Product management is an ever-evolving field, and the job roles of a product manager keep changing with the evolution of products and the growing demands of customers. Whether you are a student willing to build a career in product management or a professional in this field – knowing/ revisiting the basics can be of great help. So, here’s a compilation of product management fundamentals that every product manager needs to follow to develop successful products.
- Digital adoption
Are your customers getting the maximum value out of your products? How well have your products become an important part of their lives? Are they utilizing all the helpful features of the product, or are they missing out on the most useful features? Digital adoption seeks to find answers to these questions.
Companies must ensure that their digital tools are utilized by customers and employees. A product manager makes sure that the product is not only intuitive but also enhances digital adoption.
One of the most crucial points in the journey of a product’s user is where it commences. Onboarding is the first step, and it has the potential to break or make the user’s impression of the product. So, product managers must prioritize this phase and help users become proficient with the product quickly. You must make your customers realize and appreciate the value of the product to retain them.
- Customer experience
What is the meaning of customer experience, and how is it different from product experience? Product experience is that portion of the user’s experience that takes place while he is using the product. Customer experience continues even when the customer is not using the product. Customer experience is something that lingers, whether it’s bad or good.
Imagine the happiness of your customer when the product solves his problem. So, now you know that it is more potent than marketing campaigns. Product managers that make a difference know that providing customers with an experience that engages and compels them to return is critical to the company’s growth.
- Feature adoption
It is the duty of product managers to drive users to value the company’s products. This is why every product must upgrade itself from time to time. Product managers constantly strive to build new features to increase the product’s value. Therefore, feature adoption is of utmost significance
How do product managers find out if the customers are truly happy with their products? What tools do they use to identify the most dissatisfied and most contented customers? NPS or Net Promoter Score answers all these questions in a measurable, quantitative way. It is the most commonly used tool for measuring customer sentiment. So, good product managers conduct NPS surveys frequently to stay informed about the users’ perspectives.
Without feedback, how will a product manager know if users are satisfied with the company’s products? If they aren’t sure about the product’s value, how will they guide the teams to retain customers? So, they keep collecting feedback from new and existing customers, and that’s how they create a loyal customer base.
Road mapping means visualizing the product’s future. This step is crucial in every product lifecycle as the roadmap is the most vital living document that the product team has. It is basically a visual summary of the product to facilitate communication with prospects, partners, internal stakeholders, and customers.
So, product managers must be adept in changing roadmaps frequently, along with shifting the company’s priorities and marketing conditions. Some items that always appear on product roadmaps are user stories, feature releases, strategic milestones, and product releases.
The goal of a product manager is to design products that will delight the customers. Memorize the above-mentioned fundamentals to achieve success as a product manager. If you are a beginner, you will require proper training to work with leading companies. You can opt for a product management certificate program from a prestigious institution to gain in-depth knowledge in product management.