Idea management is the ability to capture feedback or insights from both internal and external stakeholders. Its purpose is to consider adding that feedback into future products or product releases. Managing ideas goes beyond just capturing the feedback. It also requires storing, sorting, and eventually choosing the most relevant suggestions or ideas to include in future enhancements or products.
Ideation is the creative process of generating, developing, and curating new ideas. Better ideas lead to innovation, and innovation leads to market leadership. As a product manager, you receive feature ideas from literally everyone. Whether it's your CEO, you customers, your Head of Marketing, or the Engineering team, ideas are always coming in.
Everyone always thinks that they have the next great idea. They will gladly pass these ideas on to you so they can be implemented as soon as possible. But as you know, most ideas are not innovative. And some of these ideas may even take years to build.
As a product manager, it is your job to manage the flow of all ideas and prioritize them into a roadmap that makes the most sense for your product and company. This is not an easy job, as decisions about what to build and when are not always clear.
Always refer to your product strategy and team capacity when deciding which ideas to build. An idea for a new feature should always roll up to your strategy. This allows you to see how an idea will clearly enhance your product line and business. Ideas should also align with realistic expectations of what your cross-functional team can deliver. Ideas are endless — your team's time is not.