What is Product Management? And what is the job of a Product Manager? Now, from my experience, there is always a huge confusion when it comes to the job of a Product Manager. Often, it gets mixed up with Project Manager and Marketing Manager. By the end of this article, you will know exactly what a Product Manager does and why you need a proper Product Management for your business.
What is Product Management?
Product management is the art of putting together the needs of the users, business objectives, and technological constraint. While project management focuses on the release of a product or a solution, the product management will be present for all of its life cycle: from the creation of its concept to its pre-planned decommissioning stage.
Product management is an organisational function within a company dealing with the product vision and roadmap, overviewing its implementation and Go Live, and evolution of the product throughout the end of its life cycle. Also, product management holds a crucial role in change management and marketing promotion.
Who are Product Managers?
“Good product managers take full responsibility and measure themselves in terms of the success of the product” – Ben Horowitz
Very much similar to the quote above, Product Managers are accountable for the Product. They have a crucial role in coordinating the business owners, who will request the product to evolve over time, the technical teams responsible for implementing these changes, and the stakeholders, who must authorise it. A Product Manager should be an intersection between business, technology and user experience. At the end of the day, the product needs to maximise the ROI. It is fundamental to promote the use of the product and provide only the developments that are in line with the need of the key users and the long-term strategy of the company.
What Are the Skills of a Good Product Manager?
The job of a Product Manager starts with thorough research of the market to figure out which market segment to approach with a product or a solution. The Product Manager needs to be aware of the business model of the organisation, its financial position as well as the long-term vision. Once the needs of the market have been identified (Voice of the Customer), the business potential and objectives must be set (Voice of Business). After establishing the vision, skills and resources should be available to develop the solution which should be promoted with the correct timing.
Why Should Organisations Adopt Product Management?
Product management provides organisations multiple short-term and long-term benefits. As these products follow the current market trends, they are bound to attract customers, which increases sales and leads to better marketing opportunities. Nothing can guarantee product success, but product management reduces its chances of failure. As the prepared products are made in alignment with organisation’s objectives and market trends, they serve both internal and external needs. The rigorous process of analysing the products in a way that reflects the long-term growth of the product and organisation is the best way to future-proof the company.