Tuesday, April 12, 2011

What is Product Management ?

Today, I was discussing with my friend in XLRI GMP "Eric Nishant Ekka" about what Product management is all about ? Eric has been in product management for a long time and he has extensive experience working with products.

He brings tremendous experience in product strategy. Well, so here are his inputs about what product management is all about ?

About product management:

The role is v good. You will thoroughly enjoy it.
It will have its own set of challenges and rewards. Pay scale for a product management position would be definitely good.

Employer's will need someone who can understand domain v well. So you need to be good at domain.

Also, this involves strategy- so you will have to give inputs about positioning/ segmentation and targeting of the product that you are managing. Though not directly involves sales, but may have to interface with sales personnel.

But more of a product strategy role.
In future - 5 yrs down the line, you can should target the senior role in strategy and marketing- like VP Strategy/marketing. This is how a person seeking career in product management should plan his career.

The role is more towards strategy (80%) and less towards marketing( 20%)

Also, you should be able to compare products, and be dynamic in understanding how industry is evolving- what changes shud be incorporated ? and how you can design the product to make it even more appealing to the clients. You have to make sure that a wonderful product is created. Selling and business development- that is not your work.

As a product manager, your area is to make the product successful.

You have to prove yourself in terms of strategy and in product roadmap - esp product design/ development and how it should be positioned in the market- what kind of similar products are already existing - regulatory compliances - etc.

Also, the focus is also on strategic management. A product manager also needs to focus on NPV/ IRR - that is important to show senior managers how you will analyse - how product is performing- about PLC (product life cycle) and about various growth stages in product lifecycle- is the market in growing phase or mature market ? if growing- what new areas are coming up ?

That's all about product management.

With thanks to Eric for his wonderful insights.


Dittu said...

Thank you, the article was helpful

Unknown said...

Nice article dude! Informative!

Ankit Arora said...

Am glad that the article was helpful :)

Thanks !!

Haresh said...

Informative, without over-use of management jargon!

Thanks, Ankit!