building a product with too many overwhelming features. That can buy you, satisfied customers.
This marketing strategy was invented at Amazon. The development of a product starts with the end goal and works backward to describe the product’s basic features.
Working backward is a way of making sure that the product you are building is useful. You start with the end goal in mind and work backward. You find out what needs to happen to achieve that goal. It is useful when you have a vague idea of what you want to achieve. And it is a great way to make sure your product will solve the problem you’re trying to solve.
The Best Product Management Frameworks for Prioritization
Prioritization frameworks that work best are the Kano model and the MoSCow framework. They are two ways to prioritize the product backlog. That is the list of features you plan to build with the product.
The Kano model helps you decide what features to include in your MVP.
The MoSCow framework helps you prioritize features and organize them into different categories. This enables you to focus your development efforts on the most important features. The model comes from software engineering and the development of computer systems.
The best product management frameworks are the ones that you and your team are most comfortable using. The best product management frameworks can be different product by product, or team by team. Don’t stick a set of them, don’t be afraid to try new ones.
So, find the best product management framework that resonates with you, or try out a few to see which one fits best. And remember, no matter which framework you use, the most important thing to do is to keep learning and growing as a product manager.