Are you finding it difficult to live up to your agile values? You are not the only one then!
Before choosing a career in Product Management, most people live in a facade, that fixing the loopholes equals seamless management. What they majorly miss out on is the perspective to analyze the cause and effect of the situation.
The dependency lies on the scrum managers to list down the lags and product managers(PM) expect to resolve the raging problems that constrict the product pipeline.
Instead of resolving the cause behind the bottleneck, they are found to affix problems at the late stages of the product development cycle. It has been reported that product managers spend around 52% of their time in unplanned fire-fighting activities.
Now, we know what can be the limiting factor that is slowing down the performance, what can be the possible solution-
Today the customers are more curious than ever. Thanks to customer’s high tolerance to diversity, there are tons of businesses which are pivoting their product and innovation charms their customers.
What matters is – as a product manager, how are you planning to retain sustainability and manage to build hype in the market?
Well, here are a few crucial feats to send up a trial balloon to settle product management problems once and for all-
Setting up a product Vision
‘Vision is an art of seeing that invisible’ and this holds true even for the product strategists. Here, having a detailed product roadmap will help reach the designated goal and keep the operations on track. This includes profiling the customers, asserting a buy-a-feature prioritization model, and tracing the elements or roadmap milestones that will help to achieve the end goal.
There is a house of existing road-mapping tools that PMs can make use of which comprises cloud applications for spreadsheets or slideshows and task tracking dashboards which eases the management tasks.
This software is built-in to cater to personalization and the PMs can easily build, view, update, and share valuable insights to the dedicated operators to work on the new differentiators.
Positioning your Product
Before you jump on to create a strategic value, make sure you know- How your product is solving customer problems and why your product is better than its competitors. It’s very important to do a thorough behavioral analysis of the buyer’s pool you want to cater to and if you are adding a new feature what would be your prime USP to position your product in the market.
The best way is to conduct a comparative analysis of – investment balance for the launch features vs improvements; bug disruptions in software (for SaaS products) vs technical health and what will be the gross investment for research & development. This will provide you with an outline view of the necessity and feasible improvements of the products in the next launch.
Devising a Pricing Strategy for the products
Now you know where your products stand in the market, the next step will be assigning a correct value to the product. This requires an assessment of how much capital is invested in development, advertisement, and marketing, sales, product delivery to customer support. And if the product already has a market share then the above estimate has to calculate the brand values along with the products.
Shaping a profit strategy for the products
Once the product is launched, next comes the ROI which needs to get measured. This asks you to analyze the revenue growth vs profitability vs strategic pay to get a gross on the profit returns which will decide the intrinsic brand value in the market.
In assessing the product success upon the following parameters like product-led growth, customer experience, turnover rate, retention rate, and others are considered. The final analytics would conclude what would be the annual recurring revenue for the product or the company across the year.
Reviving a Team Spirit!
The idea was to ignite the sense of commitment across departments is to address regular backlog grooming sessions. It helps the product managers to ideate strategic purposes behind prioritized priority adjustments and backlogs.
And each session improves the bonding across the cross-functional team and allows them to have a common conclusion and divide the strengths within themselves.
Following are the objectives of backlog grooming sessions:
Break down large user stories into smaller tasks.
Discuss user stories with the team, answer any related questions to smoothen out any ambiguity.
Ensure upcoming user stories meet the team’s “definition of ready” by adding key contextual information and acceptance criteria.
Sometimes (but not always) the scrum master or project manager/delivery team will use this session to estimate stories and assign story points.
How can you become a PM of perfection? Read more about the know why!
A survey report says that 87 percent of the product knowledge gained by the product managers is on-the-job experience.
This marks a skill gap that adequately lacks formal training. As many learning platforms today offer professional courses to become data-driven product managers, it can be the master skill in prospecting the future.
In this need of the hour, premiere business institution IIM Lucknow (IIML) and Wiley have come up with an Executive Education Program to meet the needs. This course offered by IIML covers the three most important training needs which are Product Understanding, Marketing, and Strategy Development across the Product Lifecycle.
The course is entirely experiential and on outcome-based learning, integrating Data Analytics and Design Thinking concepts and their applications in scaling customers in a market-centric business.
It is co-developed by top faculty at IIML and Wiley Industry leaders, along with 50+ businesses from emerging tech and product leaders of Wiley Innovation Advisory Council. Miles Education is the official channel partner.
For over 200 years, Wiley has been helping people and organizations develop the skills and knowledge they need to succeed.
They are dedicated to developing efficient learning products, digital transformation education, learning, assessment, and certification solutions to help universities, businesses, and individuals move between education and employment and achieve their ambitions In becoming a key player in the market, the course is a boon to the emerging.