The product managers across all industries have to wear multiple hats in order to develop successful products. The set of responsibilities or the daily routines of the product managers may differ from industry to industry in product management domain. However, there are a few definitive ways to develop products and ensure successful launches of products. The success of products always depends on how the general masses respond to the product. These are the people who can make or break products.
There are a few rules that all the successful product managers follow to stay on top of their game. Let’s have a look at what these rules are:
1. Follow 10/50 Rule:
If there is an hour’s time for brainstorming, great product managers take about 10% of time to express their views, ideas, and challenges regarding the product development. They allow the customers and stakeholders to speak and express their thoughts for rest 50% of the time. It is crucial step that helps product managers gather requirements for the product in a thorough manner.
2.Know when to say “No”:
Successful product managers know where to draw the line. They know what is technically feasible in product development process. They know when to exactly say “No” to unwanted requests from customers, management or stakeholders. This rule keeps them in touch with the ground reality of the product development process.
3. Make the right decision:
Good product managers know very well what kind of decisions can hurt the product and the customers. So, they take wise decisions that positively work in the favor of everyone and help achieve the business objectives at the end of the day.
4. Value-addition mantra:
Great product managers always bear in the mind to align the company goals with the existing technology. They constantly scan the markets to see what new product can be developed to help the customers and the company business alike. They are aware how to use the current technology to their advantage.
5. The ASK 3 Rule:
Whenever the great successful product managers are in doubt about their decision or a product feature or anything else that is crucial, they consult at least 3 of their colleagues and take their opinion before reaching a conclusion. This rule always helps the product managers by stopping them from taking drastic and adverse decisions.
In order to follow all the above rules, a product manager must know everything about the business and the current technology. Researching on what the competitors are doing and what exactly the customers want from the products is the key to be a successful product manager. Only once a product manager is aware of the above stated key factors, he will be able to follow all these five rules of product management. And once all the 5 rules are followed, there are no chances of failure in product management.