Have you been wondering why product management is important to organizations? If yes, then you are at the right place.
What is Product Management?
Here is the briefest reply to the question, “What is product management?”
Product management is the routine of strategically pushing the development, market launch, and recurring support and advancement of a company’s products. This is just a summary explanation of the role.
Product management is all about ensuring your product effectively serves your customers and meets your business goals, and continues to do so over time.
It is a vital organizational role. Product managers are commonly found at companies that are developing products or technology for a client or internal use.
This task circles around the brand manager position that is always found at consumer packaged goods companies.
The product manager is always often regarded as the CEO of their product and is amenable for the strategy, roadmap, and feature formulation for that product line. The position of a product manager may also involve marketing, forecasting, and profit and loss tasks.
Product management often analyzes market and competitive requirements and lays out a product goal that is separated and delivers exceptional value based on customers’ demands.
The duty of product management supports activities from strategic to tactical. Product management stipulates cross-functional leadership – closing gaps within the company between separate functions, especially between engineering-oriented teams, sales and marketing, and support.
Why Product Management is Important?
An experienced product management software company understands product management is the most crucial function of a business. Product management is vital because it brings the company with the market.
Here Are 11 Reasons Why Product management is Important:
- Ensures continuous feedback on changing customer needs or market conditions.
- It creates an understanding of the market, opportunities, and competitive dynamics.
- Have a broad knowledge of customer needs and how best to meet them.
- Links product roadmap with customer needs.
- Helps to assist products to market and explain the value to customers.
- Arrange opportunities based on revenue potential, urgency, buying principle, and market dynamics.
- It helps to build the product the right way.
- To improve the likelihood, you find product/market fit.
- To determine how to get many users to engage in revenue-generating activities.
- It helps to find out how to grease the wheels for a referral.
- It helps to boost the percentage of users who get to the proverbial “aha moment.”
What does effective product management look like?
With a shared knowledge of product management’s scope, we can find out what it takes to be a product manager. Product managers get their way by following the paths of professionals who came before them because they are more experienced in the profession and have enough lessons to give their newcomers.
You can’t acquire a degree in project management. There is no one-way career path to reach there. It’s more like the skills needed to do the job well than a particular pedigree.
Optimizing Product Management Operations
Product managers always possess an overwhelming amount of obligations. Time is a vital commodity. They should be efficient and arranged to conduct the necessary discussions and meetings, and at the same time having enough bandwidth to get some work done.
Taking the right decisions – and getting internal consensus on those decisions made – can take a lot of time. To get pass them all, product managers must look for a more natural way to get to an agreement quickly. Well defined roles and a continuous process let the persons involved focus on the subject at hand.
A divide-and-conquer approach is another way to getting more done in little time. Restricting the core strengths of everyone available, sharing tasks, and giving out duty enable product manager’s focus on what they know how to do best and not ignoring anything else that’s necessary.
Product managers can also lend some vital and useful skills from their project management counterparts.
This includes stating particular scopes and abiding by them, reducing the divisions and ratholes. Plus, it’s helpful to build clear action plans and communicate them to relevant colleagues to be well abreast and everyone understands what they are responsible for and know the expectations.
Even the way product managers schedule their day can result in increased output and higher quality working sessions.
By reducing context switching, product managers can put everyday tasks together to maintain focus and reduce distractions.
This involves making time for strategic thinking. It’s not easy to take a deep dive into a particular subject when there are regular interruptions.
Product managers must set aside time for this challenging task and build an environment where they can concentrate and think properly.
10 Best Product Management Software to have in Your Product Stack
- Customer Survey Tools (Like SurveyMonkey Or Typeform)
The good thing about Typeform or SurveyMonkey is that they have several types of preformatted questions that, even if you want to offer drop-down lists, multiple-choice questions, or just open comment fields, you can include all together in a survey in few minutes.
This survey can then be sent out to your customers, which will enable you to analyze and track the results quickly.
For bringing together fast answers to basic user questions, these tools are beneficial. But beware: Because email, online survey tools are convenient, easy, and cheap that it can be dangerous to overuse them. Use your survey wisely, in other not to upset your user base.
- User Tracking and Analysis Tools (Like Amplitude and Pendo)
These tools can be beneficial sources of intelligence and insight on how your website visitors are positively engaging with your content and product. On the contrary, customer interviews or surveys – which are essential tools in their own right – will inform you only what your clients say and think product analytics services capture and help you scrutinize what those clients do.
If your organization sells software or manages a lot of content on a website, using a service like Amplitude or Pendo will reveal important realities about what influences your users and what doesn’t.
