An insight into the world of Product Management
Diving into the world of Product Management
Remember Holly Kennedy from 'P.S. I Love You?' By the end of the movie, she she starts working on her own idea of designing shoes and voila, we see magic! Similarly, Jennifer Lawrence from the movie 'Joy' due to all the moping and cleaning she does in her house comes up with the idea of a self-wringing mop which turns out to be revolutionary and wanted by every woman.
Therefore, the first thing one should do after brainstorming a good idea is to research the market for its availability, since any idea that has already been done over and over would serve no good use. If your idea is fresh and has novelty, you research the market and try to tap into it through surveying customer interest, demand and supply.
If we take a shoe brand as your example, you can think of launching a new Pink or Black shoe line or both, rollballed into one. Unlike your rivals in the market, you do something different with your product so as to make it stand alone like maybe print your brand name on the heel of the shoe etc. You can then enter the Marketing field and try to figure out ways as how to run advertisements, print or broadcast, on the shoe brand. The advertisements will definitely spike your sales which you can then track yourself or with the help of an executive staff.
Still confused? Read on, we got you covered.
Product Management in Layman language
To be precise, Product Management is the practice of strategically driving the development, market launch, and continual support and improvement of a company's products. So now that you know the definition of the same, you would now want to understand the day-to-day responsibilities of a Product Manager.
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Roles and Responsibilities of a Product Manager
It includes a wide variety of strategic and tactical duties, viz;
· Research: Product managers conduct due research in order to gain expertise about the company's market, product value, user personas and competitors.
· Devising Strategy: Post adequate industry information, product professionals then convert this knowledge and acquired data into a high-level strategic plan, complete with product outline/overview, goals and objectives and a rough timeline.
· Communicating Plans: Now that you have a pre-existing plan/strategy, you can develop your very own Product Roadmap and share it with your product owner, key stakeholders, executives, investors etc. As a Product Manager, you will need to keep communicating across cross-functional teams about your development processes and additional plans.
· Coordination: Once you have received the green signal to go ahead with your product strategy, you can coordinate with the relevant teams like Product Marketing, development etc. for executing with the plan.
· Data Analysis and due action on Feedback: After you have the finished product, tested, verified and introduced to the marketplace, the product professional would learn with the help of data analysis and by soliciting direct feedback from the users about what works, what doesn't and what to add. Then, they can again work their way with the revised feedback and would be incorporating this feedback into bettering the product.
What isn't Product Management?
One big misconception is that a Product Manager would be managing the everyday activities of a product development. This, however, is the role of a Project Manager.
Product Management is a strategic function and comprises of determining a product's overall reason for being the product's 'Why?'
As you must have read earlier, Product Management is a wide array of strategic responsibilities. A Product Manager should not have anything to do with the grassroots level details of the development process, like tracking of the building of every specific item, monitoring the workload of every developer etc.
For supervising and monitoring the minute details of the inner functioning of the product, a tactical and focussed Project Manager is hired, so that the work is segregated, leaving the Product Manager free to focus on the higher-level strategies.
How to take on the world of Product Management?
The only and best way to take on the world of Product Management is to tackle the strategising part the best! Since Product Managers develop product strategy, aggressively promote it and persuasively communicate it, it is a clear indication that they reflect it as well. Hence, they ensure all decisions related to development, marketing and branding. Therefore, to become an effective Product Manager, one needs to work on their strategy part, besides comprehending and executing of all the other roles and responsibilities.