6 Trends Successful Product Managers Follow
By Arijit Banerjee
‘Jack of all trades and Master of many’ pretty much sums up the dynamic role of a Product Manager. Considered as the CEO of a product, a Product Manager(PM) has the responsibility of optimizing a product to reach a goal while maximizing return on investment. The entire product life cycle;including everything from conceptualizing, designing, testing to marketing and distributing a product falls under Product Management.
How can you be a successful Product Manager?
Evolution of technology and growing affordabilityof innovative tools have given rise to stiff competition and higher customer expectation. One way of outshining other products and ensuring success is to stay updated with the latest developments. Here is a list of 6 trends practiced by every Product Manager:-
1) Adding more customer value
It is important to treat your customers as people and not users. Interacting with them on a first hand basis can give insight into their specificneeds. By understanding their preferences, you can turn customer needs into product requirements. This ensures an innovative product. The goal is to prioritize customer value at every stage of product decision making.
2) Collaborating with consumers
To learn more about the needs, wants or buying preferences of consumers, Product Managerstoday team up with consumers in order to build a unique product that can be differentiated from other market products.
3) Knowledge of coding
It may not be necessary to learn coding but some basic technical knowledge can give you a deep understanding of how your product’s features will be implemented. You will also be able to communicate better with your engineers and deliver an enhanced product experience. This is particularly applicable for products related to technology.
4) Use of Metrics
Apart from setting a specific vision, you need to assess how far or close you are to achieving your goals. Quantifiable metrics enables you to measure your product’s progress. Key Performance Indicators (KPIs) tracks and set a target for the performance of your product. The metrics tied to these KPIs lets you notice trends and make adjustments so that you can hit the target. While there are a number of different metrics used today, a successful Product Management team has a core set of metrics which matter to their nature of business.
5) Use of video for Product Launch
Product Launch is a critical stage that can determine the success of a company and a Product Manager. 2017 is the digital year where holding consumers’ attention can be challenging. If it is not an attractive visual, it may not succeed. As a result, Product Managers are resorting to social media to launch video marketing campaigns for their products. A winning product launch matches the services of their product to the needs of their target market.
6) Selling Benefits & Ensuring Transparency
Today, consumers are more interested to learn how a product would affect their life and subsequently improve it. Hence, Product Managers work closely with the sales team to ensure products are sold based on their benefits rather than features. The emphasis on transparency of production cycle and honesty has emerged as the latest trend in Product Management.
To be an exceptional Product Manager you need to stay well-informed about market conditions, competition, team members and other aspects of your company. Following these siz game changing trends will not only elevate your expertise as a Product Manager but it would also place your product management team well ahead in the product marketplace.