Everything You Need To Know About IT Product Management

Product Managers can make a rewarding, challenging, and fulfilling career.

They are perfect for people who enjoy developing novel experiences and tools that appeal to all audiences. Product management: what is it? How do you become an excellent product manager? How to enter product management, how PMs fit into various teams, and how to determine if product management is the correct career path for you are all covered in this article.

What Is Product Management?

Although a key function in product development teams, product management has not long been a codified profession for digital businesses.

With the advent of agile product design approaches, it has changed. Today's product teams have a job called product management responsible for overseeing the smooth operation of the product life cycle.

Implementing product management principles is normally the responsibility of product managers. This comprises:

• Positioning and presenting fresh concepts for the development of products or features.
• We work with engineers and design teams to make the product.
• Verify that each item satisfies the requirements of the client.

This is an important difference between project management and product management. The former focuses more on each initiative's organization and funding than the broader product goal.

The function of a product manager can be compared to that of an executive chef for their product. They don't own the restaurant but aren't the company's CEO.

Nevertheless, they are accountable for the total satisfaction and success of the company's outputs and goods. Also, they contribute to the vision of each feature that enables the business to achieve its objectives and satisfy customers.

Why Is Product Management Important?

Launching new services or experiences for customers requires the expertise of product managers. They serve as the connecting point and glue for UX/user experience teams, engineers, and business leaders.

Product managers are in charge of outlining the product strategy and defining the success of each product. They also demonstrate how the plan will impact clients and business objectives.

Without the assistance of a product manager, teams would find it difficult to negotiate the varied interests of both small and large enterprises.

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Different Types Of Product Management Roles

There are some discrepancies in the titles and descriptions of a PM, even though the fundamental duties of a PM are the same for all product management jobs and product teams.

The terms chief product officer, product owner, and associate product manager are just a few that can denote various levels of experience in product management.

Some of the most specific categories you may encounter in product management roles are as follows:

Manager, Growth Product

A growth product manager is primarily concerned with accomplishing a certain goal the firm sets to gauge its expansion.

To make sure that their activities broaden their product reach, growth PMs frequently collaborate closely with traditional marketing and product marketing teams.

Many growth product managers do several quick tests to determine how well their project or item works. They then swiftly switch to new projects to satisfy commercial expectations.

They can test everything from text to pricing, and they might even offer assistance with go-to-market plans. Experience in psychology, advertising, or digital marketing would be advantageous for growth product managers.

Technical Product Manager

Technical product managers must have experience in development or engineering. This kind of PM collaborates closely with technical teams to enhance the functioning of the company's products and the tech stack, security, and other facets of its online presence.

These PMs are more focused on the internal operations of the product than its external appearance. Several technical product managers began their careers as engineers before changing fields.

Data Product Manager

If you love numbers and are a strong math student, a job as a data product manager is a great fit. Data PMs collaborate with data scientists and business analysts to develop use cases that businesses may use to gauge the performance of their new products or feature releases.

They are frequently in charge of keeping track of customer interactions throughout the product interface so that other stakeholders and PMs may learn crucial information about how consumers use the product.

A degree in data sciences, finance, or mathematics would be quite helpful for any aspiring data PM.

Product Management Vs. Project Management

Setting objectives and a vision for a product's creation, creativity, and execution is the process of product management.

On the other hand, project management is a group of activities frequently related to product management. One project manager may be responsible for a particular feature development. In contrast, another product manager will oversee the entire product development process.

Program Management Vs. Product Management

Product management is more customer-centric and identifies potential opportunities. Program management aligns parts of an organization to meet product managers' goals.

Program managers have a strategic view of the entire organization. Program managers are more involved in logistics to ensure each team meets its deadlines. In contrast, product managers collaborate with multiple teams to brainstorm and invent.

A programme manager could assist clients with hiring new personnel through marketing or training.

Although they may have different functions, they often combine program and product management. They can have different functions depending on the industry.

Program managers can oversee and advocate for any programme inside an organization, even though they are frequently connected with products.

Also Read: What is the Main Role of a Product Manager

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Product Management Process

1. Conduct customer research
2. Place the Problem
3. Brainstorm with Stakeholders
4. Create the Idea
5. Make a product roadmap
6. Prioritize Different Features
7. Execute your plan
8. Experiment and Optimize

Products can be managed in a variety of ways. Depending on the business and the product manager, the procedure will change.

From creating customer personas to organizing the launch of a product, there are some best practices you may adopt.

Conduct customer research

According to experts, the first stage in product management is determining your target consumer and the market you intend to join.

Create your ideal buyer persona first. What are their characteristics? What are their favorite or least favorite things? What kind of information do they take in? You should record as much information as you can about them in writing.

Then, visualize the persona as a genuine individual. This will be the basis for all the other steps.

To learn more about your consumer, visit the appropriate discussion boards and communities on Reddit or LinkedIn.

Many people use these forums to post questions, discuss, and even work out issues. These forums allow you to ask other users about their industry-related experiences.

