DPMF hears the voice of the users and acts on it using a customer-centric, data-driven approach to drive product growth and meet business goals while solving customer pain points at scale.
Product management/strategy is part art, part science. To solve the puzzle, I was intrigued to formalize a product management/strategy framework to help solve some of the challenges I faced while I was trying to grow my products/business. These are the most common challenges product leaders face when working for one or many product lines:
- Where to play?
- How to differentiate?
- How to validate/ crowdsource an idea and de-risk initiatives early?
- How to inspire/motivate teams to buy-in?
- How to drive value for customers with as little effort as possible?
- What product/features to build to drive customer value and business?
- What customer segment to go after?
- What product/feature to drop?
- What aspect of the product/business to prioritize?
- How to say ‘no’ to your stakeholders?
Over the last few years, I researched and experimented with a closed-looped product management framework (DPMF) for multiple product hypotheses/assumptions, business concepts, features, business models- that was designed to help product teams and/or companies build the right product/experience only (I will explain what “right” means little later).
My framework is lightweight, lean, centered around design thinking with a user-first approach to product strategy and product management. DPMF in simple terms puts every idea/hypothesis through a three-way cluster-based growth measurement system to validate key hypotheses defined as good growth, slow growth, no growth.
The data-informed framework provides a streamlined approach to making evidence-based strategic decisions (taking much of the guesswork out).
THE DPMF Model is a 5 Step Framework:
STEP 1: Develop Intuition
STEP 2: Define Problem
STEP 3: Define Solution/MVP
Step 4: Define KPIs/ Success Metrics
Step 5: Decide
We will go over each of these steps in future blogs.
Benefits of using the DPMF model:
- Companies can de-risk wrong bets on products/features early
- Companies can prioritize impactful products
- Companies can decide what problems to pick and solve
- Companies can resolve disputes amongst stakeholders using an evidence-based approach
- Companies can improve their understanding of the problem space before making big investments
- Companies can bring transparency on WHY they are building product X vs. Y
- Companies can become fluid and iterate faster
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Good Luck!