Do you need Product Management in a Startup? All too often I hear or see situations where a Startup happens without the expertise of Product Management. This is why I think it’s important for any Startup founder to read this article by Sarath CP. He outlines all the great reasons why having a seasoned Product Leader on the leadership team is critical for success.
Let’s take an example in order to get a better idea about the concept of product management. If you are developing a website and writing code for it, without even understanding of who will be using your services and products? In fact, how you are going to compete with your rivals in the competitive business world, how you plan to drive adoption and make money.
In that case, the odds of the success diminish dramatically, and your startup cannot be stand out of the crowd. This is the main reason, why startups and enterprise companies need the product management strategies to get their startups off the ground. It is responsible for defining the product strategy, developing a roadmap, and setting up a product vision in the market that meets both company goals and user needs. Let’s take a look at the reasons why product management is vital for your startup and how it can help you in growing your business.
#1 Reason- Know Your Competitors
As a matter of the fact that entrepreneurship is about creating values for the user, for the supplier, and for the employees. So the first and foremost reason for adopting the product management strategies is that it helps to know the competitors in order to diminish the odds of the success. It also helps to understand who your competitors are, and how your competitors price and their offerings can affect your business in the competitive world.
Thus you all are required to know both their paid-for features and free offerings in order to get a better understanding of your competitors. In simple words, with the help of the product management, you can collect and develop new ideas to solve the existing problems in the market and discover new opportunities and can stand out of the crowd. It is the cornerstone of product management.
In order to collect the information about your competitors, you can use a simple exercise of building a matrix that lists your competitor’s core features in Column A with your offerings in Column B onwards. Highlight the elements which is addressed by your competitor’s, and which isn’t. You can also get creative and create one matrix for free, another for paid, etc.
#2 Reason- Roadmapping
The next phase of product management is to encounter all your entire product strategy, your vision about your products and focus on the initiatives so that it can line up with the big idea of the product. Well, roadmapping is a communication tool that helps to communicate where you are, where are you heading, and how you expect to accomplish. A good product roadmap is clear, visual, and accessible enough for everyone involved to understand.
For this, you can also use the competitive matrix exercise in order to get honest with yourself and with your offerings. Because by doing roadmapping, you will get an idea where you are weak and at what point, your products and services are stronger than your rivals. More importantly, knowing where you’ll differentiate with your competitors helps guide where your focus should be when positioning yourself against your competition.
#3 Reason- Know your Customers
Well, you must be cautioned about why this reason is essential for developing your business in the business world? The simple answer to this question is that it forces one to be clear about who’s going to buy your products and services, and how they will benefit from using your product. If your customers or users are not happy with your offering, then there is no point of doing business.
So, if you are willing to grow your business venture, you need to add the product management in your plan because it will provide direct insights and suggestions to you in order to understand how you are going to solve the problems and increase your sales. More importantly, it will help you in getting the feedback of your targeted customers and users from different sources, including support requests, usability testing, customer interviews, and general conversations with the prospects and customers and prospects.