How to improve your product management to deliver growth in five quick steps
Getting behind on your revenue and unforeseen risks can complicate an already complex operating environment for your product strategy. Writing a product growth plan and consistently reviewing it dramatically increases your chances of product success. Here I provide a simplified definition of what is product management and how the following five key focus areas will set you on a path to product management success, where the goal is the same: a successful and growing business.
Successful product management has been guided by a product manager that can set strategy and execute flawlessly. Here’s how you can refresh your product management to achieve excellence anchored in a clear definition your purpose.
What is Product Management – a new purpose for the digital era
Product management is all about turning a commercial opportunity into a business outcome. This translates to a pragmatic definition of product management. Its certainly all about finding growth. But today product leaders need a broader focus. Product leaders are agile and use human-centred design to develop new products and improve the product experience. So as leaders we need to have a bigger picture of the product strategy and include product trust and ESG as a critical piece of your product management. ESG represents 3 key factors in your product lifecycle: Environment, Social and Governance.
Product management purpose statement
“Product management is a process of growing the business with products that solve a customer problem, provide value and comply with regulatory obligations to build product trust.”
Leica Ison Founder of Skyjed
What are the focus areas of product management role
I like to keep it simple and follow these five focus areas to
- Finding growth – growth strategy in the design new and existing products
- Improving product experience
- Doing this cost-effectively - with margin enhancing ideas
- Building trust by meeting regulatory obligations and managing non-financial risk
- Collaborate and lead your virtual team to remove silos
So what are the must-have processes to adopt in your team to stand out as a Superstar product leader. Take these six quick steps to find product success.
Take these quick steps to find product success.
- Create a virtual team and lean-on your experts from design, legal, finance, marketing and risk.
- Set product strategy, product design and a growth plan, consistently define target market requirements, trigger thresholds and distribution conditions.
- Complete a consistent annual rolling product schedule - the important events - by default monthly, quarterly and annually.
- Set product triggers - to watch over your monitoring and get alerted when you hit a trigger point. It means you need to review your product and make a decision.
- Monitor & review a 360-degree view of product health - market, competitors, product experience, financials, regulatory and innovation. Set initial review and ongoing annual review.
- Set improvement plans and assign them to be great at execution and stronger, faster product growth decisions. Action plans can be about growth strategy or risk mitigation.
- Engage and report - using automated product insights and reports to save time.
- Record - have no hassle, one digital workspace to store and save all your product design and monitoring history - at the click of a button.
If you are looking to save time and deliver product success, check out Skyjed for a complete 360-degree view of your product health and risk status. Save time updating & reporting to stakeholders with automated reports and use our unique product health-index to champion your product strategy and growth plan. Check out some of my recent articles on the intersection of growth and governance, product experience and customer trust.
So if you want to modernise your product governance framework and consider a tool to automate the essential procedures, get in touch. Request a proposal here
About Skyjed
Skyjed is a product lifecycle and governance platform. Skyjed's Ai-powered end-to-end product platform brings together every data point across the entire product portfolio into a single source of product truth. Skyjed was founded in 2017 and is headquartered in Sydney, Australia and London the United Kingdom. For more information, visit Skyjed