Opportunity Score is a metric used in product management to prioritize features, enhancements, and other product-related initiatives based on their potential impact on the business. It helps product managers make data-driven decisions about which opportunities to pursue and allocate resources to, based on their potential to drive growth, improve customer satisfaction, and increase revenue.
Opportunity Score is typically calculated using a combination of factors, such as:
These factors are typically assigned weights based on their importance to the organization, and then combined to create a single Opportunity Score for each potential initiative. The higher the score, the more attractive the opportunity is for the business.
There are several benefits to using Opportunity Score as a decision-making tool in product management, including:
While Opportunity Score can be a valuable tool for product managers, there are some challenges to consider:
In conclusion, Opportunity Score is a valuable metric for product managers to prioritize initiatives and make data-driven decisions. By carefully considering the factors that contribute to the score and regularly reviewing the methodology, product teams can use Opportunity Score to drive growth, improve customer satisfaction, and increase revenue.