Startup COE
Startup COE, product management

All about Product Management

We often come across a major requirement in the business sector, and that is product management. In times of a highly competitive marketplace, companies often look for ways to improve their services and products. For that role, product management is considered pretty effective. Even experienced business people also consider product management as a basic requirement for the upraise of any company. Product management comprises a broad range of responsibility sectors. However, the role and responsibility of product management vary as per the requirements of the company.

Product management is basically a strategic method of leading development, continual support, market launch, and product improvement. In this article, we have discussed this in detail. Let’s begin!

What is product management?

The organizational process that guides companies with product service and supervision are termed product management. It looks after the development, pricing, and positioning by prioritizing the product quality and service for the customers.

The founder and product leader extraordinaire of ProductTank, Martin Eriksson, described product management as “a simple Venn diagram that prevails the product at the intersection of business, user experience, and technology. In fact, the product manager has been called ” CEO of the product” by Ben Horowitz- CEO of Opsware.

And with such cooperation by the customers, organizations, and its product team, work on developing better functioning and high performing products, fulfilling the demands of its customers.

Why is product management important for startups to build a sustainable product or service?

We have listed out the reasons why product management is important for startups and how they can expand on a broad level with it. These are:

Knowing the competitors:

The most important thing that product management helps you with is knowing your competitors in the market so that you would improve your techniques and strategies in order to rise to the top. It basically helps you to know what level of competition you are up against and what tactics are driving the customers more vigorously.

So, if you know what your competitors are working on and what strategies they are adopting for their new products, you can develop something more improvised. Product management helps you build a strong image in the market.

Knowing your customers:

One of the most crucial things before developing a product is knowing what your customers demand. This helps you know what kind of audience will be viewing your product and what features would they be expecting.

That’s why it’s very essential to have product management in order to grow your business venture. Moreover, it will also help you in increasing sales and dealing with customers’ problems.

Prioritize Tasks:

Prioritizing your task responsibilities helps you in organizing your schedules and reducing any monotony of work. It brings out the best possible results from the work by enhancing the value for the users.

Roadmapping:

It’s very necessary for any business to address their products’ strategies, goals and visions about the product. This is done through road mapping. In this process, companies get an easy way to communicate what terms their products are expected with, where they are preceding and what possible outcomes they could bring in. Companies need to have a clear, accessible and visual product roadmap in order to achieve the objectives.

What are the main modules involved in product management?

Product management actions are strategic as well as tactical. The process of product management involves these six crucial points, such as:

  • Customer understanding,
  • Marketing and sales,
  • Strategy development,
  • Vision development,
  • Metrics tracking, and
  • Product Management.

These points further include inbound (prioritize product development along with vision, strategy, testing, and launch) outbound (focus on marketing and sales of the product along with branding and inspection of customers feedback) activities. The product manager supervises these activities and the product team performs these activities.

Role and responsibility of product manager

The product manager holds the responsibility of delivering a distinguished product to the marketplace that functions with market requirements and indicates an attainable business opportunity. A product manager ensures that the product widely attains the company’s goals and strategies.

Skills required for a product manager

Domain expertise:

It’s essential for a product manager to have enough knowledge about the market and product area in which the company works. Your domain expertise ensures that you are right for the job you are applying for.

Leadership quality:

You will be leading a team, because of which your actions and work need to be harmonious. People will be working under your supervision and guidance. That’s why it’s essential to have the leadership quality that your team demands.

Business expertise:

A product manager is the head of the product. This implies that the entire product profit demands the management and supervision of the product manager. That’s why it’s essential to have business expertise skills in order to keep your product profitable.

Operational ability:

A product manager needs to have detailed knowledge of how the product would rise. That’s why you need to keep a track record of the growth of your product as you’ll be responsible for it in all the possible ways.

Stages of product management

Market Analysis:

Analyzing the market is a crucial product management stage, where you get the basic idea of what kind of consumers and competition you are dealing with! It includes comparing products, knowing the competition, and identifying the target consumer groups.

For the success of any of your products, you, being product management, need to have a thorough knowledge of the market.

Market analysis is generally done by doing several research and getting a deep idea of the potential consumers.

Planning:

Planning comes in a very substantial manner for products. It’s essential to have a pre-planned structure of how the company is portraying its products in the market. It includes creating user personas (symbolizing a fictional character to a certain type of user in order to relate them more to the product) and business models (the product must be encompassed in the business model with sufficient tools and budgets so that the company wouldn’t lack anything when it comes to pleasing customers needs).

Creating Prototype:

In this stage, you create a digital mock-up of either a digital or physical product that you are planning to launch. At this stage, your product starts taking its form and category. The prototype is basically an ultimate version of your product that you planned to analyze your usage hypotheses, marketing purposes, and showing investors.

The prototype you create needs to be very detailed with the specifications of your product.

