Product Managers For The Digital World In 2023

By Sam

Due to the increased importance of data in decision-making, increased customer and design focus, and the development of software-development methods, the role of a product manager is growing.

Product managers are the glue that binds the many functions that touch a product engineering, design, customer success, sales, marketing, operations, finance, legal, and more. They are responsible for all aspects of the product's development and launch.

Today's product managers are increasingly becoming the mini-CEOs of their products, as opposed to the traditional product managers focused on execution. They can wear multiple hats and use a wide knowledge base to make trade-offs. They also bring together cross-functional teams to ensure alignment between different functions. Future tech CEOs are increasingly receiving their training in product management.

Companies other than the technology sector must be able to develop software capabilities for success in the digital age.

Why Is It Important To Have A Product Manager That Thinks And Acts Like A Ceo?

Several technological changes, new development methods, and changing consumer buying habits have led to the rise of the mini-CEO product manager. They clarify that a product manager should be more externally focused and spend less time managing day-to-day engineering execution. However, they can still be respected by engineering.

Data Is The King Of Everything.

Today's companies have a wealth of data from both internal and outside sources that they can use to inform every product decision. Product managers, who are the closest to the data, naturally assume a larger role. Product success can also clearly be measured using a wider range of metrics (engagements, retentions, conversions, etc.), and product managers can influence those metrics.

Different Products Are Made.

Product managers work at two speeds now: they plan to feature releases every day or every other week and the product roadmap for the next six to twelve months. Product managers now spend less time creating lengthy requirements upfront. Instead, they must work closely with other teams to get feedback and iterate often.

Products And Their Ecosystems Become More Complex.

Software-as-a-service solutions may be more user-friendly for consumers thanks to modular features rather than a single monolithic release, but product managers find them to be more challenging to manage. Managers must manage multiple bundles, pricing levels, dynamic pricing, upsell paths, and pricing strategy. With the expectation of frequent upgrades and new features after purchases, life cycles are becoming more complicated. The value of the ecosystem around modern products is also increasing: they are often just one component in an ecosystem that includes many other services and business goals. This has resulted in product managers taking over business development and marketing responsibilities. Product managers now have new responsibilities, including overseeing a product's API (application programming interface) and identifying and managing key partnerships.

Changes To The "Execution Pod."

Product development teams are not just developers and testers. They also include product marketing manager, operations, design, and analytics. These teams work together in "execution pods" to improve the quality and speed of software development. DevOps is helping many software companies eliminate organizational silos, allowing product managers to gain greater cross-functional insight and develop more robust product solutions.

The Elevated Role Of Design And Consumerization Of It

Business users expect better experiences for enterprise software as seamless and user-friendly consumer software becomes more commonplace. Modern top product managers must get to know their customers intimately. This requires being obsessive about usage metrics and developing customer empathy through one-on-one interviews and shadowing exercises to observe and listen to how customers experience products.

The mini-CEO product manager archetypes:3

The mini-CEO archetype has three main profiles: generalists and technologists. These are the three main focus areas of mini-CEO product managers. However, they also work in multiple areas, like any CEO. For instance, a technologist's product market strategy manager will need to keep an eye on key business metrics. Today, most technology companies employ a mixture of technologists and generalists.

These archetypes are changing, and project management is now a dying archetype. He is usually seen at legacy product companies. The engineering manager, scrum master, or program manager in charge is now responsible for engineering execution. This allows for greater leverage. Instead of the traditional ratio of one product manager per four or five engineers in the past, one product manager now has eight to twelve engineers.

Read More : Implementing Blockchain Technology in Project Management a Challenge?

The Three Archetypes Share Common Themes.

All product managers place a strong emphasis on the customer. Amazon product managers are responsible for writing press releases that reflect the customers' views. This is done before any product lifecycle development begins.

However, there are differences in the way product managers interact with users. A technologist might spend time at industry conferences talking with other developers or reading Hacker News. However, a generalist will spend time talking with customers, reviewing usage metrics, and interviewing them.

New Training Ground Is Available For Ceos

Today's product managers are filling the role of CEOs in tech companies. Sundar Pichai and Satya Nadella were successful product managers before they became CEOs at Yahoo, Google, Microsoft, and Microsoft. They learned how to lead and influence teams and shepherd products through planning, development, launch, and beyond. This experience is valuable in tech and at PepsiCo CEO Indra Nooyi began her career at Johnson & Johnson as a product manager.

While today such a background remains rare among CEOs, product-management skills rotational programs are the new leadership-development programs for many technology companies (For instance, have a look at the Dropbox Rotation Program, the Google Associate Product strategy Manager Program, and the Facebook Rotational Product Manager Program.)Product managers are not CEOs, and critics of this analogy will point out that product managers do not have direct profit-and-loss responsibilities. They also lack direct reporting. It is important for product managers who want to reach the C-suite that they move into general management.

