Last updated on July 25th, 2024 at 02:39 pm
Product management is a developing realm which is very dynamic in nature. For strategic product management, product strategy and strategy prioritisation are two very important parameters. These metrics help professionals to keep track of the development of a product and enhance its lifecycle management.
Strategic product management is a way to ensure that the products are in alignment with new market trends, business goals and customer demands. For individuals wanting to learn strategic product management, an effective sales and marketing management program can help them learn its key aspects.
Read on to learn the various design frameworks, metrics and competitive strategies in the domain of strategic product management.
What is Product Strategy?
The product strategy should always be driven by the company's goals and vision. The entire organisation consisting of different departments and individuals work towards the envisioning of the overarching purpose of the organisation. Thus, the company's vision is the idea behind product strategy.
A company is often entitled to manage multiple products for which different plans of action may have to be formulated. It is difficult to develop a comprehensive strategy for all the products associated with the company. Product strategy includes specific techniques for every product and is subsumed under the various types of corporate strategies and business vision.
The entire process is laid on the foundation of the company's vision and strategy where each product demands a comprehensive plan. Hence, the product roadmap and its implementation fall under the umbrella of product strategy.
What is Strategic Product Management?
Strategic product management is an approach or a way that helps organisations supervise and analyse the growth of a product from its infancy stage to the end of the product life cycle. It is a crucial organisational function that assists professionals in shaping the product life cycle.
In this digitally growing era, strategic product management is believed to be an imperative process for companies. It is an integral tool for companies in the journey of digital transformation.
Strategic Product Management Metrics
One of the major aspects of a successful product strategy is the inclusion of metrics. Metrics are important for ensuring that a product strategy is performing to the best of its abilities. The various types of metrics are listed as follows:
- Tactical metrics: This category of metrics focuses on a specific feature of a product and assesses particular components that are crucial in deciding the success of the product.
- Non-star metrics: The non-star metrics focus on developing product strategies that are in connection with the business objectives. It majorly aims at increasing the subscriber count.
- Counter metrics: This category of metrics plays a very important role in validating hypotheses. These metrics focus on examining various forces that can impact the success of a product. Changes in customer behaviour and the lifetime value of the product are two common aspects that impact a product.
Competitive Product Management Strategies
A product management strategy is used to project what a company wants to achieve with the help of that product. One may take the IIML sales leadership program and learn various strategic product management skills.
Here are some of the best product management strategies that can help professionals to attain organisational objectives:
Customer Research
The first and most important strategy to begin with is to perform customer research. The process of product management bridges the gap between the customer's expectations and the product itself. Hence, at first, all product managers have to select a target audience for the product so that it can be well marketed among them.
Customer research can be performed by conducting surveys, interviews, social media polls etc. In this way, product managers can interact well with the customers which gives them a chance of knowing the customers better and creating products according to their preferences.
Product Development
Strategic product management is a vital area of product strategy as it helps customers and businesses to come closer and grow together. In this way, products can be developed that satisfy the customer's demands and are also well-aligned with the organisational goals.
Product managers must have a great understanding of the product. This step allows product managers to prepare for the hurdles that the product may face after its launch. Various best practices are adopted by product managers to deal with any challenges that may arise.
Product Planning
The next step is to identify what one wants to achieve with a particular product. This is known as product planning where a comprehensive plan is developed before the launch of a product. This process is based on the concept that every product should be a company with a unique selling proposition which is known as the USP of the product.
The product managers develop various attributes of a product such as its design, functionalities, layout structure and so on in order to fulfill the purpose for which the product is to be launched. The specifications help product managers to track the product performance after its launch.
Product Launch
This is the most important step in strategic product management. One needs to be very careful about when and how to launch a product. Launching a product allows product managers to keep track of the customer needs along with the hype the product has created. Professionals need to maintain a product trajectory so as to ensure that they are walking on the pre-planned product roadmap.
Such a plan helps to reduce errors and do away with miscommunication within different departments of an organisation. It also provides the management with integral information regarding the brand and competitors.
Product Marketing
Product marketing is not only about selling the product but also about creating brand awareness and making a statement in the industry. Marketing includes various factors and key indicators that are important for performing data analytics on the product.
Product managers need to be on their tools after the launch of the product and keep constant track of product performance. They need to ensure that the product fulfils the demands of the customers and receives positive feedback.
Conclusion
Product managers invest a lot of time in analysing and creating product strategies. Strategic product management is a way of devising new products by selecting a target audience and identifying business goals.
To become a successful product manager, consider signing up for the Executive Management Programme In Sales & Marketing Leadership, IIM Lucknow by Imarticus and enhance your leadership skills in the field of sales and marketing. It is a very booming professional area and companies are always in need of great team leaders that can help achieve organisational goals with good product strategy.
