The 3 Things Product Leaders Should Think About Heading into a Recession

I know, it’s the dreaded “r” word, and it has taken up residence in the back of everyone’s minds as 2023 looms closer. 

We know it’s coming, so what can we do to get ahead of it?

1. Focus on becoming essential to your customers and users

As product leaders, there’s no better time to make sure your teams are focused on the right things than in this climate. What can you create, fix, or launch that’s going to make your value to the user ironclad? 

Is there anything on your roadmap or product backlog that has been collecting dust because it’s not sexy, but could actually be really important to improving value to the customer by making the product more stable, viable, or profitable?

Make tweaks to your prioritization rules, scour the roadmap and backlog, and identify opportunities to double-down on foundational initiatives that are imperative to maintaining stickiness with the customer. Get back to the basics so you can pursue those elements that will make your product less expendable when wallets start to tighten. 

2. Let your team be your guide

This recession is unlike any other because we’re heading into it with a tight labor market. That means it’s going to be critical to support retention efforts.

Are your teams getting what they need from a mental time and space perspective? Do they have opportunities to work on passion projects rather than always seeing their backlog wish-list items shelved in favor of what leaders want? 

Now’s the time to ask your talent about the true, value-rich work they wish they were doing, then make sure you can get them off the release treadmill and into exploration and discovery. Their job satisfaction and your retention efforts depend on it.

3. Don’t get seduced by the fear

In uncertain times, we cling to what’s familiar and what we know to be the status quo. Leaders need to challenge that gut reaction right now. Of course, revenue is always important, but it’s not the right time to chase shiny objects, double-down on rushed releases, or grasp for the sexiest initiatives. 

Consider this your friendly reminder that value is always sexy, but never more so than going into a recession. Slow down, roll up your sleeves, look under the hood, and make customer satisfaction your number-one priority.