Build MVP:

Building MVP is essential in order to solve the immediate problems of your product that you recognized. It’s a minimalistic model of the product that includes all the fundamental elements and features of the main product. A strong MVP helps you find a proper solution without any further waste of time.

Launch:

As you plan the basic structure, it’s time to launch the product. The financial extent of a product launch is very essential. The plannings need to cover all the customer’s interests and launch your product in a significant manner.

Go to market strategy:

You need to build up strong long-term plans and strategies to obtain the desired result. Few surveys would help you know the marketplace and what strategies you need to imply.

To promote your products among a larger audience, marketing strategies need to cover all the basic requirements.

Product analytics:

You need to keep a track record of how your product is doing in the market. In this way, you can analyze the product and know how the customers are responding to it and also, what alterations are required.

Engage customers, Monetization:

Engaging customers in the campaigns and promotions helps the product to build a strong foothold in the market. In this way, the customers would wonder how the product might be. And it won’t require further illustrations.

Role and responsibility of product manager

The product manager holds the responsibility of delivering a distinguished product to the marketplace that functions with market requirements and indicates an attainable business opportunity. A product manager ensures that the product widely attains the company’s goals and strategies.

Skills required for a product manager

Domain expertise:

It’s essential for a product manager to have enough knowledge about the market and product area in which the company works. Your domain expertise ensures that you are right for the job you are applying for.

Leadership quality:

You will be leading a team, because of which your actions and work need to be harmonious. People will be working under your supervision and guidance. That’s why it’s essential to have the leadership quality that your team demands.

Business expertise:

A product manager is the head of the product. This implies that the entire product profit demands on the management and supervision of the product manager. That’s why it’s essential to have business expertise skills in order to keep your product profitable.

Operational ability:

A product manager needs to have detailed knowledge of how the product would rise. That’s why you need to keep a track record of the growth of your product as you’ll be responsible for it in all the possible ways.

Agile role in Product Management 

Agile is gaining great popularity these days. In this, a product goes through several iterations in order to improvise the product experience and optimize it further. We have described agile roles in product management, right here:

Agile Methodology:

It basically breaks the management of the product into various phases to bring out better results. The ultimate goal of Agile is to create shorter development cycles and rapid product releases. Through this, the product team responds to the client’s needs more efficiently.

Scrum product development:

A framework within which the product management team addresses a complicated adaptive problem more effectively along with delivering the product with utmost productivity at a value pricing. Scrums majorly focus on a strategy for adapting product development.  

Sprint planning:

Before the beginning of a sprint, the stakeholders demand a meeting to get the knowledge of what each person is to accomplish with the product. It’s essential to distribute the workload evenly among the team members so that the goal could be achieved within the sprint duration.

Writing effective product requirements:

It’s an essential step forward and includes these five steps to ensure that the PRD must be written effectively.

  • Elaborate on the functioning of the product.
  • Divide the functioning into features.
  • Set up the goal that you want to achieve through the product.
  • Determine the timeline.
  • Review it by the stakeholders.

Create a product Roadmap:

The steps in creating the product roadmap are to define the product strategy that you are obtaining. Gather the further requirements and belongings. Then, assign a wide time duration for your team members. Elaborate your product to the stakeholder to impress them for purchasing. At last, share your product roadmap for numerous benefits.

Creating a Sprint Backlog, A product Backlog, and User Stories:

determine what you want to discuss and achieve during the sprint meeting. During this, the scrum teams select the sprint backlog items. The product backlog refers to the worklists that need to be done for product management. And user stories include writing an impressive story for the users to portray the functionality of the product.

Building a product requirement development (PRD):

It refers to all the requirements of a specific product that further includes product features, purpose, behavior, and functionality. Building a good PRD document is very essential for business in order to launch and build the image of the product in the market.

Role and responsibility of product manager

The product manager holds the responsibility of delivering a distinguished product to the marketplace that functions with market requirements and indicates an attainable business opportunity. A product manager ensures that the product widely attains the company’s goals and strategies.

On a broad scale, a good product manager spends a great amount of time and effort on his/her tasks. We have discussed the roles and responsibilities of a product manager right below:

  • Defining product vision.
  • Creating a manual distribution among the team members in order to facilitate them for independent decision making.
  • Monitor and analyze the market and the approaching competition.
  • Focus on the product’s features and capabilities.
  • Representing and understanding the needs of users.

How many jobs are waiting for product management?

Jobs in product management are quite interesting but also, not handy ones. The competition in the field of product management is pretty high and with so many experienced and qualified candidates, it often becomes extremely tough to select the right one. Although many job options in product management do require at least 2-3 years of experience and knowledge.

The job options in product management involve everything related to the successful launch of a product in the market. That’s why it requires expertise in all areas needed in the promotion of any product. The major role is of a product manager who needs to supervise sales, road mapping, prototype, and promotions. But with the passing years, the chances of development and salaries are quite enhancing for product managers. In fact, many countries even have over 10,000 job opportunities in this field.

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