Last Updated on October 16, 2022 by Umer Mukhtar
Many product heads get philosophical when it comes to defining what makes product designing and product engineering fields so interesting in the current scenario. They often give examples from their own lives and try to connect the dots from their experience and educational background. All that is really useful but young product managers who are less than a year old in the industry often see it through these experiences from other product leads. Reason; the expectations of the customers from products have changed significantly in the last 2 years, with greater emphasis now bestowed on ease of use, portability, and upgrades. 99 percent of the products fail to earn the confidence of the user groups which makes this journey full of difficulties and obstacles, especially when companies are cutting down on their costs and optimizing manpower through automation. So, it’s our duty as top product strategy course providers to highlight key points on how to activate a successful product strategy that will definitely help you and your company stay on course.
Let’s begin our education.
Table of Contents
Product Management Tip #1: Define your Product Strategy!
Due to the high level of attrition in the product industry, newcomers often face difficulty aligning their skills and knowledge with the existing norms and practices within the organization’s product management hierarchy. This often leads to chaos and confusion, resulting in conflicts, and ultimately failure in product development. In order to plug this conflicting situation with newcomers in the product team, the head of products would establish a holistic product strategy in a documented format, which could be a product enablement tool kit consisting of blogs, webinars, videos, and test links and interviews. A successful product strategy is one that can be easily analyzed and explained to different personas working in the product development department across different points in the lifecycle.
Product Management Tip #2: Choose your Product’s Vision Wisely
A product can solve multiple arrays of problems. These could be ranging from enhancing customer experience using a social media marketing tool or mobile application, to solving the issues related to payments faced often at the end of the billing cycle or at the end of the checkout from the e-commerce sites. Problems are galore, and product managers have to correctly define their strategy and align this with the vision.
Product Management Tip #3: Balance your Need for Agility with Doses of Flexibility and Stability
Average product managers treat their products and prototypes as a non-living entity. Masterful managers treat their products as “people” – as living personas that speak to customers and prospects about viable solutions to complex problems.
Read More: How to Effectively Reach Your Customer Base
But, how could you connect to a product as if it was alive?
Product managers seldom leave the scope for improvements in their initial prototyping and that is a huge problem in the final context of product development. In a fast paced industry where agility is celebrated as a champion USP, product managers who are skilled and understand the reasoning behind perfection, go slightly slower than market norms. What’s the reason for this mastery?
Skilled product managers confide in their product management strategy and product vision from the very first day, and therefore, acknowledge the fact that “product is alive and tangible.” It will evolve throughout its developmental phase and even after. That “alive” reverberates across the sentiment and workflow designed to meet both long term as well as short term goals.
Product Management Tip #4:
Think like a Sales Person
This is the number one tip you can get in any product management or product strategy course. Your product should be so powerful in nature that it should be selling for itself. Popular examples from today’s life include Netflix subscriptions, CRED credit cards, and the Amazon e-commerce site. You should be fully aware of your active users and your ARR targets.
How to create a wise vision for your product?
In the product strategy course, candidates learn different ways to define their “product vision.” Here’s our 7-step product strategy vision roadmap for every product management professional:
- Clearly define your Plan Do Check Act goals and align these with your product’s unique features
- Carry out extensive Market Research and competition analysis to evaluate how your product positions in the market
- Start with prototyping and progress ahead addressing the short term and long term business goals
- Link business objectives to business intelligence data sourced from Marketing, Sales, Customer Service, and Finance teams
- Delegate and restructure your product management team to optimize cost and resources
- Digitize every aspect of your product management workflow, starting with cross team communications, document automation, back office automation, and employee experience management
- Aim for a “leadership” positioning for your product in the next 6-8 months with amplified marketing and product alignment