Product management is an essential part of launching a new product to the market.
Every new product needs a defined product strategy with defined goals throughout its perceived life cycle. There are several questions to ask before developing a product, such as who it will serve and how it will benefit consumers.
Good products should always serve a purpose and demonstrate their ability to evolve with the customer on their buying journey. For example, the best product management strategies anticipate the future of the product on a holistic level and not just during its launch.
While there is no one-size-fits-all strategy, there are a few things that the best ones have in common – like these five below:
1. Have A Clear Product Vision
Creating an inspiring product vision is simple when you understand the product itself.
Your product team should be clear on the problem that the specific product is designed to solve and then become passionate about explaining that in the shortest way possible. The reason for the existence of a product is how the vision for that product took shape.
Product visions include details on who the product is intended for, the category it falls into, the key reason to purchase it, and who the primary competition is.
2. Know Your Product
To sell a product, you need to know all there is to know about it.
That includes materials, the time it takes to make one, the process used to make each one, and much more. The best product management strategies are rooted in understanding everything there is to know about that product before marketing it.
3. Measure Success
KPIs shine a light on product performance and help project managers focus on hitting specific metrics. Evaluate technical and product-related performance criteria regularly.
Your company’s chosen product management strategies should propel your product and align it to the brand’s current roadmap. All product strategies should work hand in hand with the brand identity of a company.
For example, high-end product releases should never be reliant on mall activations – that shatters the illusion of luxury.
4. Address Failure
Course correction is vital for successful product management strategies.
Not all strategies implemented will work 100% of the time, but the idea is to hit that mark (or as close to it) with every new product launched.
The roadmap to your product launch needs to have clear methods for succeeding – as well as a clear plan of action for course correction if things go belly up. Your product management strategy needs to include ways to identify possible pitfalls in product launch performance.
That will help to smooth out any rough edges during the launch process – it is essential to always be able to pivot to a new strategy if the first one fails.
5. The Ideal Client Profile
When developing a new product, multiple people will give you their opinions – it is no different for a product release strategy. Do not fuss over all the opinions; only focus on the ones that matter.
Each product will have customers who match the ideal client profile (ICP). Try not to listen to the opinions or criticisms of people who do not match the target market.
Focus on launching to that specific subsect of consumers – they are the only ones who should matter.
Good luck with developing the rest of your product management strategy.