- Roadmapping software (Like ProductPlan)
Roadmapping software is one of the must-have items on any list of product management tools. Failure to use a roadmapping software to draft and maintain your product roadmap will generate more workload, far less flexible and easy to share, and more liable to version-control problems that can slow the progress of your product. This is the reason why we built ProductPlan.
ProductPlan enables product teams to create and share beautiful product roadmaps. An interactive visual roadmap is useful for interacting product strategy, and assists align your team within your product vision.
- Team Messaging Tools (Like Confluence or Slack)
If any complex and cross-functional initiative or product development becomes an obstacle along the way, you will like an easy and quick means of communicating – and also maintaining an ongoing record of all communications links to the initiative.
Fortunately, there are a lot of simple cloud-based tools that work for just this centralized and straightforward team communication. Atlassian’s Confluence and Slack are some that run through your mind.
- Recording Apps For Customer Interviews (Like Zoom or GoToMeeting)
When you talk on the phone with clients, or maybe you are just calling to answer some questions, it is good to record the call. A tool like a Zoom or GoToMeeting helps you record those conversations and reference them later at ease. You can never tell when a customer will suggest a valuable insight, ask a question you know a lot of other customers will have, or relate with you the primary reason they are using the product that you may never have imagined before.
- Presentation Software (such as Keynote or PowerPoint)
We always give reasons for how ineffective presentation tools are for roadmaps. However, that doesn’t mean that Keynote or PowerPoint should not have an outstanding slot in your product management toolkit.
Presentation decks can be of great value for communicating your high-level strategies, goals, and visions across your company and to the external audience, such as customers. Vision decks, for instance, can be a great way of relating your product’s vision to a team of executive stakeholders and earning their buy-in. Presentations may also be a great way of conducting sales training or telling industry analysts about your product.
- Industry Analyst Accounts (Such as Sirius Decisions or Gartner)
This is a kind of tool you probably wouldn’t think of as a part of your product management tool stack – however, depending on your target customer and the industry you operate, you might want to give it a trial. Having a means to the collective industry research and the newest thinking of the analysts gathering your space can be substantially beneficial in the aspect of guiding your strategic thinking and helping you unlock where your market is headed. The statistics and reports these research organizations (like Sirius Decisions or Gartner) output will give you the exact kind of data you require prioritizing and earning stakeholder buy-in for specific themes and features on your product roadmap.
Admittedly, this will be amid the most costly product management tool on this list; therefore, you may need to use your powers of persuasion to win over your management team its value.
- Project Management Tools (Like Trello, Pivotal, Jira or tracker)
Just like the team messaging tools mentioned above, nowadays, project management applications are more straightforward and give a simplified means of tracking and documenting details. Using a web application like Trello, for instance, you can track and share a lot of items with essential team members by grouping these items into easy-to-view Boards – and after that, building individual Cards beneath, like “Product Data Sheets” or “Case Studies.” These cards can be easily dragged and dropped within different Boards – like, from “In Progress” to Under Review.”
Other popular project management tools like Microsoft Project, that team usually arrange in Gantt chart format, and Jira, which is always configured as a less visual problem tracking tool. Also, a tool such as a Pivotal tracker will enable you to execute on your roadmap and make your backlog well organized.
- Feature Flagging Software (Like LaunchDarkly or Split.io)
Feature flags allow product teams an easy way to “turn on and off” exact features once code has been deployed to production. Tools like LaunchDarkly and Split.io energize product teams to manage feature flags and bring out the best of their usage.
- Flowcharting Tools (Like Visio)
Not all product managers make use of flowchart and diagram applications, the ease of use and affordability of these tools enable them to make a great way of performing a step that a lot of PMs took for granted shouldn’t – customer journey mapping.
Building a customer journey map assists in giving you and your firm a more unobstructed view of your customer’s complete experience with your organization.
Roadmaps: Product management Showcase
We may be biased in a way, but there is no single part of product management as necessary as a product roadmap. It is the glory of countless hours of negotiations, research, consensus building, and strategizing.
Product roadmaps determine the plan and set expectations for the whole organization. They learn a course for the future and give a point of reference to motivate the entire organization. They develop the mission and vision into a solid plan for making grand ideas a reality.
However, what is on the roadmap is just half the battle. The other side is finding out what kind of roadmap makes the perfect sense for the product’s maturity, audience, and the timeframe it entails. One part does not fit all (however; one tool can enable you to create every kind of roadmap you might want to build.
The first step is ranking the various features and initiatives using a prioritization framework—state out the parameters of your roadmap. Ask a question like will it include specific features at all?
Arranging the ground rules for the roadmap’s scope and level of information are the most challenging part. Inserting everything is easy. Then it is time to trust those communication skills and display the final product.
Conclusively, the importance of product management cannot be overemphasized. Every product manager that wants to succeed needs to be abreast of product management frequently.