What is Product Management?

Product Management is the organisational task for all aspects of a product’s life cycle. From the origination of ideas to development to deployment to pricing, and finally to customer experience.

The best way to build your product is to have a Product Manager who plays the role of the customer’s spokesperson and makes sure the customer’s feedback is heard and understood. When you build a product with customers being the focal point, the product performs better in the market. Having a product manager who overlooks all the aspects of the product ensures that the product is released regularly keeping up with the change and upgradation in the technologies, with new features for the customers.

25 years experience product veteran Martin Eriksson has explained Product Management as the joining point of User Experience / Customer, Technologies / Developers, and Business.

Product Management

Let us see how Martin Eriksson has explained the Product Management role

  • User Experience / Customers - Product Management should be a spokesperson representing the customer inside the company. They should focus on User Experience and be vocal about the feedback.

  • Developers / Technologies - Product management plays a vital role in the company’s developers’ routine activities. Product Management should have in-depth knowledge about the technologies used by the developers.

  • Business / Product Owner - Product Management acts as a bridge between Customers, Developers and Designer, and the Business / Product Owner to achieve business goals.

What is the Role of Product Management?

The main objective of Product Management is to survey and understand the customer’s needs to provide the best product to the customers. Saying this, the main responsibility of Product Management changes depending on the size of the company. In large companies, a team of product managers work on a product. The drawback is gathering all the stakeholders to agree on their findings or survey results. On the other hand, product managers in small companies spend less time deciding on the survey results. Product Management should try to exceed customer’s expectations and be as close as possible to the innovative future growth of the product.

Let us look at the main job roles of Product Management / Manager

  • Research - The Product Manager should conduct a survey or research and get into the market to obtain as much information on the market and competitors.

  • Strategy - The information gathered in the previous step should now be sculpted into a strategic plan. The product manager should incorporate companies goals, an outline of the product with the feedback received from customers. A product manager should even suggest features and what will be the best time to launch the product. At this stage, the product manager should build a product roadmap to be followed by different departments in the company.

  • Communication - Here, all the efforts, finding, analysis of the product should be communicated to crucial stakeholders across all the departments involved in the product development process to launching the product. These stakeholders should accept the strategy and suggest any changes if required to go ahead. The crucial stakeholders are Investors, Product Owners, Product Development Head, Marketing Head, and Sales Head. The Product Manager should constantly communicate with these stakeholders.

  • Coordinating Development - Now that the strategy is accepted by all the stakeholders, it’s time to execute the plan. In this step, the Product Manager acts as the bridge for communication and tracking the work progress between different departments like Development, Marketing, and Sales. The progress should be reported to Investors or Product Owners at regular intervals.

  • Analysing Data and Feedback - Once the product is ready, it will be tested multiple times before the product launch. After the launch of the product, the product manager should collect all the data and feedback from customers and the market. Then the product manager should evaluate what worked for the product and what was criticised. The product manager should create a detailed report on basis of data analysed, suitable changes and up-gradation should occur, and the product should launch the latest version of the product.

Why is Product Management important in an Organisation?

The role of Product Management is important and essential in an organisation. Product Management helps in fusing development, customer experience, marketing, and sales. The role can even be called “Product Caretaker”.

In the present high pace world, the organisation has to regularly innovate to stay connected with customers. Product management plays a crucial role in the success of the product. An optimized Product Management can increase the organisation’s profit by 30% and more in some cases.

Summary

As many technologies like artificial intelligence, machine learning, and data handling are making greater importance and will continue to become essential in daily lives. The requirement of Saas is likely to escalate and so is the demand for Product Management.