Choosing Product Features


Today I came across the question of how to best choose product features throughout the course of development of a product.

Of course, there are several approaches that you can take to figure this out. In fact, I’d love to hear feedback from others below. At the onset of determining your feature set, it helps to have a good understanding of what your users want. However, please keep in-mind that the features your business chooses to develop must also fit the long-term vision for your product. If you stay short-sighted for too long (i.e. fulfill immediate needs of your customers), you may fall into a habit of being reactive as opposed to proactive in developing new and innovative feature sets.

One method that I like to use is taking a holistic view of each feature that would be under consideration for development and figure out its net business value ROI, where [Return = (measured) Business Value] and [Investment = Development Time spent (on a given feature)]:

Step 1. Approximate how long it would take to develop/integrate each feature into your product.

Step 2. Measure the Business Value that each feature would add. Business Value could be things like increase user retention, increase monetization, increase viral or other distribution, increase engagement or any other metric that you find adds value to your business. You may need to approximate a business value here. Choose a scale that works for your metrics and try to stick to it.

Step 3. Work our your ROI = (Business Value / Development Time) for each feature. You will begin to see which features are going to be big payoffs in the long-run.

Most recently, I have been using SCRUM processes to manage products. Do you use SCRUM? If so, what tweaks have you made to the SCRUM process that you’ve found improved teamwork, decreased iteration time and led to better product-wide planning?

Viral Marketing Whitepaper


Viral marketing can be a huge asset to the launch and sustained growth and success of any product or business.

I am in the process of creating a whitepaper that brings in proven strategies as well as specific case studies of successful viral marketing efforts. The whitepaper will also cover more specific strategies centered around mobile App Stores and effective utilization of Facebook Connect and Facebook application pages. Lastly, it will contain a bible of social media strategies.

I kindly ask all of you to share any viral strategies that you have used to-date, along with key dates and timelines, screenshots, verbiage used in messaging, and key metrics (user growth, #downloads, etc…) achieved from the strategy.

Please leave comments below, or DM/@ me on Twitter with links to your story, my username is @jsookman. I will be tracking posts with the #UbiquitousVC hashtag, so please use it!