Understand Customer Priorities
Effective product teams not only understand which set of features must be present to justify a release, they have carefully enumerated the ranking of each. They know which is "number one," which is "number two." They know which set of stakeholders care the most about number one, which care the most about number two, and so on. They also know that different market segments may not agree among these rankings, so they seek to understand differences among the market segments. The most effective product teams take this even further and can demonstrate how their prioritization supports larger business priorities (and when the business priorities aren't clear, these teams clarify them!). The challenge is understanding the underlying qualitative motivations to market-driven priorities.