Product Principles: The Foundation of Exceptional Product Development

Product Principle 

 In addition to a compelling product vision and a well-defined product strategy, successful product development is guided by a set of core product principles. These principles articulate the nature and values of the products you aim to create, providing a steady compass for your product teams.

The Role of Product Principles

While the product vision describes the future you want to create and the product strategy outlines the path to achieve that vision, product principles focus on the fundamental characteristics and values of the products themselves. These principles are not tied to specific features or individual product releases; instead, they reflect the overarching ethos that guides your entire product line.

A good set of product principles can inspire certain features, but their true purpose is to express what the company and product teams believe is essential. They provide a framework for making decisions and solving problems in a way that stays true to your core values.

The eBay Example

A classic example of effective product principles in action comes from eBay. Early on, eBay realized the need for a principle that addressed the relationship between buyers and sellers. Although the majority of revenue came from sellers, it became clear that pleasing sellers ultimately depended on attracting and retaining buyers. This led to a critical product principle: "In cases where the needs of the buyers and the sellers conflict, we will prioritize the needs of the buyer, because that's actually the most important thing we can do for sellers."

This principle helped guide the design and development of the marketplace, ensuring that decisions were made with the best interest of the buyers in mind. By adhering to this principle, eBay was able to create a more balanced and successful platform.

The Benefits of Product Principles

Product principles provide several key benefits:

• Guidance and Consistency: They offer clear guidelines that help teams make consistent decisions, even in complex situations. 
• Inspiration: They inspire the development of features and functionalities that align with the core values of the product.
• Clarity: They provide clarity to all stakeholders about what the product stands for and what priorities drive its development.
• Alignment: They ensure that everyone involved in the product development process is aligned with the same values and goals.

Making Your Principles Public

Whether to publicize your product principles depends on your purpose. In many cases, principles are primarily tools for internal teams, guiding decisions and ensuring alignment. However, in other cases, making your principles public can serve as a clear statement of your beliefs and values to users, customers, partners, suppliers, investors, and employees. Public principles can enhance trust and transparency, demonstrating your commitment to these core values.

Conclusion

Product principles are a vital component of successful product development. They complement your product vision and strategy by providing a foundational set of values that guide decision-making and inspire innovation. By establishing and adhering to clear product principles, you can create products that truly reflect the ethos of your company and meet the needs of your users and customers.