Art of defining Market Requirements..
Irrespective of whether you are a Product Manager or a Product owner you have a responsibility of translating the Market requirements into product requirements. But how product managers go about gathering and defining the product requirements is an art that product managers needs to excel over time if he/she needs to be seen as result oriented product leader.
To make sure that the requirements add value to the product and not just features, every Product Manager need to follow these steps to be successful.
Step 1. Identify the Market Problems
The best way to have a better view of the market problems, every product manager needs to monitor the pulse of the market. This includes closely watching the market trends, regularly engaging with prospects and do the win/loss analysis, identifying the product issues, understanding your customer pain points with regular feedbacks and regularly analyzing your backlogs.
Step 2: Seek the Market Evidence
Once you have gained the market knowledge from Step 1, talk to the analysts and market experts to see if you there is market evidence to back up the data that was collected earlier. Further validate with data obtained from competitive analysis, technology assessments and through innovative ideas.
Step 3: Define to deliver to the Market
Translate the market evidence from Step 2 into specific functional requirements that are achievable and realistic by your team. Each functional requirement should be measurable and time bound so it can be tracked. Including user scenarios along with benefits and positioning statements will enhance the clarity of the requirement definition.Each functional requirement should also target how it will address other targeted areas like
By following the above three steps can help Product Managers to communicate the requirements better to all the stakeholders thereby you can make sure what you build is what the customers wants and will buy. Hence a win-win for all!!.