The Future Product Manager

We expect product management to evolve over the next three to five years. This will allow for a stronger focus on data without losing empathy for users and greater influence on other non-product decisions.

The future product managers will be analytics gurus and less dependent on analysts to answer basic questions. They can quickly set up a Hadoop cluster using Amazon Web Services, pull usage information, analyze it, and draw inferences. They will be able to use machine-learning concepts and tools specifically designed for product managers' decision-making.

Most product managers will spend 30 percent or more of their time with external activities, such as engaging customers and the partner community. This engagement will not be limited only to consumer products. As IT becomes more consumer-oriented, B2B product managers will connect directly with end users and not rely on intermediaries or multiple sales channels for feedback.

The background of future product managers will also change to meet this new role. While a solid foundation in computer science is essential, it will be enhanced by coursework and experience in design. Product managers can create mockups and leverage frameworks and APIs to prototype products or features rapidly. Product managers typically begin their careers as engineers or in a rotational program. They may be promoted to executive or full-time MBA after three to four years. We expect this trend to continue.

Future product managers will need to be able to transition between products and companies. We were told by a product manager in a top B2B technology company that "for success at our company, it is essential that you are continually learning new technologies as well as new business models." We hire many people from Google, Amazon, VMware and encourage our product managers to move through the products.

Getting Started: Redefining Your Product-management Function.

It is recommended that companies begin by assessing their product-management capabilities in six areas. These include customer experience, market orientation, and business acumen. Soft skills are also important. Organizations should also consider the presence of organizational enablers. Companies tend to focus on being the best in class in one or three areas and raising the bar in all other areas.

After a company has established its product-management capabilities, it usually follows two parallel tracks: investing in new talent and hiring in a broad program to build existing talent. The field-and-forum model has proven to be the best for this purpose. Product managers can collaborate on real projects and receive feedback.

Software development must be a top priority for all companies in today's digital age. Product managers play an important role in the link between the software-engineering departments and the rest of the company. Leading tech companies have identified distinct archetypes to help organizations build new digital capabilities.

Businesses must focus more on developing and building digital solutions to meet the needs of their customers.

More companies are shifting their approach and emphasizing product-led development. This is a way that they emphasize users and their problems and find the best solutions. Software development is strengthened by product management.

These trends are important for your business to keep up with. We have taken a look at top product management trends for 2023 and summarized them below. This will help you incorporate them into new products and make your business successful in the coming year.

Top 5 Product Management Trends

Leading companies are adopting new technologies quicker, creating innovative products against all odds to remain relevant and retain customers. The Product Manager/Product Owner's role has never been more important. Let's look at some of the most important trends in product management.

Technology is always changing. The world of technology is evolving from advanced AI, Machine Learning, Cryptocurrency, Robotics, Automation, and RPA. Sometimes it can feel like losing the fight to remain relevant to our target markets.

Customers have also changed with the changing world. Customers have many choices and more needs. Product managers must ensure that their products align with current trends and offer new benefits and features to attract clients.

However, change is always good. Companies must learn to thrive in this ever-changing, fast-paced environment. Product managers need to be able to adapt quickly. These are five product management trends that you should be following in 2023.

Product managers face new challenges and obstacles after the pandemic aftershocks.

Product Management Trends

#1. Growing Demand For Product Managers And Freelancing

Our markets have changed dramatically since working remotely has become "the new norm," and consumers' spending habits have changed as a result. Businesses that are not digitally focused are also shifting their product focus to the online world.

Over the past two years, we have witnessed a worldwide interest in product teams. Product managers have been in the spotlight for their role as value maximizers and agents of positive change. They are responsible for product-centric business growth. This job requires a greater skill set. Therefore, we expect Product Managers to become more skilled in AI Product Management and Personalization.

Many courses and certification programs are available to help product & project managers become more specialized and advance in their careers. Companies that invest in upskilling their product team are more resilient to future market challenges. They

increase their ability to adapt quickly and meet increasing market demands for quality and convenience.

Remote working has made it easier for workers to be distributed and collaboratively solve new problems. As most companies already have a hybrid office/remote work model, remote agile product teams will thrive in 2023 and beyond. Flexible work arrangements are a standard feature for key industry employees.

Highly-skilled Product Owners and Product Managers have chosen to freelance over full-time employment because they enjoy greater location flexibility.

Companies can save significant money by reducing their office space. However, this also has a great benefit in the hiring process. Companies can access a wider range of candidates through remote work opportunities.

