Product Management Process: 7 Stages every Start-up Should Complete
What is the Product Management Process?
By BoppoTechnologies | Updated On: Jan 11, 2024 04:01 PM IST
There is no one way to manage products effectively, as each organization has diverse needs and goals. However, most companies follow a similar process when it comes to product management. This process is lengthy and includes input from various departments and stakeholders. Product managers play a key role in coordinating these activities and keeping the process on track.
It is crucial to map the software product management process in the initial stages, especially in start-ups as the business process management software products is a necessity.
What is the Product Management Process?
There's a strategy behind every product development known as the product management process. It's a continuous flow that encompasses making assumptions, conducting experiments, refining the experience, learning from feedback, and then finally building a real product.
The software product management process (PM) involves steps needed to either launch a new product or feature or improve an existing one. An effective product management process in place is crucial if you want to create the best product possible with features that match your customer's requirements. By streamlining your product management process, you can ensure that your products are of the highest quality and that they meet the needs of your target audience.
The product management process involves interactions with different stakeholders across teams, including engineering, design, sales, and marketing. Product managers must create effective communication that bridges different stakeholders and successfully bring out an efficient product to the market.
Product managers create a synergy of user experience, business goals, and technical feasibility towards better product development. The Product Management process is a culmination of collaboration with various teams and stakeholders, like customers, business leaders, designers, engineers, marketers, customer support, and more.
Step 1 – Idea Sourcing
Merely writing code at the thought of an idea is not enough. There are chances the idea is pre-existing or might be already implemented. As a start-up services owner, you should first invest time in generating novel ideas. This will help you weed out all of the basic ideas and produce more original solutions. You can do so by -
Research - When you're trying to get your hands on which trends, products, and industries are worth your attention, it's important to take the time to do your research. This will give you a better understanding of the market as a whole and save you time in the long run.
Brainstorming- It is a process of generating ideas, and to do it effectively, you need to follow a few steps. Creating an open-minded and positive atmosphere is the first step, minus any criticism. Get a diverse team – a mix of people from different professional areas and with diverse backgrounds for the best results often called a cross-functional team.
There are a few key places product managers can look to for inspiration when it comes to developing new features or improving existing ones. These include:
- analysing user behaviour to see what trends emerge
- holding regular brainstorming sessions with your team
- gathering customer feedback via focus groups or surveys
- addressing any technical issues or bugs that have been reported
- considering suggestions from internal or external stakeholders
- speaking to your sales team to see what they think would be most beneficial for customers.
Step -2 - Develop a vision for your Product
Share your problem-solving vision with your product team to get everyone on the same page. This will help guide your product development and ensure that everyone is working towards the same goal. Having a clear vision from the start will make your product stronger and more successful in the long run.
Your product's strategy needs a "why" to be successful, and this is where having a narrative comes in handy. It will help you anticipate potential roadblocks and negative outcomes, which will in turn help you determine whether or not your idea is feasible. There's no point in pursuing an idea that can't be turned into a reality, so make sure to do your research before zeroing in on anything!
Product Management Queries:
It is imperative to try and describe your idea clearly in one sentence. This will help you answer the following questions:
• What problem am I trying to solve?
• How do I know if it will be successful?
• How should people talk about my idea?
Step 3- Market & User Research
The major reason that start-up services fail is due to the absence of a market need for their product. As a product manager, it is critical to explore existing market players and figure out where the white space is in order to be successful.
Market research is important for understanding:
• How big is your potential customer base
• Who are your main competitors are
• What their weaknesses may be
• How you can improve upon what they're already doing
By conducting market research, you can develop a clear and concise picture of the landscape you're operating in and identify potential areas for growth.
There are a few key points you'll need to focus on as a product manager, and user research is one of them. Meeting your target customer face-to-face is necessary in order to get honest feedback and insights that you won't be able to get anywhere else. Conducting interviews, surveys, or focus groups are all excellent methods to consider here. In addition to product management marketing strategies two key components needs to be ascertained before product development:
· What your user needs?
· What your user desires?
Step 4 - Strategy Development
Developing a product strategy is a good way for Product Managers to test their planning skills. While market research and customer development help shape the product's vision, strategy defines the steps you plan to take to meet your product vision over time. By taking the time to create a product strategy, you can avoid potential problems and set your product up for success.
Creating a product roadmap is the best way to break down your product strategy into smaller, more manageable steps. Your product roadmap should include the following six elements:
1. Business goals and objectives
2. Product areas
3. Features of a product
4. Key performance indicators (KPIs)
5. Order of priorities
6. Continuous Development
Building a product roadmap is showing a direction for the whole team. Initiating a development process should be done after a discussion with everyone on your team so that everyone is on the same page. This will help avoid any confusion or misunderstandings going further.
Step 5- Prioritize Product features
No product manager wants to say no to their stakeholders or customers, but it's an important part of the job. When you're deciding which features to prioritize, you have to put your strategic goals first. That might mean saying no to features that your stakeholders want, but it's more important to focus on the features that will have the biggest impact on your company's success and address your customer's needs.
A product Manager
• Reach: By using your product, how you'll be able to reach more potential customers or achieve conversions.
• Impact (a benefit): How your product will have a significant impact on different aspects of your business, helping you to achieve more success.
Step 6- Testing & Gathering Feedback
After the MVP is released, it's important to set up a feedback system so you can see how users are interacting with your product and what improvements could be made. To do this, watch user behaviour, collect feedback, and communicate product requirements to your team. Then make changes and test them. This should be a repetitive cycle during the product development process.
Feedback collection should happen at the same time as product development, not after the implementation has already wrapped up. To get the most accurate feedback, give users your product and see how they interact, capture their feedback, find the possible improvements needed and implement changes. Now give users your product again to see if the changes make any difference.
Step 7 - Ongoing Product Improvement
Though the software product management process is not a concluding point, the focus now shifts to optimization and efficiency. Project Managers should now think of scaling, operational improvements, business outcomes, and maintenance in minimizing costs and optimizing efficiencies. Try to keep an eye on the big picture so you can make decisions that will help your business in the long term.
Product and process design in operations management isn't a linear process. As a start-up founder, you need to be resilient with the entire process and later. Have confidence in your product and don't give up at the first sign of trouble.
As a Decision Maker
As a leader, it's important that you make decisions that will benefit everyone involved - not just yourself. To do this, it's helpful to keep the following things in mind:
• Be clear on your motives or "why" you're making a certain decision
• Weigh the risks involved with each potential outcome
• Predict the best- and worst-case scenarios for each decision
• Aim for a solution that calls for a win-win situation
At Boppo Technologies, we do start-up consulting for the product management process. Book a call with us to know more about how you can capitalise multi-fold by taking our service.