Product Management

What is product management?

Product management is the process that directs all stages of a product’s lifecycle, from discovery to go to market, with a focus on the product and its users.

The work of product management

  1. Market Intelligence
  2. Strategy
  3. New Product Development
  4. Lifecycle Management

What is the product lifecycle?

The product life cycle describes the stages of the product from the time it is introduced to the market until it is removed from the market. There are mainly four stages of product in the market industry:

  1. Introduction: This stage is when a product is launched in the marketplace. Typically, at this stage, sales are low and demands build slowly.
  2. Growth: This stage is when customers have accepted the product and demands and profits are growing
  3. Maturity: This stage is when demands are stagnant and level off, and might have to look for a price strategy to complete market
  4. Decline: This stage is when demand is declining and replaced with new emerging products, might have to retire or pull the product from the market.

How to measure product success?

Product success is a summary of the value and importance of the product. It can be measured using metrics and key performance indicators (KPIs). This data helps perform calculations and understand business and revenue performance.

Tips to improve product success

  1. Define comprehensive marketing and messaging for the product.
  2. Perform Testing prototype to predict the potential of the feature and perception of the feature 
  3. Assess the variance between actual data, and predicted values to refine the forecast of demand and price.
  4.  Use customer feedback and interviews to adapt the product.

What is the product KPI?

KPI is a quantifiable measure used to define and track product success. The product management team uses these to identify problems, set goals and make informed decisions.

  1. Marketing: Revenue, No of Leads, Cost per Lead, % Sales Growth year by year ( existing vs new), Sales cycle time, Avg revenue from one customer, Traffic, MQL ( Marketing Qualified Leads), SQL (Sales Qualified Lead), Current budget
  2. Product Development KPI: Velocity, Release Time
  3. Product Usage KPI: Daily Active User, Duration, Onboarding Time, Customer Chun/Retention Score, Customer Satisfaction Score, Promoter Score

What is the product roadmap?

A product roadmap is a strategy for how a product will develop over time. It outlines product functionalities along with the timeline. Roadmaps can be created with Atlassian tools.

What distinguishes the product from the engineering team?

The three Ws (Why?, What?, and When?) are the responsibility of the product. The main objective is to find right the problem and requires different level activities.

The product team works with engineering team to determine how to solve the problem. 

The engineering team looks forward to solving the best problem available in the timebox. They look for clarity and a well-defined mission.