How useful is it to throw an idea into the market and hope it sticks?
With many products not surviving the first phases of their lifecycle, product management is necessary to ensure a product can be successful. Product management leads a product’s roadmap, the all-encompassing guide to what a product is, why it meets company standards, and how its production will play out.
Product management is a process that oversees new product development, planning, forecasting, and marketing at all stages of the product life cycle.
A product management team creates strategic storylines of product development so internal stakeholders, employees, and executives can see the vision. Product managers also act as the voice of the customer, ensuring that all decisions are made with the end-user in mind.
Some companies utilize agile product management procedures to streamline the way their products are developed. Agile focuses on organizations that offer digital product solutions and helps them optimize how their products are managed and produced. Agile software development methodologies, like Scrum and Kanban, combine traditional product management techniques with technology to automate the product roadmap and lifecycle.
As a product moves through its product management stages, teams will use product lifecycle management strategies to make pricing decisions, decrease go-to-market time, and adapt to the ever-changing market.
A product roadmap outlines precisely what steps need to be taken to deliver a successful product and when those steps need to happen. The roadmap should show all long- and short-term goals for the entire product lifecycle. This includes all the major company strategies, scenario planning, initiatives, time frames, and metrics.
There are different product roadmaps depending on each organization’s unique needs and what information they are trying to collect and map out. These types of roadmaps include:
No matter the type of roadmap, all are optimized using product management. While many teams are involved with different roadmap elements, the product management team remains involved from beginning to end. Product management takes charge of building and sustaining the roadmap and ensuring constant communication regarding the narrative.
While every company’s product development process looks different, most follow a comprehensive roadmap from ideation to distribution. These stages of product management outline each area that a company focuses on as they create a new product, optimize it for success and send it into the market.
The first stage of producing and developing a product is simply brainstorming and creating ideas for the product. This can include employee focus groups and customer surveys to gather information about potential product concepts. These brainstorming sessions should serve as a guide for what the market is looking for and what your company can produce.
The specifications phase follows the ideas with more details. This will help address any ongoing questions or concerns regarding the product and uncover any potential problems in advance. This is a very collaborative process, with conversations being conducted between several teams and decision-makers. Some details that should be sorted out at this point are the product’s goal, who the intended audience is, what resources will be needed to create the product, and how success will be measured during and after the lifecycle.
At this point, your company should recognize the elements of a new product and begin organizing how those features sit on a roadmap.
By roadmapping, companies can start visualizing the actual range of a product. It begins with the general goals and then separates into smaller tasks, features, individuals, resources, and raw materials. The roadmap should be accurate and finalized, but also flexible enough to accommodate for new technology innovations or potential issues along the line.
To begin roadmapping a new product, distinguish the most critical business objectives. Then, break up the product into phases of development, arrange them, and identify what needs to be done and when.
Prioritization focuses on making final cuts regarding what will continue past being just an idea. At this stage, companies will determine what needs to be created first based on how much of an impact it will make on an organization, how quickly a return-on-investment (ROI) can be estimated, and how closely it hits company key performance indicators (KPIs). This stage is also very collaborative as the most significant decisions happen here.
Once a new product is finalized, the next step is to put that product into production and distribution. This includes allocating the necessary resources, reserving space, organizing inventory, creating and maintaining a happy developmental environment, keeping equipment running, facilitating quality control, and communicating with supply chain personnel to deliver smooth delivery.
A product management team will work closely with operations management to ensure a streamlined production process.
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Product management is not done when a product hits the market. The most time-sensitive stage is gathering data regarding your product and its impact on the market. This could be with quantitative data like actual numbers from profits and units sold. Use this data to compare predetermined KPIs and estimate how well the product performed. Data from analytical tools can also reveal elements that are not improving production and streamline the process in the future.
One of the most essential components of product management is treating customer feedback like gold. Getting direct feedback from your audience is invaluable and should be used to make big moves regarding the current product portfolio and ideas in the future. Feedback should also be collected from those involved in the production process, like employees, executives, stakeholders, and vendors. Don’t be afraid of negative reviews; embrace customer honesty and use it to your advantage.
of product managers found that their most practical ideas came from customer feedback.
Source: Feedback Loop
At the end of the product management cycle, apply the feedback you’ve gathered to find innovative opportunities. Research customer pain points and improvement suggestions to either create a whole new product or develop existing ones. Then, start the cycle all over again.
Product management’s importance lies in what you’ll be able to do with a successful process. Product management gives companies the tools they need to optimize several elements of their product lifecycle and roadmap and yield either a triumph or a lesson. We’ve outlined some of the ways product management will improve your production process and your company as a whole.
