Understanding how well the discipline of Product Management is adopted in your business?
Product Management is a very broad discipline that is plagued with inconsistencies in its industry adoption. How well the discipline is implemented in your business can have a huge impact on your Product Strategy.
Product Management is not just a single role in the business. It encompasses the people, mindset and skills that are necessary to drive a market focused culture right across your organisation.
Product Management is a very broad role and for anyone that has ever researched the job description in any detail, they will see that it covers areas related to strategic thinking, marketing, support for engineering development along with tactical day to day prioritisation and sales support.
A strong product manager needs to ensure that their focus is balanced and that they don’t lean too heavily towards any one of these quadrants.
Driving revenue growth through a compelling Product Strategy requires that the Product Manager adopts an underlying discipline for Product Management. This discipline supports the tight interconnection between value creation and revenue growth.
IntegratedThinking’s Product Management Value2Growth Diagnostic enables businesses to firstly identify gaps in how they adopt the discipline of Product Management and to focus more deeply on how they think about product strategy. The diagnostic helps a Product Manager and leadership team to consider how well they:
- Identify and articulate specific market opportunities – understanding the problem or need that the business can address
- Assess and prioritise target markets based on clear selection criteria
- Engage with the market to validate a customer hypothesis – using qualitative and quantitative voice of the customer techniques
- Align leadership stakeholders around clear corporate objectives relative to each defined market opportunity
- Make informed decisions based on clear commercial and market data
- Prioritise projects based on potential return on investment
- Ensure there is a clear product, solution or service strategy that aligns with corporate objectives and market demand
- Drive market differentiation through innovation, articulation of USPs, awareness of competitive landscape and understanding of strengths and weaknesses
For a Product Manager, capturing 360 feedback from various stakeholders across the business on how well they believe the discipline of Product Management is adopted in their organisation can be a useful next step in understanding where to focus their efforts.
How can IntegratedThinking Help?
Assessing Current Product Management Capabilities – irrespective of your stage of growth, it makes sense to assess and address capability gaps in Product Management that might impede revenue growth. The Value2Growth assessment helps teams to self-diagnose their approach to Product Management and to take steps to address any gaps.
Contact me for details on how your team can take this diagnostic assessment to understand your adoption of Product Management. We can work with the Product Manager and the leadership team to drive team alignment around next steps that will support the creation of products, solutions and services aligned with market demand.