IT companies increasingly rely on independent contractors and freelancers to fill the gaps of highly-skilled product specialists.

#2. Products Have Become The Primary Driver Of Customer Acquisition And Retention

While it might be fascinating to talk about how to leverage technical abilities, the Product Manager's focus should not be solely on technology. It should also consider developing the product to meet changing user needs.

Today's Product Managers are discussing "organization strategy" and "transformation within a digital world" enabled by digital capabilities. The customer and the product's higher purpose are at the forefront of Product Managers' minds. Users now have new options to purchase and use products. They expect the best shopping experience at the lowest price and have become more tech-savvy.

In 2023, product-led growth will gain a lot of traction. Wes Bush is the author of Product-Led Growth.This strategy focuses product-led businesses on exceptional user experience. Contrary to sales-led businesses, whose main focus is closing sales and the sales cycle. The product is the driving force behind all the components, such as customer acquisition, conversion, and retention.

It starts with a shift in mindset to become a product-driven company. All departments should work together to create a company-wide alignment and a commitment to building a product that lives up to its promises. The product-led strategy uses a free trial model to sell products to customers. The model allows customers to try the product before they buy it.

This philosophy, along with agile development processes, allows companies to have shorter cycles for new features to be launched and receive feedback from customers. This improves their delivery timeline. Product-driven growth uses user data to create personalized products tailored to each individual. This brings us to the next trend, "Data-driven product administration."

#3. Product Management Is Data-driven

Data governance is gaining more attention with a greater focus on security and privacy. Because we now have more data than ever before, and AI is enabling personalization, this trend has been increasing. This is why there has been a substantial increase in data management platforms and product operations functions.

Product managers can use data-driven product management to help them make the most of their data and uncover valuable company insights. AI-based analytics are widely used in evidence-based decision-making processes within corporate organizations. Data-driven development is becoming more important to product managers. This is achieved using AI predictive behavior data to provide a personalized user experience.

A question arises when you consider the amount of user data available. What additional skills will product teams need in 2023 to manage customer data effectively and make it useful for customers?

#4. Platforms That Are Low-code/no-code Are Growing In Popularity

Platforms that are low-code/no-code allow you to quickly build an application using a graphical user interface. This requires little or no programming. You can also use Low/No-Code platforms to quickly build prototypes and get user feedback.

Gartner research shows that the number of people using Low-Code and Code technologies will triple by 2025. The teams that use them will move away from application development to focus on application assembly and integration.

Although this trend benefits those needing IT expertise, it may not be suitable for all.

These platforms have limitations regarding customization, security, and compliance with consumer information. They are not suitable for complex applications. Companies that can overcome these issues will see significant benefits over the long term.

#5. Product Management And Collaboration Tools Are Constantly Evolving

Product teams require multiple agile product management tools to manage their day-to-day activities. This includes managing product releases, road mapping, user tracking, feature prioritization, and stakeholder management.

The Product Manager's role is changing, and product management tools are constantly improving and adapting to meet his needs. Keeping everyone informed - customers, stakeholders, and product teams - about what is happening is crucial.

These tools, including monday.com and productboard.com, and productplan.com, help to improve team collaboration. They focus on understanding user behavior and prioritizing decisions. Forecasting resources can be forecasted, and dynamic stakeholder reporting is possible.

Businesses have an opportunity to transform product development with lean practices. Learn more about Lean Product Development

Get started with product management in 2023

Product managers will face many new challenges in 2023 due to all these trends and changes. It should be an exciting time, however. New technology makes it possible to do more than ever and allows product managers to create innovative and inspiring products.

There are many factors to consider, such as the environmental impact and rising demand for product managers. But there are also many opportunities with the rise of low-code solutions and the possibilities of Web3.

Coder. dev is available to help you launch and create your digital product. Our team of product management specialists is eager to help you bring innovative products to the market. Our services include everything from the product team to data engineering, research, AI & ML, and no/low code services. We are proud to be a B Corp Company.

Want More Information About Our Services? Contact Us Now!

Conclusion

Complexity is increasing for Product & Project Managers in all areas. This is true for Product Managers. However, customers are finding SaaS products more convenient and easy to use. Product managers have many responsibilities and must be knowledgeable about various topics.

We see the role changing and the future changing in front of our eyes. However, we expect a greater specialization, especially for larger companies. The role of a generalist will remain for smaller companies. Trends that have been popular recently will continue to be prevalent. Product managers must continue to have data-driven decision-making skills. An analytics specialist will be the best project Manager of tomorrow. They will closely monitor product metrics to identify opportunities and improve low-performing features. This will allow them to facilitate the rapid development of innovative products.

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