An effective product management function is one of the most powerful weapons of successful technology companies. Why? Because most technology companies constantly struggle with the similar challenges to create competitive products and brands. The challenges start with connecting the vision and business strategy with day-to-day operational capability. They continue with improving collaboration across internal functions such as research and development, marketing, sales, finance, supply chain, and customer service. Challenges also are related to competitive intelligence, collaborative partnerships, and strong customer relationships with key accounts.
Product management, when it is properly situated, staffed, empowered, supported, and sustained, can provide a strategic competitive advantage for developing innovative products, making launch dates, winning competitive battles, and extending profitable product lifecycles.
This Technology Multipliers video summarizes the eight steps for success with Product Management of technology products. Check out the details in our Product Management webinars and Product Management e-book.
Technology Multipliers seven keys to product management are:
- Situate product management as the heart and soul of the organization with a stable foundation
- Recruit and empower product management and professionals who can concurrently execute at strategic and tactical levels.
- Empower product management with portfolio management of R&D projects and marketed products.
- Develop different types of roadmaps to communicate where the business, technology and platforms/products are going.
- Implement and iterate a formal requirements management process with proper software.
- Do not launch new products without early adopter and beta programs.
- Gather, analyze, transform market information to insights and knowledge for innovation.
- Product management’s most critical role is to plan, coordinate, and manage successful new product introductions.
Steven Haines’s book titled “Managing Product Management” is an excellent reference on the topic.