In this article, we have explained the common misconceptions linked with modern product management strategies that influence the outcome of each product in its final form. This article will help professionals who are thinking of enrolling in online product management classes.
Today, products are mostly sold online and the volume of products that you are likely to find online exceeds the total human population on Earth by 1000 times. This means that for every human being on the planet, there are thousands of different products available for use! And, yet customers believe that not only one product can solve their problems – simple or complex, completely. With so much happening in the space of product management, it is invariably a complex process for the Product Manager to come up with a tremendously reliable and worthy product management strategy.
So, what’s a product management strategy?
Product management strategy is a set of policies, protocols, and architectures issued by and for product development teams to build a competitive product using comparative data analysis for superior differentiation and segmentation of products in GTM. GTM alludes to Go To Market, meaning product strategy should align with GTM strategy carried forward by client-facing sales and marketing teams. A majority of product management teams follow the AnsoffMatrix for launching new products or upgrading existing products in new markets.
This is the Ansoff matrix and this is a very popular model taught in MBA product management courses.
Now, let’s get to the focus area of this article – the misconceptions.
Misconception #1: Product Management is not a strategic goal in large IT companies
IT companies are pushing for larger digital transformation outcomes and product management teams are playing a bigger role than ever. However, budgets are still restrictive in nature despite so much growth and potential for more inclusion of Product Managers in the digital transformation race. In lean product teams, product management is still far from the strategic goal post of larger sustenance. But times are changing, particularly with newer technologies taking place in IT frameworks and bringing in powerful data analysis and automation capabilities for the benefit of product management teams. Today, 33% of the product managers training with online product management classes specifically work on the business side of their strategic vision and development.
Misconception #2: Product managers have a double act with project management
When new product managers start their journeys in the industry, they start believing that a part of their role is to double play with project management activities too. This is a misconception.
Product managers are responsible for the design, delivery, and revival of a product, and this is essentially a part engineering and part marketing role, where customer-centricity is the key. On the other hand, project management involves delivering as per expectation and associates closely with the IT and quality control part of the efforts. When a product gives troubles, a product manager will solve it, not the project manager. If a customer wants quick enhancements and upgrades with customization, a project manager will come into play.
Misconception #3: One product needs one software development process and this should be perfectly executed
Product management is a set of processes and amalgamation of tools and human intelligence. In the past, the product manager would only react to the needs and protocols listed down in the strategy and vision documents. But today, agility techniques have empowered PMs to go ahead with creativity-based strategies for product development that naturally bubble up to demonstrate that one product can be built with one perfect software development plan as well as a mix of other ideas.
Misconception #4: Product management has nothing to do with security and data privacy discussions
Building a product from scratch? Did you do a GDPR data privacy test for your product development program? If not, you are not alone. 9 out of 10 PMs are clueless about their product development tactics missing the benchmarks in data privacy and governance norms. What’s even worse is that product managers never consider compliance with data security as part of their deliverables. This can cause complex problems in the product software development strategies even as discussions on security and privacy are only heating up now with so many IT and SaaS companies hitting the hacking curve and meeting cyber threats halfway in their projects.
You would come many types of principles such as embedded analytics, end to end data security, customer experience management, AI-based predictive intelligence on risk assessment, and finally, data transparency. Your Pm job will be based on the value and expertise you bring to any organization. Recognized online product management classes provide ample live training and lab simulation on how to manage different levels of problems using tools and techniques that are hard to find elsewhere.