Product management’s primary goal is to perfect the way products are created and developed. Your company’s product management ensures that the result is a quality product and a process that is not only successful but also unique to meet your organization’s business objectives.
A large component of product management relies heavily on the market. The market is not just an entity but real people with needs. A successful product strategy helps to take research findings and develop them into a product that customers want. When customers notice changes in a product based on feedback they provided, they see that the company in question cares about their input and is actively trying to improve. When customers feel heard and appreciated, they come back.
With all the moving parts of product management, there is an opportunity to improve how different departments and teams work together in the product development process. Many thoughts and opinions are needed to uncover issues and identify room for improvement internally and externally.
When so many people have an important hand in every step from idea to distribution, everyone remains on the same page regarding the product, its role in the company’s portfolio, and why it’s needed in the market.
After conducting all the necessary research for product management, you are expected to enter the market with a product that your customers need and want. A well-designed product will pique the interest of your target audience and hopefully increase profits by becoming a significant competitor.
of businesses notice an increase in profit after implementing an effective product management plan.
Source: 280Group
Effective product management generates customer satisfaction and loyalty. When you create a streamlined process, quality products are sent into the market quickly and with ease. A company that customers determine is reliable in the standard and efficiency of their products is one that will have them wanting more.
With product management, no stone goes unturned. The right product strategy will ensure that every step of the process is clear and resources are available to facilitate its success. We all know that miscommunications cost time and money to fix.
When teams are not on the same page, confusion increases, and productivity decreases. When the process is done thoroughly, issues can be identified and addressed quickly before they cost a pretty penny to remediate.
Because of how many components are controlled by product management, some companies choose to divide it into two main sections: inbound and outbound.
Inbound product management, or product development, involves all the internal elements of product creation like market research, roadmaps, business strategies, and competitor analyses.
Inbound’s primary goal is to understand the target audience and produce ideas for products that they want. They will then facilitate internal processes like building the roadmap, prioritizing stages of development, allocating budgets, identifying solutions in advance, and leveraging technology – all while keeping user experience (UX) in mind.
Outbound product management, or product marketing, focuses on the external elements of development like product launches, branding, public relations, messaging, and advertising.
Outbound’s main goal is to guarantee that the target market recognizes the product and hopefully garners a positive reputation from the outside perspective. A team will do this by taking the lead on product launch plans, providing training on how to use the product, creating marketing campaigns, using social media to promote, and ensuring the market knows about all the features offered.
Sometimes a product marketing manager role will be created to lead these outbound efforts, manage customer relationships after launch, train the sales team on how to sell the product, create advertisement opportunities, and create promotional content.
Now that you know about the different elements of product management and why they are so important, it’s time to walk through how a plan is created. Each step works toward the final goal of delivering a successful product and making customers happy.
Arguably one of the most important steps in the product management process is conducting market research. Understanding the target market should be prioritized before a product idea can even be thought of.
of startups fail because they offer a product that doesn't fulfill a market need.
Source: CB Insights
Poor market research is a surefire way to limit your product’s success before it even enters the market. When you don’t understand your audience, they will not understand your product. Collecting as much market data as possible will uncover more about your target audience and what they want. Having all this research sorted out will also help with future decision-making regarding marketing efforts and predicted profitability.
With all the collected market data, start creating ideas that will fill holes in the market or outshine the current product leaders. Begin developing a product vision that maps out specific product goals and overall business objectives. Use the market research to determine the potential value for your product in the current market and what your product offers that others don’t.
At this step, a product roadmap should be created outlining all the product requirements, creation steps, and production timelines.
Use this step to recognize the KPIs that your company holds when creating and distributing a product. These KPIs will show the product management team and the entire organization exactly what is expected of them as they enter the market. Make sure these KPIs are understood and agreed upon company-wide.
Once the roadmap is created and KPIs are determined, begin assembling your product management dream team. This includes product management roles that will spearhead general development, product marketing, user experience (UX), and product analytics. Each of those individuals may also need a support team to assist them in their particular goals.
Use this step to also organize who gets the final say in different stages of product growth. While most companies assign that responsibility to the product manager, some companies may have a chief product officer (CPO) who will make the final major decisions in the development process.
Resource allocation is all about taking company resources and assigning them where they are needed. Allocating resources effectively can save time and money by avoiding over- or underutilization and adapting to unexpected changes quickly.
To start allocating, begin by determining the timeline, identifying necessary materials, distributing tasks, tracking employee workloads, and creating backup plans to account for errors. Creating a seamless resource strategy will help to streamline the entire production process as a whole.