Position The Problem

Sometimes, the best ideas come from identifying the problem. This is a key component of product management. It involves identifying the problems customers have and then finding solutions.

By taking a look at your buyer profile, you can see problems and pose queries like:

• What are they most concerned about?
• What are their online questions?
• Do a lot of them have any issues to contend with?
• Are they the only ones who have this problem?
• Is there a solution to this problem?

Top Product Managers might utilize the issue to encourage other stakeholders to collaborate on finding a solution.

Brainstorm with Stakeholders

Product managers must meet with all relevant parties, including marketers, developers, and customers, to generate fresh ideas.

Query prospective clients. Prospective clients should be questioned about their opinions of the things you sell. Give them intelligent follow-up questions like "why do you feel that way?"

When speaking with internal stakeholders, focus on the issue you identified in the previous stage. It's critical to demonstrate that prospective customers have an issue the business can address with a product.

These conversations can be aided by customer interviews. Ask your teams and internal stakeholders for their thoughts without judgment. Great ideas can emerge from bad ones.

When designing the product, keep them all in mind.

Create the Idea

After soliciting suggestions from key players, focus on a single, distinct course the business can take. A strong idea can come directly from one source or be obtained by combining components from various notions.

Next, review the product specifications to understand what product features are required. In a document, the following inquiries should be addressed:

• How will it look? What is the solution to the problem?
• What ought the product to include?
• How will the company measure the success of the product?

Depending on whether product managers contribute to product development or serve as consultants, different levels of information will be needed in the product specifications.

For instance, if you are a product manager, the product specs should contain comprehensive information, such as guidelines for product design.

You might also offer guidance to engineers and developers on the content of a product. Collaborate with other departments to gain a deeper understanding of the potential of what you can build.

Make a product roadmap

A product roadmap details the steps involved in developing and launching a product. A road plan comprises dates, objectives, metrics, and other information to keep the project on course.

Your product roadmap should include the following:

• Certain dates and times that a milestone must be met
• How each task affects the outcome of the project
• People responsible for certain milestones
• Success metrics

Prioritize Different Features

Prioritizing feature development is necessary after setting high-level objectives on the road map. Think about how each feature will affect the finished product, how it will address your issue, and how much development time it will require.

A feature that enhances the user experience but takes months to complete could be dropped in favor of one with more significant effects.

Implement The Plan

Once a roadmap and prioritized features are in place, the product manager can give directions. They can serve as advisors and transfer milestones to software engineers.

Technical product managers could also assist developers directly in the product's development as an alternative.

Agile and waterfall models are two that are frequently utilized for delivery. Agile entails releasing several iterations of a product and considering user feedback.

A waterfall technique is more controlled, and delays product delivery until final team approval is received.

Try Out And Optimize

The product management cycle continues after a product is made available. Product managers will monitor the product's performance and offer suggestions for enhancements.

For instance, product managers may utilize A/B testing in the early stages of a new launch to enhance marketing and product quality. Ask clients if they have any issues with the product and keep gathering their feedback. Continually communicate with your internal stakeholders to share criticism and potential reformatting ideas.

Product Manager Frameworks

1. CIRCLES Method
2. 5Ws and H
3. AARRR
4. HEART
5. RICE Scoring Model
6. 4P's of Marketing
7. Pricing: 5C's
8. Porter's Five Forces

Product managers may utilize many frameworks to simplify their product management procedures. These are some of the most common:

Method Of CIRCLES

As defined by the CIRCLES Technique:

• Recognize the situation
• Identify the customer
• Communicate with the customer about their needs
• Cut via prioritization
• Check out these solutions
• Assess trade-offs
• Summarize all your suggestions

This framework provides a detailed road map for consumer research, problem identification, and solution generation.

5Ws and H

Six questions are used to help product managers collect information.

• Who?
• What?
• Where?
• When?
• Why?
• How?

Although straightforward, product managers should use this approach to delve deeper into the issue at hand, ask additional questions, and ultimately identify a solution.

AARRR

The abbreviation means:

• Acquisition: How does our target market learn about our offering?
• Activation: How does our target market engage with our offering?
• Retention: Does our target market make frequent use of our product?
• Referral: Do our consumers recommend our goods to others?
• Revenue: What is the income potential of our audience's willingness to purchase our product?

This approach provides crucial metrics to product managers based on user feedback. It is particularly helpful for obtaining feedback following product launches.

HEART

To evaluate the software user experience, Google developed the HEART framework (UX). It contains:

• Happiness
• Engagement
• Adoption
• Retention
• Success in the task

Which KPIs fall under which category is decided by Best Project Managers.

For instance, you may rate Happiness to determine its level.

The following frameworks are also popular:

• RICE Scoring Model: Enables products to prefer some concepts and features over others.
• The 4Ps Of Marketing: Combines important factors such as a product's pricing, promotion, and location for sale.
• Five C's Of Pricing: Customers, rivals, channels, compatibility, and pricing are the five factors you should take into account when determining the best price for your product.
• Porter's Five Forces: This five-part methodology is used to evaluate an industry's competitiveness and its strengths and weaknesses.

