Product Management Definition
Product management refers to the practice of strategically driving the development, market launch, and continual support and improvement of a company’s products. The main purpose of product management is creating and providing customer value, which is discovered through deep, focused, research.
When working as a product manager is very important to define your target market. Being able to identify and to understand what your customers need, will undeniably define the success of your product strategy and it will be of utmost help when creating a path to improve your product or services.
Key Aspects of Product Management
Product management encompasses a wide-ranging area of responsibilities and the role of product management may as well vary between different things in different organizations. But what are the main aspects and responsibilities this role entails? The list can be synthesized as follows:
- Research
- Setting a clear and relevant product vision.
- Communicating said vision to stakeholders (which can involve Marketing, Sales, Development Team, and Customers).
- Developing a strategic and viable plan.
- Creating, maintaining, and completing a product plan.
Effective Product Management Tips
Product management is a strategic function and as such it requires a high-level understanding of planning and prioritizing. A good product manager should be able to:
- Talk with prospects and stakeholders in order to understand their needs.
- Develop a high-level vision for the product.
- Define the product’s goal and set a timeline for its ultimate completion.
- Follow the roadmap.
- Vision and strategy is a continuous job. Product and vision revision should be a non-stop activity.
In order to be able to provide customer value, an effective product manager should also focus on:
Conducting research. Only through extensive research will you be able to gain expertise and knowledge about the company’s user personas, competitors, and market.
Developing a strategy. Once you have acquired the knowledge, it’s time to shape it into a strategic plan, which should include goals and objectives, and a timeline.
Communicating plans. Being able to communicate the strategy is also a key aspect. So once your plan has been established, you should present it to stakeholders in order for them to understand how it will impact them.
Coordinating development. Once you have received the “go-ahead”, it’s time for strategic planning. This includes creating a plan and coordinating with different teams such as development and product marketing, in order to start executing the plan.
Feedback and analysis. After the new product or feature has been introduced and launched to your users, there comes a key step: learning through feedback and analyzing usage through customer data. It’s also important to incorporate what you have learned through this final step into future developments or improvements.
Creating a Timeline for Your Product Management Strategy
Product management is the basic structure that supports and manages all the activities related to planning, developing, and marketing a product. It’s a role that requires high-level planning skills, comprehensive analysis, and deep researching and documenting.
In order to navigate this process successfully, building a plan can be extremely beneficial because it will help you establish a path by creating a gantt chart for your work. And this is where project management software such as Instagantt (gantt software) can make your life a whole lot easier.
Create a roadmap for your strategy in minutes and focus on researching, documenting your vision, communicating your concept, and coordinating development with the rest of your team.
Take a Look at Our Product Management Template
