Product Management: Shaping Innovation & Market Success
In today's competitive market, customer-centricity is non-negotiable for all companies, regardless of their selling setup. This ideology is driven by customers and business buyers who expect brands to prioritize their interests. As Salesforce CRM highlighted in their 2022 State of the Connected Customer Report, a staggering two-thirds of users want brands to understand their needs. Furthermore, an impressive 92% agreed that a customer-centric experience would prompt them to make additional purchases from the same seller.
One foolproof way to achieve high levels of customer-centricity is by focusing on the role of product management within a company’s operations. By its very nature, product management centralizes the needs of the customer. It's not uncommon for a product manager to guide a product through its entire lifecycle, ensuring that every product development or change is backed by customer input. The outcome? A product that’s tailor-made to fit the user.
It's clear that products made with the end user in mind at every stage can have a significant advantage over those that aren’t. They are not only innovative but also seamlessly fit into target audiences’ lifestyles. There’s significantly less hard selling required with a product that’s been managed through a customer-centric lens. Quite the opposite, it’s much simpler to get people to try it because it’s exactly what they’ve been asking for.
If you’re still contemplating the role of product management in your operations or considering a revision in your product management approach, I strongly urge you to make the switch. Numerous companies are strategically leveraging product management (and product managers) as a method to secure and maintain a competitive, profit-generating, and customer-focused edge. Here are some compelling reasons why.
1. Product Management Transforms Employees Into Potential Sales Representatives
In today's digital environment, product management is inextricably linked with technology. Consequently, most businesses invest in product management software and systems that can be integrated with other sophisticated tools. This ensures that all employees have access to the same data and allows product managers to collaborate more effectively with colleagues throughout their organization.
Thanks to the high level of integration between product managers and the rest of the team, everyone can feel a sense of ownership when it comes to products. Employees start to become more conscious of the agile product management methodology. They are not resistant to it; rather, it becomes part of their daily work life. As it feels intuitive, they support it and eventually become customer-driven advocates themselves.
It's no overstatement to say that every employee is invaluable when they think like a salesperson, regardless of their actual title. Employees who understand and support product-management workflows naturally begin to act like brand sellers. They may even start to informally report back to product managers. For example, a call center agent who hears a customer’s "wish list" could quickly email this information to the product development team. The team could then explore whether any of these "wishes" could be incorporated into the next product (or iteration of a product).
2. Product Management Stays Ahead Of Customer Trends.
Keeping up with your target client or customer population's trends can be challenging. However, losing momentum can be disastrous to your organization and its sales. No company can afford to be "on top" one quarter and plummet the next. Product management comes to the rescue, preventing you from experiencing an off-trend disaster.
Since product management professionals maintain a constant dialogue with customers, they are always tuned in to what’s happening. They gain direct access to real-time customer insights, enabling them to inform product development, features, pricing, and more. Intriguingly, their "ear to the ground" status makes product managers invaluable resources for marketers and sales representatives as well.
HubSpot Marketing Blog manager Caroline Forsey acknowledges that keeping up with customer trends is one of the most difficult tasks marketers face: “Essentially, no matter where you look, trends are constantly changing. And, if you're publishing out-of-touch content… your audiences might get bored and move on to a brand that feels more interesting to them.”
With the help of product managers, your marketers can stay ahead of emerging trends, ensuring they don’t lose ground with your top competitors. When you’re on trend, you’re more likely to be on track with your target audiences.
3. Product Management Ensures Your Organization’s Tech Is Future-Ready.
As noted by Praful Chavda, founder and CEO of Chisel—an agile product management software that creates roadmaps, collects customer feedback, and builds internal team alignment—product managers are often early adopters of new technologies. They’re strategically positioned to not just know about new technologies but suggest ways that those technologies can be incorporated into products and operations. Chavda uses AI as an example of an emerging technology that product managers can use to drive innovation across their workforces.
“Advanced algorithms can analyze massive datasets to identify trends, customer preferences, and emerging market opportunities,” reveals Chavda. “This empowers product managers to make data-driven decisions, ensuring that innovation efforts are aligned with the most promising avenues for growth. In addition to AI, there are several other technologies disrupting the traditional way of doing business. For instance, product managers can adopt blockchain technology in use cases that require increased transparency and trust, traceability, and smart contract execution. They can also leverage augmented reality (ARAR 0.0%) to visualize and interact with product prototypes, enhance creative problem-solving, and accelerate innovation.”
Chisel, an award-winning product management platform, will soon introduce AI enhancements that provide product managers with a secure and robust AI layer above their unified data platform. These enhancements will enable PMs to expedite product planning, discovery, roadmap prioritization, and comprehensive feedback collection from both customers and internal team members.
The advantage of having your product managers introduce high-tech solutions into your company is that it doesn't come with an additional cost. Product managers already have the budget to explore tech, so you’re gaining extra value from their investment. As they experiment with AI, AR, and everything in between, they can share their findings with everyone else and make recommendations for more broadly using tech in untapped ways. Ultimately, the incorporation of more technology into your business should enhance your customers' experience with your brand.
Product management is about more than just bringing your products to market. At its heart, it’s about putting your customers first. Once you do, you will start to notice a significant change in your relationship with your buyer base, as well as an increase in your long-term profitability.
Resources:
Article: "The Role of Product Management in Innovation" on ProductCoalition.com - This insightful article explores how product management plays a critical role in driving innovation and market success. It provides practical tips and strategies for product managers to foster innovation within their organizations.
Podcast: "Masters of Scale" by Reid Hoffman - This popular podcast features interviews with successful entrepreneurs and business leaders who share their insights on scaling companies and driving innovation. Episodes often delve into the role of product management in shaping the future of innovation and market success.
Book: "Inspired: How to Create Products Customers Love" by Marty Cagan - This bestselling book offers valuable insights into product management and its impact on innovation and market success. Cagan shares practical advice and real-world examples to help product managers create products that resonate with customers and drive business growth.
