Product Management Best Practices To Live by and Follow Today!
by Arnab Dey Management Published on: 21 January 2022 Last Updated on: 08 October 2024
Just like a human being, a product has a specific lifecycle. It starts from the time it is conceptualized by the company, to the developmental and planning stages, and finally to the actual product launch in the market.
There are several levels, multiple verticals, and cross-dependencies and integrations which are required throughout the product management process.
The goal of effective and successful product management is to create the best possible product. In this regard, the best product managers become the voices of the customers and continue to push for their expectations at every step of the product management journey.
This unwavering focus and attention help in shipping products that are-
- Better Designed
- Cost Affordable
- Higher Performing
- Greater VFM Propositions
- Profit Generating
In this article, we are going to discuss some essential product management best practices that business organizations should live by and follow.
If you are a CEO, Founder, or Product Manager looking to grow your expertise in the domain, we would suggest that you read what we have to say till the end.
Product Management: Meaning and Definition
The first and most important thing that you should know about product management is that it has a vast discipline of expertise and processes. Breaking it down to an exact definition might be difficult, but we will try to give it our best shot.
In simple words, Product Management is the process or practice of strategically driving optimum performance at every stage of the product’s lifecycle. In other words, a successful product management process involves-
- Planning– Best formulation and conceptualization of the product based on customer feedback and expectations.
- Development– Stringent developmental process that tests the efficiency, performance, and durability of the product
- Production– Highest standards of raw materials, parts, and components that go into the actual build process.
- Testing– Exacting tests are done to demonstrate that the customers will have no problems in trying out the product in real-world scenarios.
- Launch– Working with marketing and promotional teams to create maximum buzz about the product’s launch.
- Service– The maintenance and service requirements of the product should be easy, affordable, and convenient for the consumers.
- Recycling– Planning for what will happen to the product at the end of its lifecycle which might be recycling the same.
While these steps are in no way exhaustive, we have tried to offer a brief glimpse into how vast a product management process can be for business organizations.
List Of 5 Product Management Best Practices To Follow This Year!
In this section, we are going to help businesses and product managers by listing down five product management best practices to follow this year!
1. Strategy Formulation for Short and Long Term Goals-
If you are looking to execute a successful product management process, you need to start with the formulation of the right strategy.
This is the blueprint of your planning process and should incorporate everything from timing intervals to the requirements of personnel in the product management team.
The more time you are going to spend on the strategic part of the process, the better will be the final execution. Make sure that you are framing strategies in such a manner that it satisfies both the short-term as well as the long-term goals of product management.
2. Make your Customers the Foundation of your Product Management Process-
Do you know why some companies are so successful when it comes to product management? The answer is simple and obvious: they make their customers the base of their process!
Yes, they try to engineer several steps of the product’s lifecycle according to what the customer expects best.
Everything from deciding on how stable the product should be to what should be the marketing strategies for the launch are all governed by the needs, expectations, and requirements of the customer.
This is what drives success through the entire process.
3. Investing in Market Analysis for Understanding Product Positioning
Product management cannot take place in an isolated fashion. In other words, you cannot afford to ignore what your competitors are doing as far as the product management process is concerned.
Market analysis also includes investing in surveys and feedback forms to find out what exactly customers are looking for in terms of a product.
This market analysis becomes the blueprint according to which all the strategies are devised for production. According to experts, this is what determines the product’s positioning in the market.
4. Assessing How the Product Fits into the Company’s Overall Objectives-
What it is that the bosses of the organization want you to achieve with the product is a question that begs attention! Are they looking for the product to be a major sales driver and want minimum investments during development?
Or do they want to create a product that truly announces brand values and is not too concerned about making losses?
While these questions might sound trivial, no business has the same expectation for its production models. Some are money makers; others are statement pieces.
5. Work on Team Building and Personnel Management for Different Processes-
A successful product management process cannot be fruitful unless every vertical of the business is aligned to the same goals. The product management team needs the support of different teams like design, marketing, sales, CRM, and so on.
Product Managers are incapable of coming up with every input and insight that can help in optimizing the product management deliverables and goals throughout the journey of the process.
This is why cohesive team building and personnel management is one of the most important best practices this year!
The Bottom Line
There is no secret sauce when it comes to excelling at product management. At the end of the day, you need to put in the hard work, planning and innovative thinking to ensure that you are satisfying a product’s entire lifecycle with the businesses’ objective and customer expectations.
Successful product management is what separates the biggest organizations that exist around us from the ones that are always playing catch up.
If you want us to assist you in your product management journey or process, please contact us in the comments section below.
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