What Does Best-Practice Product Management Look Like?
Most product managers spend their time firefighting. They get drawn into issues that divert them from what a product manager should really be doing.
What is Best-Practice Product Management?
Best-practice product management in business-to-business (B2B) companies focuses on aligning with market dynamics and ensuring customer satisfaction.
The Key to Business Success
The undeniable fact for all companies is that market dynamics determine their success. Without customers and the revenue generated from the market, no company can be successful. Your company's success hinges not just on the products you make, but on customers choosing you over competitors. In best-practice product management, you are responsible for ensuring that customers buy your products and continue to do so.
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Product Management as a Marketing Function
Despite its name, product management is fundamentally a marketing function. Your thought processes should primarily align with market happenings rather than internal issues that distract from market focus.
The Role of Product Managers
Some companies still see product managers as support for the sales team. However, the best companies expect product managers to lead by determining:
- Which customers to target
- Which products to sell
- Pricing strategies
- Distribution channels
- Value propositions
Acting Like Mini-CEOs
One customer described the role as acting like mini-CEOs, guiding how products are managed in the market. This strategic thinking is essential for managing products effectively.
Strategic Product Marketing Plans
Increasingly, companies expect product managers to create strategic product marketing plans. This is crucial for anyone looking to lead and manage products effectively.
Beyond Product Management to Solutions Management
In some globally competitive companies, product managers evolve into solutions managers. Customers don’t just want products; they want solutions that help them succeed in their markets. Companies that understand this offer not just products but holistic solutions that include services, support, and more.
Superior Value Proposition
A best-practice product manager ensures that their company offers superior value that customers are willing to pay for. This involves leveraging company resources to fill gaps in customer capabilities.
External Focus Over Internal Focus
Best-practice product management requires an external focus on market and customer needs. If your company is inward-focused, you might mistakenly believe you’re meeting customer needs. The only way to truly meet customer needs is to focus externally.
Taking the Lead as a Product Manager
Understanding and leading with a market focus isn’t easy. You may need to change perceptions within your organization and carve out your role by developing customer-focus, acquiring market knowledge, and applying logical market-based arguments consistently.
Strategic Perspective and Product Marketing Plans
Your greatest weapon is a strategic perspective that looks into the market, where your success or failure will be determined. A clear, written product marketing plan is essential.
Courses for Best-Practice Product Management
In my course, 'Product and Solutions Management for Business to Business,' I help product managers adopt best-practice by developing a market-focused mindset. I teach them how to acquire market insight and apply key principles and tools to construct a strategic product marketing plan.
Best-practice product management requires a shift from internal firefighting to external market leadership. By focusing on creating superior value and understanding market dynamics, product managers can lead their products to success.