Tips to Manage Products effectively

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Product management is an important procedure that must be taken to ensure that the product function will be sustained and keep relevant with particular changes over time. Different products types need a different type of product management approach to suits the users’ needs. It is a practice of driving development and providing continual support towards the improvisation of the product whenever possible. Take, for example, a website as a product. Over time, there will be features that need to be added to make the website function relevant and fulfill the users’ needs. 

These (and more) could occur when a product is not well-managed:

• Losing users’ interest to use the product
• Short product ‘lifespan’
• Difficult to compete with similar products
• No clear direction of the goal of the products
• Inconsistent development and improvement planning
• Wasting time and resources
• Poor problem management
• Targeting the wrong market

In today’s topic, our mentor, Eric Chan the Lead Product Manager at Grab Singapore will share his input on tips to manage products effectively.

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What is Product Management?

The definition of Product Management differs across industries and companies of different scales. The scope of PM could range from being responsible for sales or P/L of the product to driving strategic outcomes as part of the Product Organization. 

For Product Management in tech companies, which I have been spending my past few years in, it has been fruitful and enriching, driving impactful outcomes, not alone, but as a team. Not a team who is reporting to me but a team who is working together on the same level to drive a common goal. This is the core of Product Management.

In a nutshell,

“Product Management is about driving strategic outcomes together with the Product team, which is typically made up of Product Designer, Tech Lead, and Product Manager.”

Watch the 10 Key Product Management Terms You NEED to Know (In a Nutshell). 

3 core skills to be a Product Manager

Product Management is often a multi-disciplinary role that requires a wide spread of skill sets. There are 3 skills to being an effective Product Manager. Of course, the list is non-exhaustive. 😄

• Effective Communication
  This is the first and probably one of the most important skills that make a good Product Manager. Managing internal and external stakeholders and ensuring alignment across the board has been a key responsibility for Product Managers, and that requires efficient usage of communication methods and channels.
  

• Having a Strong Analytical Mindset is critical
  No matter which aspect of the product the person is managing. Instead of using pure intuition and gut feel, which Product managers should also have, using data and results to drive objective product decisions is important to minimize subjective and opinionated decisions.
  

• Being able to prioritize ruthlessly
  what's important and urgent among many things on the plate is a vital skill of a Product Manager. Imagine a long list of feature requests from stakeholders that looks feasible and impactful. Crystalizing the list for features and identifying which ones to do first is the crux of being an effective Product Manager. 

Rounding up to the other two skills, effective communication, and analytical skills, allow me to sum up by using a user story.

As a Product Manager, I want to prioritize features ruthlessly using strong analytical skills so that I can communicate the product vision and roadmap to stakeholders effectively.

The 5 effective tips to manage products better

• Understand the industry or vertical as trends and changes might change the business landscape. 
  

• Always revisit the product vision and align the product roadmap to the vision.
  

• Plan early, execute diligently. Not by yourself, but with the team together. 
  

• Understand your users, deep down. Listen to them, observe if possible.
  

• Always remember the Why and it will drive the Whats and Hows.
  
  

Learn about the 10 Best Product Management Tools Of 2022. 

The challenges as a product manager and tips to overcome

The role of a Product Manager is naturally challenging. What it brings with the role is ambiguity and uncertainty, and many others (honestly!). Below are some methods and tips to overcome some of the challenges to maximize impact as a product manager: 

• Get to know your stakeholders well.
  Knowing who to talk to in the room to get things going. 
  

• Listen attentively, Talk tactfully.
  Never jump the gun and assume. Always seek to clarify.
  

• Empathize with everybody.
  We are all human. Speak to the heart if possible. 
  

• Be humble.
  Have a growth mindset. Always seek to learn and grow rather than to be 
  

• Always help the team, be a servant leader.
  Supporting your teammates go a long way.

Read here on the A visual guide to book reading for product designers and the Characteristics of Bad Product and Tips to Design Better. 

Tips to revive a failed product

• Plan as a team
  Discuss ways to save the product as a team. Give clear direction and reframe goals.
  
  
• Identify the issue
  Reach out to your target users, analyze your data, strategize a new plan to improve the product.
  
  
• Prioritize users’ needs
  Listen and get the right data to fulfill customers’ needs. Be empathic towards the user’s journey.
  
  
• Experimenting with new strategies
  Monitor the result and make changes accordingly.
  
  
• Re-marketing
  Give a new name or set a new product mission and vision that could re-live the product.
  
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“You wouldn’t try, you wouldn’t know. Try it, know it, iterate it, and continue the loop.”- Eric.

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Product innovators! Are you interested to know more about how to manage your current on upcoming products? Book a 1:1 mentoring session with our global experts.


Contributor:
Eric Chan(ADPList Mentor)
Lead Product Manager at Grab
ADPList Profile: https://adplist.org/mentors/eric-chan 
LinkedIn account: https://www.linkedin.com/in/ericchanjq

Editor and Writer:
Farah Radzi
Content Marketer and Writer at ADPList
LinkedIn account: https://www.linkedin.com/in/famr/