Product managers are often called the CEOs of a digital product.
They are responsible for identifying market demand-supply gaps, study customer pain points, and conceive an appropriate solution. Additionally, they continue to add value or improve on their product, right from the point where it is launched up until the end of the product life. Finally, product managers are the bridge between the product developers and the stakeholders.
From this description, it becomes apparent that they play a crucial role in the development of a product. However, there is little knowledge regarding how they can help in the overall growth of the company. This article talks about how a product manager can benefit and facilitate growth in a company.
The Role of a Product Manager
According to Martin Cagan’s “Behind Every Great Product,” a product manager is responsible for:
- Evaluating product ideas and market conditions to identify opportunities and mitigate risks.
- Assessing the feasibility and validity of a product.
- Announcing the right product with the right features at the right time.
- Drafting a product roadmap that leaves sufficient room for the product to grow and evolve.
- Defining a product development timeframe and monitoring the progress as per the timeline.
- Leading and managing the teams responsible for the development and execution of the product.
- Coordinating with other departments, such as sales and marketing, to manage the product development process.
- Creating an internal buzz around the product.
- Representing the product and the product development team.
How Does a Product Manager Drive a Company’s Growth?
Having a dedicated product manager ensures that your products get released as per a timeframe without burdening the other managers. A product manager has complete knowledge of the product, right from the need for the product to the effective strategies to launch it in the market. Hence, they are more likely to make wiser decisions regarding any product.
Here is how they help in the growth of the organization:
They Conceptualize the Product
Naturally, a company is worth nothing if it doesn’t have a product or service to sell. Thus, the primary purpose of a product manager, that is, to develop a product, helps them to fire up the firm and get it started.
They have a granular understanding of the market needs and can accordingly decide which product is not only suitable but also feasible for these demands. Companies that have already established themselves as brands may hire product managers to enhance a pre-existing product or introduce complementary products that may unlock new potential.
They Communicate and Collaborate
Product development involves several limbs of the organization, where you may have to hire app developers or keep the marketing teams in the loop. The entire mechanism would fall apart if there were no communication present!
Product managers assess the progress of the product development process and communicate the same to the stakeholders and relevant departments. They work tirelessly to ensure seamless collaboration among the many parties.
So whether it is giving a pep talk to the development teams or giving presentations to the stakeholders – let the product manager handle it all!
They Introduce a Market-Driven Approach
The most significant advantage of having a product manager is the knowledge and insight that they share about the market. As we move towards a customer-centric environment, the consumer has the power to make demands.
A market-driven approach follows a simple philosophy – it’s simpler to locate market problems and suggest solutions to it than to find pain points to suit your answer. As a result, companies can achieve long-term, sustainable, and profitable growth for the years to come.
Further, product managers can carry out the two-fold task of improving the existing product and creating new products to fulfill unmet demands.
They Ensure That Product Develops as per Timeline
If you want your company to grow to its full potential, then you must scale your goals in a timebound fashion. It is a dog eat dog world out there and missing out on a deadline could cost you billions in terms of revenue.
Therefore, having a product manager is essential to ensure that the company is on the right track to development. Even though they occupy a managerial position, product managers do not have to manage people.
Hence, they can focus entirely on reducing the time taken to reach organizational goals. Resultantly, they will drive up the time-to-market and the time-to-revenue corresponding to the product.
Plus, as a product manager takes a well-informed executive decision on what product is worth the company’s efforts, they also make effective use of the resources available with the company. Thus, they refine the organizational focus and help the company meet its goal.
They Facilitate Business Expansion
As it has come up time and again, in addition to developing a product and adding value to it, product managers are responsible for identifying opportunities for new products. For example, your product XYZ has already hit the market and has gained some amount of traction.
However, on collecting information regarding its performance, the product manager develops that customers are now facing an entirely different issue. Sensing this situation as an opportunity, they can conceive a product ABC, which resolves the new problem.
Thus, the same company now creates products ABC and XYZ. The product manager has successfully managed to diversify the role of the company and expand the business into new avenues.
To put it succinctly, a product manager plans and executes product solutions that help the business meet the various user requirements. They are wholly responsible for the success (or failure) of their product.
A product manager is a leader-collaborator that balances out the different teams and people working on the project. The cross-pollination of ideas will expand the business’s capabilities and spur its growth.
Companies may not necessarily need a product manager right from the start, but they can help your business take off. At the same time, companies could involve a product manager at a later stage to carry out expansion and branch into new endeavors.
Does the idea of leading change and developing new products sound exciting? Sign up for the best product management courses to land this excellent position! As a company owner, you can hire a good product manager to expand your business exponentially.