Every new feature or product your team works on is an opportunity cost for the company. As a product manager, it is absolutely critical that you fully understand your customer needs and establish a prioritization process to identify what your team should be working on next. Without proper prioritization, your team could waste many months of time and cash building the wrong thing.
During the product manager interview, you will often get a question revolving around how you think about prioritization. There are several different approaches and preferences here but here is one we recommend:
1) Start by thinking about the OKRs (Objectives and Key Results) you want to be influencing.
Chances are, your company will probably have a broader set of OKRs that they will want to focus on at any given time. You’ll want to first think at a high level which OKR makes the most sense for your product at it’s current stage in its lifecycle. For example, perhaps your current OKR is around moving specific metrics – i.e. for a newly released consumer app, you may be focused on customer acquisition or for a product that has plenty of traffic but a lack of monetization, you may want to focus on conversion.