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7 Tips To Identifying And Hiring Product Managers (And A Great One)

Let's start with the obvious.

Ability To Solve Problems

Several product leaders have stated that they value problem-solving skills above all other qualities in a PM. They recognize that product management may be challenging with plenty of moving pieces.

It also calls for initial responses to unforeseen issues. These product managers are keen to find a creative PM with a natural ability to solve problems.

Note: By posing a challenging question to a PM candidate during an interview, it is typically impossible to identify this skill in them.

You are already familiar with these puzzles. For instance, you could ask the candidate which of the three light switches in the room operates the light fixtures in the adjacent room before she enters.

Do not do this.

Do not create obstacles in interviews to stop candidates from completing their applications. Ask them about their background, the nature of their offering, and management strategies.

Talk to them. This conversation will demonstrate your capacity for original thought and problem-solving.

Great Communication Skills

Every product executive we've talked to has cited communication as one of the most crucial abilities they look for in a PM.

Even if the PM candidate possesses all the necessary credentials, including a strong technical background, relevant product management experience, and background in your industry, he is still more likely to struggle to interact effectively with coworkers from various teams and departments within your business.

We have already discussed how crucial it is for a PM to learn English in particular departments, like sales or development.

Communication abilities are the most crucial trait to look for in a product manager.

Empathy

Product leaders are also looking for empathy in their product managers. This is the capacity to understand situations from the client's viewpoint and create products that satisfy their needs, wants, and motivations.

Especially in today's world, where everyone is so preoccupied with their own needs and goals, this is a challenging quality to cultivate.

Because they experienced empathy as a product leader at significant B2B organizations, experts have written about it.

Leadership And Charisma

As opposed to some other attributes, charisma, also referred to as natural leadership abilities, can not be as visible.

Numerous product executives have stated over the years that a PM's charisma is equally crucial. Product managers are often responsible for leading large cross-functional teams and have to coordinate their efforts.

However, they don't usually have any authority over the team. The hierarchy of an organization may place some team members, such as a Vice President of Engineering, above the project manager.

So how does a product manager handle something as complicated as launching a product? Innate leadership abilities.

Product leads tell us that great PMs can foster camaraderie and ignite passion across all the teams and departments involved in developing their product. Given that numerous PMs will have to turn down requests from various teams or pressure them to accomplish more with fewer resources, this is no simple assignment.

To overcome all these obstacles, a PM needs charisma. The cross-functional team has to be motivated by professionals who share their passion for the product's success.

An Insatiable Curiosity

According to the expert, a curious product manager never accepts a single solution. Here is an overview of what product executives from many businesses, particularly technology, have told us.

Procore develops SaaS technology to aid the building sector.

Outstanding initiative and intrinsic motivation are necessary for product management. A Product Vice President finds it difficult to provide their PMs with detailed directions on what to perform daily.

PMs may find it simple to opt for the first or second response.

While PMs don't always know what they don't know, wise leaders are curious. It would be best if you had an internally motivated PM to keep looking because the best strategic decisions frequently only come about after significant research and analysis.

Passion

The expert discussed the qualities an expert looks for in a product manager. Many product executives have told us this: There are many product leads, but not as many as those seeking excellent communication and problem-solving skills.

When assessing a candidate to be a PM, passion is the most important quality for an expert. The expert claimed that when people are heated up, you can see it in their eyes, which is obvious.

The raw meat factor is the name of it. Their behavior shows that they are pursuing their goals with all their might.

This expert revealed a crucial insight. It can take months or even years to develop a product. Setbacks, disappointments, and other challenges are frequent in this process.

The entire endeavor could fail if the product manager overseeing the frustratingly protracted development of the product doesn't feel passionate about bringing it to market. Keep natural enthusiasm in mind while trying to hire product managers.

Comfortable With Failure

Really? Yep. Visionary, smart product leaders see the big picture. They are aware that launching a single product or market can fail for various reasons.

These executives informed us time and time again that they want to be certain that the PM they select won't quit on a failed product. They seek a product manager who can appropriately react, express their sorrow, and then start to gather important insights to help them launch the next launch.

This question could make for a great interview question. "What would be your response if a product had a dismal market reception or a disappointing product launch?" Be careful not to penalize applicants who claim a product failure will destroy them.

Some PMs could be willing to take the long view in response to this challenging issue. That might, however, become a problem during employment interviews. Yet, suppose you want to recruit a product manager who appreciates the value and lessons from failure.

In that case, posing such a topic in interviews might be useful.

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Conclusion

Product & Project Managers are employed at the nexus of business and technology.

They play an important role in ensuring customers and their company benefit from new features. Product management is a fulfilling career path for those who are enthusiastic about working in a team, using strategic thinking, and providing wonderful experiences for others.