As a senior product manager, Olatunji Kayode Obaoye has honed his skills in successfully balancing short-term wins and long-term strategy, realising the importance of this equilibrium in the world of product management.
The company’s goals are outlined in the product roadmap, a high-level strategic plan that acts as a compass and sets forth the product’s course. It offers a framework for the entire process of developing a product, from the first ideas to the final launch.
To strike the right balance between short-term wins and long-term strategy, Olatunji understands the significance of measurable metrics and milestones.
By incorporating specific metrics into the product roadmap, he ensures that progress can be tracked and evaluated effectively.
For example, he may set short-term milestones related to user acquisition, conversion rates, or feature delivery, allowing stakeholders to witness tangible advancements in the product’s development.
Short-term wins hold considerable value in product management, as they keep stakeholders engaged and motivated throughout the development process.
Olatunji recognizes that achieving short-term wins instils a sense of progress and demonstrates the forward momentum of the product development cycle.
By actively pursuing and celebrating these wins, he cultivates a positive environment and encourages continuous improvement within the product team.
However, Olatunji also acknowledges the critical role of long-term strategy in ensuring the product’s long-lasting success and relevance in the market.
While short-term wins provide immediate gratification, it is the long-term vision that propels the product towards sustained growth and market dominance.
By aligning the product roadmap with the company’s long-term objectives, Olatunji ensures that the product remains focused, adaptable, and capable of addressing evolving customer needs and market trends.
Here are some lessons from Olatunji Kayode Obaoye on how to navigate the product roadmap and balance short-term wins with long-term strategy:
Build a Comprehensive Product Roadmap
Building a comprehensive product roadmap is the next step. A good product roadmap must consider short-term goals while also keeping an eye on the long-term strategy.
Olatunji’s approach is to focus on the “North Star Metric,” which is a specific metric that the product team aims to achieve. This metric should align with the company’s long-term goals and act as a guide for the team’s roadmap.
In addition to the North Star Metric, Olatunji also suggests that product managers consider other factors when building a comprehensive product roadmap. These factors include identifying key features and functionalities, prioritising product enhancements, and estimating the timeline for development.
Prioritise and Focus
One of the most significant challenges for a product manager is prioritising features and enhancements. It’s important to focus on the features and enhancements that provide the most value to customers while also aligning with the company’s long-term goals. Olatunji’s approach is to prioritise features based on the “80/20 rule,” which means focusing on the features that will provide the most value to customers with minimal effort.
Collaborate and Communicate
Collaboration and communication are critical for successful product development. Olatunji stresses the importance of working closely with cross-functional teams, including engineering, design, and marketing. By collaborating, teams can ensure that everyone is aligned with the product vision and goals.
Olatunji also believes in regular communication with stakeholders, including executives and investors. Providing regular updates on the product roadmap’s progress, including successes and challenges, helps build trust and ensures everyone is on the same page.
Adapt to Changes
The product roadmap is not a static document and must be updated regularly. Olatunji’s approach is to be adaptable and make changes to the product roadmap based on new information. This includes market changes, customer feedback, and technological advancements.
Navigating the product roadmap is a complex task that requires a balance between short-term wins and long-term strategy. By understanding customers’ needs, building a comprehensive product roadmap, prioritising and focusing, collaborating and communicating, and adapting to changes, Olatunji has been able to achieve success in his role as a senior product manager at Africhange. His approach provides a guide for product managers looking to develop successful products while balancing short-term and long-term goals.
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