How to identify your most valuable features

Shifting focus from merely planning what to build next, effective product management emphasizes optimizing current features to deliver the most value to both users and the business. Successful companies like Duolingo, Spotify, and Audible demonstrate that excelling in a few core features can be more impactful than adding numerous new ones. To determine which features to enhance, techniques such as data analysis, regret surveys, and max-diff surveys are employed to assess user value, examining aspects like usage, engagement, and feature retention. Equally important is evaluating features' business value in terms of acquisition, habit formation, and revenue generation. By understanding the contribution of each feature to growth and aligning with strategic priorities, product teams can make informed decisions on which features to optimize, ensuring alignment with user needs and business goals.