The Power of Lead Time in Product Management: Why Three Months Matters
As a product manager, I’ve learned that having a substantial backlog is crucial to thriving in my role. It allows me to work in peace, without compromising quality in favor of meeting a development deadline. But how do you achieve this? And why is it so beneficial?
What is Lead Time?
Lead time in product management refers to the amount of time it takes to deliver a product or feature to customers, from conception to release. This timeframe can be influenced by various factors, including the complexity and scope of the product, resource availability, quality, and customer feedback.
The Importance of Lead Time for Product Managers
While product managers aren’t project managers, we still need to adhere to deadlines and timebox certain activities. In my experience, it takes around three months to get a medium-sized project ready for development. During this time, it’s essential to perform research, run product discovery, allow for UX engineering iterations, and coordinate with marketing and sales departments.
The Benefits of a Three-Month Lead Time
Having a three-month lead time allows you to implement the best product management principles and techniques, preventing half-baked solutions from making it to production. It’s not about rushing to release a product; it’s about ensuring quality and market fit. Of course, there are exceptions, like the emergence of ChatGPT, where speed was crucial. However, in most cases, quality trumps speed.
Practical Steps to Optimize Lead Time
Building up lead time requires making peace with the fact that not all ideas will be implemented immediately. It’s essential to prioritize and focus on the most critical tasks. One strategy is to give your team time to work on bugs, technical debt, and code refactors. This not only benefits the team but also the product as a whole.
To actually build lead time, you’ll need to work twice as hard, refining and collecting quality backlog entries. This requires collaboration with your team, supporting departments, and stakeholders. It’s a challenging process, but the payoff is worth it.
Key Takeaways
In conclusion, having a three-month lead time is crucial for product managers. It allows us to deliver high-quality updates, keep stakeholders happy, and ensure proper product management. It’s not an easy feat, but with the right strategies and mindset, it’s achievable. So, take the leap and prioritize lead time in your product management approach.