Identifying Essential Qualities of an Effective Product Manager
Savvy product managers: the bridge that businesses can't do without!
Product management has become a must-have for tech companies looking to innovate and cater to real-world needs. These influential individuals act as a link between different operational departments, customers, and the essence of a successful business - understanding the market.
In today's digital world, average annual salaries for product managers can reach up to $130,000, making them a valuable resource for any company. But what exactly is it that businesses love so much about product managers? How can you flawlessly execute this role?
Let's dive into the traits that exemplify an exceptional product manager and how they bolster organizations and businesses. Let's get started!
What does a product manager do?
At its core, a product manager ensures that product development is in line with customer needs.
Many companies have failed because they released products no one desired. Product managers prevent this fiasco by centering their focus on user experience (UX) and customer success. Poor UX could cost a business up to six times its revenue (Forbes). Product managers strive to guarantee their tech assets and business strategies contribute to superior UX, driving revenue and creating a thriving business ecosystem.
Product Managers: The Backbone of Business Success [Diagram]
Source: Atlassian.com
The business side of things involves sales, marketing, and production, all under the watch of a product manager.
Now that we've covered the basics, let's explore the different types of product managers out there!
The Different Types of Product Managers
Product managers are multitasking masters, harmonizing various departments and stakeholders (customers). To better understand the various roles, we've grouped the most common types of product managers as follows:
- Business Product Manager
- Technical Product Manager
- Design Product Manager
- Growth Product Manager
Let's get to know the distinct roles!
Business Product Manager
A business product manager is often considered a "jack-of-all-trades" leader who coordinates stakeholders across all spheres. They develop a product roadmap, a document that outlines the delivery process to ensure maximum customer satisfaction and business success. This plan is refined with the help of various stakeholders, such as:
- Customers
- Product development teams
- Sales personnel
- Marketing experts
Technical Product Manager
This role centers more on the hardware or software side of business operations. Technical product managers work hand-in-hand with departments like engineering, app development, and IT, possessing advanced technical skills.
Design Product Manager
This type of product manager focuses primarily on user experience and visual design. They ensure product development is in tune with customer needs by working with:
- Customers
- Product researchers
- Designers
Growth Product Manager
Growth is all about drawing in more users or customers, and the growth product manager works closely with tech, marketing, and UX departments to ensure user-centric design and product quality.
Now that you're familiar with the various types of product managers, let's delve into the key traits that make them truly awesome!
The 5 Killer Traits that Set Awesome Product Managers Apart
Effective product managers have not only technical skills and an understanding of customers but also embody a unique set of personal and professional characteristics.
Trait #1: Takes Time to Survey the Stakeholder Landscape
Just as seasoned travelers identify landmarks or ask locals for guidance, product managers should survey the stakeholder landscape to avoid making poor business decisions. Dedicating time to speak with key stakeholders within and outside the company, understanding the business model, soaking up company-related information, and grasping the decision-making process ensure that the product development process aligns with the company's culture and objectives.
Keeping abreast of digital innovation trends is likewise crucial for maintaining a competitive edge.
Trait #2: Brings Products to Market Quickly
Prioritizing speed equals better financial prospects in two ways:
- Leaping ahead of the competition
- Cutting cost through reduced salaries and operational expenses
The best way to bring products to market swiftly is by:
- Listening to and adapting to the voice of the customers
- Building a minimum viable product (MVP) based on customer feedback
Listening to customers
Truly hearing customers is fundamental to product management. The challenge lies in figuring out the single most essential feature to develop from a multitude of possibilities. For example, if you're running a business, you could learn from your customers that they desire five new features for your product to stay loyal.
This is where the MVP concept comes into play.
Building an MVP
MVP involves selecting one or two features from the five your customers want. When choosing, you could consider what the majority of customers desire or what your product team is most comfortable with. Narrowing your list of features will enable you to get ahead of the competition through a faster product development process, which in turn increases speed-to- market.
Rapid product launches lead to people securing funding more quickly, among other benefits. In fact, philanthropist Matt Golan raised around a million dollars within the first day of launching his charity platform. To learn more about this, check out the OneRaise case study.
interested parties, facilitating open, productive communication, and leading through empathy and conviction.
Trait #4: Balances Strong Leadership and Delegation
Effective product managers are skilled in navigating the fine line between being a decisive leader and a strong collaborator. They never shy away from making tough decisions but also know when to compromise to create a common ground with various stakeholders.
They have an intimate understanding of their role's balance and focus on what is best for the business while also meeting customer needs, always providing reasons for their rejections to build trust and respect.
On the other hand, they also know when to delegate decisions to other capable individuals, improving overall efficiency and decision-making speed.
Trait #5: Leverages Data and Analytics for Informed Decisions
Product managers must be data-savvy, understanding and applying data analytics to make well-informed decisions that benefit the product's success and the organization as a whole.
Data analytics tools are essential for any digital app business, facilitating insights into user or customer engagement and accurately measuring success.
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With these crucial traits, awesome product managers contribute to organizational success by fostering innovation, ensuring efficient team alignment, maximizing user satisfaction, managing risks, and navigating market changes.
If you're seeking to build a business or grow your organization and are interested in developing apps as part of your strategy, our product strategy experts can help you scale quickly and achieve long-term success.
Contact us to discover how we can partner with you for long-term growth.
Sources:[1] Adapted from Azzuquotes (https://www.azquotes.com/quote/650381)[2] Atlassian (https://www.atlassian.com/teams/product/product-management-guide)[3] Mind the Product (https://www.mindtheproduct.com/resources/7-traits-awesome-product-managers/)[4] ProductPlan (https://productplan.com/glossary/what-is- agile-product-management/)[5] ProdPad (https://www.prodpad.com/resources/product-manager-qualities/)
- Product managers oversee app development, ensuring that it aligns with user needs and leads to superior user experience, contributing to the success of a business.
- In the role of a technical product manager, individuals work closely with teams like engineering and app development, applying advanced technical skills to the product development process.
- An effective product manager embodies traits such as leadership, empathy, and delegation, making informed decisions using data analytics to bring products to market quickly and ensure their success. They also balance their role between decisive leadership and strong collaboration, fostering innovation within their organization.
