Detailed product management process
Identify & resolve roadblocks.
Product management begins with defining the consumer base and determining their demographics and pain points. Once you have the product idea, ask the following questions to form better strategies.
- What customer needs does your product resolve?
- Are there any other products that are already solving these problems successfully
- How shall we differentiate from the competitors?
- If you are still searching for a product idea, ask the following questions to form a suitable strategy.
- How can we fill the market gap with our expertise?
- Is there any scope to add a feature to an existing product?
- How can we make an existing product more accessible and affordable?
Business values & goal alignmentss
Once you finalize your product, ensure you align it with overall company values and goals. It must align with your business’s core values. Product development and management strategies must respect this core principle to achieve the targeted result. Explore various ways to increase the ROI and how this product will help you achieve that. Set pre-determined milestones and form strategies according to that.
Test possible solutions
Amongst your team, brainstorm and define your new product or feature. You can act out certain strategies to identify potential roadblocks and bottlenecks, ultimately helping you finalize the most hopeful solution. For making calculated decisions, study your competitors, go through their similar products, and learn how they perform.
Create roadmap
Now, it’s time to design the roadmap, including start and end times, milestones, and certain essential tasks. During the strategy formation stage, closely coordinate with your product manager, who will execute these duties regularly, such as allocating tasks and resources. When you coordinate with stakeholders about the product launch, the product management manager harmonizes the product team to evaluate the team bandwidth and certain resources that may impact your roadmap.
Once your roadmap is finalized, share it with your stakeholders, seek their input and feedback, and implement it.
Build MVP
In this stage, your product management service team creates the functional prototype – The MVP. Once you form it, ensure you internally test it via beta testing or user acceptance training. Once your internal testing team confirms the product’s success, going for external testing is better. Ensure your company details remain confidential.
Product launching & marketing
Fix specific issues you have encountered during the testing phase, and go for the soft launch. Where only a few user try it and seek their feedback and suggestions, once you are convinced that the initial launch is successful, you should launch it in the market.
Meanwhile, your marketing team has already begun their pre-launch campaign to prepare your target audience considering the consumer interest. They should use strategic messages at the maximum speed to reach their target user base and make the product more visible.
Track metrics & sales
Set KPIs according to your business value and goals. After the product launch, assess these KPIs and measure product, marketing, and sales performance. Change these strategies, address the weak areas, or note the successful areas to implement them during the product launch. It gives strategic decisions to counter competitors and helps you be on the edge.