The Three Transformative Stages of Product Management
Product management is an ever-changing field. And every product has a lifecycle that consists of numerous phases. It is becoming difficult for companies to maintain a competitive edge. As the day evolves, customers are more aligned with technology, more knowledgeable with information at the tip of their fingers, and more demanding for something better than existing.
Businesses must innovate to deliver better constantly, and a product management approach is a driving force in its lifecycle.
The role of Product Managers in the development of products within a company changes as a company evolves. PMs are the backbone of the business as they’re responsible for identifying, planning, launching, and marketing great products from scratch.
Through research, experts have classified three transformative stages of product management.
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Stage 1 : Builders
Scaling of the product management role has been meticulously avoided by Scrum, planning a sole owner of the product. Here, the product owners are builders who bridge the gap between technology and business. In Stage 1, the primary focus is on product development.
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Stage 2 : Observers
In Stage 2, the focus is more on traditional product planning and marketing activities. Whatever product is built, the PMs team up with the marketing team to let the target audience know about it. PMs should leverage technology to accomplish goals by focusing on achieving product-market fit.
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Stage 3 : Chess Players
The ultimate goal in Stage 3 is to build a winning environment for the products by growing the category or geo-expansion. In this stage, PMs should embrace all the ambiguity that comes with becoming product leaders. They should standardize processes and adopt metrics to set the vision beyond imagination.
The three stages simplify the corporate tangle for the product managers and help focus on what matters most: designing products with impact.
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