- Reach – How many customers or prospects would a feature/ development engage?
- Impact – What is the outcome/ results of a build? Would this drive engagement – feature/ user adoption? Drive revenue?
- Confidence – How likely would development have the effect on reach and impact?
- Effort – How many total man-hours/ weeks/ months would this development take? Remember to include hours for each resource across functions (i.e. product, front-end, back-end).
Intercom suggests teams add bands of scores to quantify each factor as best as possible. For example, to understand the factor of Impact, scoring can follow: “3 for ‘massive impact’, 2 for ‘high’, 1 for ‘medium’, 0.5 for ‘low’, and finally 0.25 for ‘minimal’”.
- Most folks enjoy the creation of new ideas, not necessarily incremental improvements to existing features/ product(s).
- Development can take on the personal interests rather than based on the impact and influence of another.
- As a partof the shield to guard against the “Next Feature Fallacy” where the idea that “this” new feature will improve traction, sales, etc.
- To align cross-functional teams on not only the impact, but the efforts required by all to produce XYZ changes.
Really, the key is being able to optimize for value based on limited resources. Product prioritization requires objective measuring to ensure the most valuable product, and thus company, is created.
- When a bodybuilder is working out in the gym.
- When a marketer launching or in the middle of a campaign push.
- When a singer is on stage.
An interim then, is the in-between period between workouts at the gym, marketing campaigns, or on-stage during concerts. Interims are when desire shines greatest. This is where success is created.
There’s a Greek parable I heard recently from a VP of Sales about the Hedgehog Concept. The parable goes, “The fox knows many things, but the hedgehog knows one big thing.”
|Copyright © 2001 Jim Collins. Originally published in the book “Good to Great: Why Some Companies Make the Leap… And Others Don’t.” Image source: https://www.mindtools.com/media/Diagrams/Hedgehog-Concept.jpg|
|Chief Marketing Technologist Blog, May 2017. Image source: https://cdn.chiefmartec.com/wp-content/uploads/2017/05/marketing_technology_landscape_2017_thumb.jpg|
- The stage of the startup can influence the roles available. Generally, company growth can be split into a handful of stages — early, growth, and maturity. Early-stage companies are still figuring out product-market fit. They can change direction very quickly. Growth-stage companies are starting to optimize for scale. Here, roles are less “wear many hats” and more “this particular hat”. Mature companies go even finer with roles (sub-functions). As a prospect considers a role at a company, s/he needs to realize the agility that may be required. After all, most folks who ask about startups mention their interest to do many things.
- How much funding has been raised — number of raises, how much, how many investors. Investors are pouring money into some companies to get in on potentially lucrative gains. Venture capitalists (VCs) are hoping to make up for that one big win in 20 companies invested to cover the fund and make significant returns. The more money, the more rounds of raise, the more investors mean the more pressure and expectations there are for timely returns. This pressure is put onto the executive team which will continue to flow down to every position of the company.
- … about money raised, think about what the goal of the company and its shareholders may be. Is the goal to create a company that lasts and stays private (rare in the tech startup world)? Have a liquidation event (most common desired state, i.e. acquired by another firm)? Go public via an IPO? Whatever the strategy of the company is in funding, consider what the possible outcomes may be 2, 3, 5, or even 10 years down the road.
- Again, what are you really after? Clayton Christensen, author of How Will You Measure Your Life, developed the Jobs-To-Be-Done Framework. He posits that everything we do or have has some purpose in life… a “job to be done”. In this way, what is the job the literal “job” should provide? Is it just money? Is it some fulfillment? Is it a place to meet friends? A startup is a company that provides goods or services to drive shareholder value. A corporation is no different – they’re all companies. How one startup executes its vision can be different from any other startup. This applies to large corporations as well. Thus, maybe what one is looking for is less about “startup” or size of company as much as it is purpose and vision or role.
Think about it. What’s your vision for yourself? How does your right-now fit into that vision? What does a startup offer that a large corporation may not? Or vice verse.