Considering the multitude of factors that Product Managers must weigh when devising roadmaps, the skill of thinking critically, strategically, and innovatively is paramount. Thus, employing mental models for product decisions, to enhance the decision-making and problem-solving process can prove immensely beneficial. These models can serve as an invaluable lens through which product decisions can be analyzed.
From First Principle Thinking, which encourages reimagining problems from the ground up, to Occam’s Razor, which favors simplicity in solutions, each model provides unique insights for crafting a well-balanced and impactful roadmap. Let’s explore how Product Managers can apply them during solutioning and roadmap planning.
First Principle Thinking
During roadmap planning, Product Managers should frequently question their existing assumptions about the product and market. Rethinking the problem from the ground up and separating the underlying facts from assumptions made based on them.
For example, instead of following the competition or replicating existing features, attempt to identify the fundamental needs and pain points of the target audience. By doing so, the resulting solutions should more directly address the needs of the customer and serve to set the product apart from its competitors.
Systems Thinking
Systems Thinking encourages understanding the product as a complex system with interconnected parts and feedback loops. Product Managers should consider the holistic impact of changes to any one aspect of the product, on other parts and the overall user experience.
When making decisions about which features to prioritize, it’s important to think beyond the immediate consequences. For example, introducing a new feature might lead to additional support and maintenance costs. Product Managers should therefore always attempt to evaluate the broader impact on user experience, scalability, and the potential effects on other planned features. This can also help to create a more cohesive and well-balanced roadmap.
Opportunity Costs
Product Managers face numerous feature requests and ideas from various stakeholders, they therefore need to consider the opportunity costs of each option. Evaluating the value each feature brings and the resources required to implement it. Prioritizing features that align with the product’s strategic objectives and provide the most significant value to the target customers. This will help make informed decisions about what to include and what to defer or discard.
The 80/20 Principle (Pareto Principle)
The 80/20 Principle suggests that 80% of the results come from 20% of the efforts. Product Managers can apply this model to help prioritize features and initiatives that have the most significant impact on user satisfaction and business success. Focusing on the critical few aspects that drive the majority of value and allocate resources accordingly.
Margin of Safety
Roadmap planning often demands that Product Managers make assumptions about the market, user behavior, and competition. However, since these assumptions may not always be accurate, incorporating a margin of safety in the planning process is important. By assuming that projections and assumptions can be wrong, Product Managers can ensure that their roadmap remains resilient in the face of uncertainties and changes.
Occam’s Razor
Occam’s Razor is a principle attributed to the medieval philosopher and theologian William of Ockham. It’s a problem-solving and reasoning tool that can be used to guide decision-making and hypothesis testing. The principle states that among competing explanations or hypotheses, the simplest one should be preferred.
Simplicity is key in roadmap planning, so when considering various features and enhancements, the primary consideration should be given to choosing the simplest and most straightforward options that align with the product’s core value proposition. This approach can help avoid adding unnecessary complexities that may confuse users or complicate the development process. A streamlined roadmap also allows for better focus and execution.
The Law of Diminishing Returns
Effective Product Managers recognize that not all features contribute equal value during roadmap planning. For instance, certain enhancements may have a high initial impact, but as further investments are made in refining them, their effect might diminish. Therefore, it’s crucial to evaluate the value each enhancement brings and prioritize the most impactful improvements, ensuring maximum value for both customers and the business. By doing so, the roadmap remains efficient and impactful, leading to better outcomes.
Niche Thinking
Niche thinking involves identifying specific niches or segments within the target market where the product can excel. This approach can help Product Managers focus on becoming experts in those areas and delivering appropriately tailored and focused solutions, and in turn, gain a competitive advantage in the market.
Sunk Cost Fallacy
The Sunk Cost Fallacy refers to the tendency to continue investing in a project or feature just because resources have been already committed, even if it no longer aligns with the product’s goals. Effective Product Managers are willing to cut off features or initiatives that are no longer viable, despite the effort already invested.
Mental Models for Product Decisions can be a Game Changer
Embracing the concept of mental models offers new and varied frameworks for making effective decisions in product management, including in roadmapping and product strategy planning. The integration of these models can support more informed, strategic, and ultimately successful product decisions.