Tip: Wondering how to make your company’s resource organization methods more practical? Consider implementing an inventory management method that will ensure all necessary materials for production are always available and prepared.
The last step in creating a product management plan is simply getting through the product lifecycle and hoping for the best. The product lifecycle shows the natural rise and fall of a product entering a market. A product management team watches the lifecycle as it plays out and continues to optimize the development process from their findings.
The four phases of the product lifecycle are:
Under product management, many roles are created to lead different areas of concern. Two that are often confused are the product manager and the product owner.
A product manager is responsible for overseeing a product on its way to market success and beyond. They combine inbound and outbound product management strategies to lead internal product lifecycles and external marketing efforts.
The role of a product manager is to become an expert of the target market, creating a long-term vision that a product will follow throughout its roadmap.
Along with the overall vision, they facilitate the timing of a product, define why the product should exist, organize the product’s main features, create a team to carry out the roadmap, and advocate for the end-user. Great product managers are involved with the development process from the beginning to the very end.
A product owner is responsible for perfecting the products that already live inside a company’s portfolio. They do this by using collected data to identify opportunities to refine existing products and improve the user experience. This includes reporting customer feedback, suggesting potential improvements based on user stories, supporting the product strategies set by the product manager, and communicating product features and necessities to different development and engineering teams.
A product manager and product owner work together to create a well-rounded product management process. They work so closely that some startup companies and small businesses may even opt to combine these roles. As a team, both contribute to the overall product strategies, have a say in process prioritization, promote open communication, address customer feedback, and support the needs and goals of the other.
Perfecting the development process isn’t easy. Here are some tips for making the most out of your product management strategies and using your findings to improve products in the future.
All departments in an organization are working toward the same goal: success. It would be a waste to limit ideas to only those on your team. Don’t be afraid to get different opinions regarding your product and its features. Collect thoughts and suggestions from those directly involved in product development and those working toward the big picture of success for the company.
A lesson learned is not an opportunity wasted. Many products will fail before you find exactly what works for your company and the market. Use the product lifecycle to open your eyes and find ways in which the company can improve development. Did your product fail at the introduction phase? Did it fly through all the phases and decline too fast? While some may look at this to reprimand, use it to guide.
Whoever said old data was useless was seriously disturbed. Learning from your past is the best way to prepare for the future. Dissect any data you have in the archives to create new product ideas. Old data shows you any potential trends in the market and how you can take advantage of those areas with demand planning.
Compare this product lifecycle’s metrics to the last one and uncover patterns. “Old” data is sometimes more valuable than new data. Use it to support ideas with statistics and prove that an opportunity exists.
There’s inspiration everywhere, even in places you may not think to look. Don’t limit yourself to what your customers want from you. Explore other avenues by researching what competitors are offering and learning from the mistakes and triumphs of your peers.
When in doubt, consider utilizing automation tools to your advantage. The right software will offer functionalities that help to conduct market research, allocate resources, build the product roadmap, open communication between teams, and follow the product lifecycle. With a successful tool, automating the product management process is easier than ever.
If manually managing your product from idea to delivery sounds tedious, consider utilizing product management software. Product management tools help companies take products from concepts to finished products using organizational automation. These tools also help create transparency between teams, with all up-to-date product information available anytime and anywhere.
To be included in this category, the software product must be able to:
*Below are the top 5 leading product management software solutions from G2’s Summer 2021 Grid® Report. Some reviews may be edited for clarity.
Asana is a unique platform that helps organizations manage anything from small projects to large company initiatives. Use Asana to stay connected with team members, hit deadlines, and achieve goals.
“Amazing automation, integration, and templates. Easy onboarding and easy to sell the value internally. I not only organize the entire product development team but use it to organize my daily life outside of work. The interface is gorgeous and intuitive. What's not to like?! Asana is a company that has fun building an incredible product, and it shows in every corner.”
- Asana Review, Lissette A.“The significant drawback to Asana in a workplace is that undertakings can't be allocated needs, which can bring about successive registration on the rundown to guarantee you are organizing assignments appropriately. A shading-coded need strategy would be amazingly useful in raising high-need assignments over the rest.
As Asana is cloud-based programming, idleness can now and then be an issue bringing about a deferral in composing and moving among ventures and errands; however, this is just a minor comfort.”
- Asana Review, Naomi S.
Distribute tasks, prioritize team objectives, ship with confidence, and utilize unique workflows with Jira. Jira allows you to share up-to-date product roadmap information while integrating automation into the process.
