A key part of product management is prioritization. By utilizing various prioritization frameworks, product managers can determine which development activities to focus on first. Product managers should always base their decisions on which activities will have the greatest impact on critical objectives. During the development stage, product managers develop a product roadmap that allows stakeholders to envision the product’s future direction. A product roadmap can be built around themes and outcomes to ensure that the overall strategy is unified and measurable.
Once a product is created, product managers must turn from their customer-centric role to that of a business person. They must identify the size of the target addressable market and determine whether the market will pay for alternative solutions or monetization methods. In many cases, this requires a combination of customer insights and business analysis skills. A product manager must be able to effectively translate these insights into a product strategy. Here are some tips to help you succeed in product management:
While product managers manage the entire product, they must think strategically when addressing minutiae. They must be knowledgeable about the metrics that matter and use data-driven decision-making to propel the product forward. A product roadmap is the culmination of countless hours of research, negotiation, and development. By applying a strategic approach to product management, a company can avoid the financial losses of unrecognized products. The benefits of product management are numerous and far-reaching.