5 Popular Product Management Myths Busted

As product managers (and aspiring ones) we come across so many concepts and contexts everyday - some of these are to be taken seriously and practised religiously, while the others need to be considered myths and guard against carefully.

Here are 5 such myths, and what you should do when you encounter them.

1. Prioritisation needs to be and can be completely objective

Despite all the frameworks that exist for objective prioritisation, it's a person who has to make use of those, so it's important to strike a balance between objectivity and subjectivity. While data-driven insights and objective criteria are important, it's also essential to consider the impact of various factors such as stakeholder needs and organizational goals. Ultimately, the best prioritization approach is one that takes a holistic view of the situation and incorporates multiple perspectives, balancing out potential biases.

2. Agile and Waterfall are mutually exclusive

Agile and Waterfall are often seen as competing methodologies, but in reality, they are both useful in different contexts. Waterfall is the traditional sequential approach to software development, while Agile is the iterative approach. Agile focuses on flexibility, speed, and customer collaboration, while Waterfall emphasizes planning, design, and documentation. By understanding the strengths and weaknesses of each approach, product managers can create a customized development process that meets the specific needs of their team and product. Ultimately, methodologies are simply tools that can be adapted and combined as needed to achieve the desired outcomes.

3. The number of features you release matters

While it's important to deliver features that meet customer needs, it's also important to consider the bigger picture. By focusing solely on feature delivery, product managers risk losing sight of the product's overarching strategy and the needs of other stakeholders. A more holistic approach is needed to create a solid product that addresses the needs of customers while also delivering value to other stakeholders. That's the key - how much value you deliver, how many problems you solve, and not how many features are released.

4. Customer is King, always

We build products for the customers of course, but there needs to be synergy across the board. By focusing on a broader group of stakeholders alongside customers, product managers can ensure that the product aligns with the overall goals and objectives of the organization. Continuing to serve a customer who makes you deviate too much from your core strategy will negatively impact both sides. The key is to build a sustainable business model that generates value for everyone involved.

5. A product with a low number of bugs will perform better

Finally, while striving for a bug-free product is important, it's also important to recognize that perfection is rarely attainable. By accepting that bugs are a natural part of the product development process, product managers can focus on identifying and fixing the most critical issues while also prioritizing other factors that impact the overall user experience. This can help ensure that the product delivers the best possible experience for users while also meeting the needs of the broader organization.

Overall, it's important to understand that myths are formed mainly as a result of "that's how things are done" mindset - break away from it and challenge the status quo to drive towards consistent improvement.