Why Prioritization is Important in Product Management

Introduction

Prioritization is a skill that is often undervalued and misunderstood. It’s not the same as prioritizing tasks or projects in your calendar, and it doesn’t mean simply picking the most important thing first. Instead, it’s about deciding what matters most for the success of your product and company at any given time. Some might say that being a good product manager means knowing how to prioritize effectively, but I would argue that it’s also knowing when not to prioritize effectively!

Source

Prioritization is key

Prioritization is the most important skill of a product manager. It’s what makes you productive, keeps you sane, and helps you build a successful product.

  • Prioritizing means making good decisions.
  • Prioritizing means getting things done.
  • Prioritizing helps you avoid multitasking, which is counterproductive and stressful for your brain!

Prioritization is hard

Prioritization is hard. It’s the most important skill of a product manager, startup CEO and founder.

I know this because I’ve been there. I’ve had to prioritize my most important features, my team and even my life as an entrepreneur. The truth is that prioritizing can be extremely difficult and often feels impossible. However, if you want to succeed at any level as a PM or founder then you must learn how to do it well.

Stakeholders need to make decisions without complete information

In the fast-paced world of product management, it’s important to remember that your stakeholders need to make decisions without complete information. Even though you have all the data in front of you and can see exactly where this project needs to go, stakeholders don’t have that luxury. They’re hoping that by making a decision now they’ll be ready when something goes wrong later on. As a PM, it’s critical that you help them make these decisions as quickly as possible so they can move on with their lives and get back to work on other things (or go home if it’s 5pm). The faster they are able to move forward with whatever it is they need done now, the better off everyone will be in the long run.

Start-up has limited resource

In a start-up, you are likely to have limited resources. You might have a small team or inadequate budget. You will also be constrained by time and capital. This means that you need to streamline your product development process so that it becomes more efficient and effective. Without prioritization, this is not possible because many projects tend to compete for the same resources, especially when there are more than two products being developed at the same time in an organization which can lead to unnecessary delays in completing one project before moving on to another one.

The most important skill of a product manager is prioritization.

Prioritization is the art of figuring out what you should be working on, and when.

The most important skill of a product manager is prioritization. This means making hard decisions about which features to build first, how much time you’re going to spend on them, and how much money it will take to get them done. It also includes deciding which bugs are worth fixing immediately versus those that can wait until after your release deadline (or even later).

In other words: prioritize or die! And the only way I know how to prioritize is by using my own gut instincts based on my experience at Buffer as well as what other PMs have taught me over time. But there are several areas where I’ve found myself lacking in this skill — especially when it comes down to making difficult trade-offs between spending time building new features vs working more closely with teams like Engineering or Design who may already have their own ideas about what needs fixing first before going back onto development again myself (which makes sense because they’re closest connected with users through daily interactions).

Conclusion

Prioritization is the most important skill of a product manager. It’s about understanding what’s most valuable for your company and customers, and making decisions accordingly.

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Faris Dewras

Faris Dewras

Here to learn. Passionate in crypto, product and investing.