Product management is an essential function in any organisation aiming to develop successful digital products and services. Product manager is the person responsible for leading the work from an initial idea to a successful launch and through the different scaling phases.
A new product’s life cycle starts with thorough strategic and tactical planning: how to choose the right markets and positioning, how to define the right pricing model, which partners to co-operate with, how to advertise the product – and many other things.
A product manager is the one who takes the responsibility for the whole process: identifying business objectives, considering and coordinating functional requirements, and reviewing the strategy and goals continuously. Product manager’s job is to lead the product to meet its financial targets. He/she can be considered as the CEO of the product.
“The process of product managing starts way before the product is actually launched to the market, and encompasses many stages and responsibilities”, Bell Rock’s Head of Product Management Sushma Padmanabhan explains.
Even though product management is still a new field in many sectors, and its role differs in different organizations, its benefits are undeniable. It not only sets the product vision and crystallizes your product strategy, but also develops your customer understanding, and product-market fit. This is why investors nowadays invariably demand to have competent product managers in place in their digital portfolio companies.
Roadmap lays out the steps to deliver value for the target customers
Creating real value for your customers in digital business requires a systematic approach to measuring, learning and adjusting based on feedback and data - all the while following the strategic roadmap
A roadmap is a journey line that functionally outlines the direction and progress of a product. Its purpose is to align the organization’s long-term goals and to maintain how they will be achieved. Product managers use roadmaps to collaborate and build consensus with teams, stakeholders, and engineers.
“Roadmap is an important part of product development and management. It embodies the product strategy and is usually a 3-to-5-year commitment highlighting the areas in focus for development”, Padmanabhan underlines.
All organizations engaged in digital development can get an advantage from professional product management.
At Bell Rock, our seasoned product managers help companies build, launch and grow digital products and services according to the industry best practices. Drop us a message and let’s discuss how we could help your business!