“Jira works very well for Agile development, breaking a larger job into component parts and then tracking them through the production cycle.
If used by everyone along the line, Jira is a very powerful tool. Engineering can see design's process, QA can see the iterations and updates that engineering went through, and then production can see everything that went into that widget when updates need to be made, bugs are found, or when scoping another like-product. This makes for great status pages where higher-ups can see at a glance where a project is in its lifecycle, if it’s on track, behind, and the next steps.”
- Jira Review, Ryan M.
“There was definitely a learning curve for me with learning to use Jira efficiently. It wasn't as self-explanatory and easy for me to navigate. There was some trial and error, and I needed help on the best way to use it (as well as what worked well for our team). However, after some time, I have become quite confident about it and am much more comfortable searching how to use new products/features/tools on it than I was before. I just think at the beginning it may be a little intimidating to some.”
- Jira Review, Lauren H.
monday.com offers an intuitive interface to quickly create a user-friendly workflow. Enjoy monday.com’s automation features to eliminate human error, create notifications, effortlessly assign tasks, and communicate with team members.
“monday.com allows any individual from a cross-functional team to witness the progress of projects in real time. Gone are the days of checking in with each team member to ask about timelines and roadblocks on the way to completion. While supporting a software product that is still in development, this comprehensive software allows for the most up-to-date information to be shared with users.”
- monday.com Review, Fatima C.
“It's quite tough to understand how to best set up your boards in the first instance as well as the full suite of functions, or at least the key functions. I'd suggest an introductory course that would allow admins to build the best boards from the outset. It would also be great to have a simple onboarding course for users to seamlessly jump on board and use monday.com. Other than that, we're very happy. I’m sure monday.com will find improvements!”
- monday.com Review, Nicol R.
Use one app to manage tasks, create reminders, design, and develop with ClickUp. ClickUp offers the tools to customize workflows per project, direct processes with templates, see all team goals in one place, and organize team workloads.
“This system provides a robust amount of features allowing for nearly complete customization of your task management processes. You can create a system that is as unique to you as your needs and management preferences/styles are.
After much market research and product testing, from my perspective, no task management system compares to ClickUp’s customization, usability, automation, design, and overall performance. They also have excellent services in onboarding, customer experience, feature requests, knowledge bases, and product advancement.”
- ClickUp Review, Cher P.
“With the flexibility and the power came a bit of a steep learning curve when setting things up the way I needed. There were several different ways I could structure things to work for me, and so I had to lean on some experienced people on Facebook and YouTube videos to figure out what might be the best way for what I wanted.
The good thing was that I had that option, but it did mean spending more time on that than I would have liked. Luckily I wasn't the first person to have this problem, so there is a lot of info online to take advantage of.”
- ClickUp Review, Mark P.
Wrike creates a collaborative company interface for connecting global teams, streamlining tasks, pulling real-time analytics, and using versatile templates. Use Wrike’s automation tools to improve efficiency and sync data with unlimited applications.
“Wrike's ability to organize and display at the enterprise level is unmatched by other PM tools. Many do project management well, but Wrike delivers on Program and Portfolio management too. The ability to create custom hierarchies by layering and mixing folders, projects and tasks is unique to Wrike.
Before Wrike, I frequently had to create disconnected reports or slides to report program status. This approach was time-consuming, and the data was outdated as soon as I finished. With Wrike, I can create reports and views of my entire portfolio of work and individually select the projects and folders I wish to include. My customers no longer have to wait for the weekly status report to get the latest information.”
- Wrike Review, John L.
“The area I'd like to see improvement the most is in its performance. When multiple tabs are open, the system tends to lag. That has been the case on numerous machines of mine. Lack of ability to convert projects/folders to tasks is another drawback.
As for email notifications, sometimes it can become very bombarding, even if the email settings are configured. Most of our employees have had to create Outlook/Gmail rules so that all Wrike notification emails funnel through its own folder and not clutter the inbox.”
- Wrike Review, Shan A.
Why put your product through the pain of being unprepared for the market? Every product in your portfolio deserves a chance! Utilizing a product management plan to support the success of that product is the least you could do.
Product management is all about understanding your target audience, creating something that fulfills their needs and making a streamlined development process. Along the way, you may opt to create a whole product management team with a product owner and UX manager or prioritize developing your roadmap above all else. Whichever methods you choose to implement, always ensure that product management is at the forefront from ideation to distribution.
It’s the best way to learn from the past, understand the now, and prepare for the future.
Successfully worked your way through the roadmap with product management? Learn more about product marketing and how to get your new and improved product out into the market!
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