Key Essentials of Building a Successful Product Based Startup
by Ajay Hajare, Product Analyst
As we all know, Marketing is all about the 4 P’s — Product, Price, Place and Promotions. This post/ article shall address the core — the product. However, our focus would be on the product of a B2B tech company, its management by PMs (Product Managers), and how this impacts the growth of an organization in a very subtle manner. Seen graphically above, Product Management fits right at the intersection of Technical, BD Team and Clientele.
The primary deliverable for a product management team is to discover a product that is valuable, feasible and usable for the customers. For this to happen, the product management team takes input from the business development team and the clientele so as to get clarity on the needs of the end user. Next comes interfacing with the technical team for a feasibility check and generating a road map to get the tasks done. The key challenge here is not only to get things done in a efficient and effective manner, but also to analyse its future repercussions.
Product Management is primarily a business function focused on maximizing business value from the product. The inputs arrive from the BD team and the outputs generated by PM team in turn help the BD team in getting business. The impact here is indirect when seen from a PM’s perspective since their function is to complement the BD team.
Additionally, product management is about dealing with planning, forecasting, development and testing of the product at all stages of its Product Life Cycle. It is an inter disciplinary role that bridges the gap between teams of different expertise. Sometimes this team translates business objectives into engineering requirements and at other times they work on explaining the capabilities and limitations of a finished product to the business team to allow them to explain it to clients. In a nutshell, they take care of inbound product management (product development) as well as outbound product management (training sales people, formulating GTM strategies with BD team).
But the story does not end here, they are also aggregators of huge amounts of information from web analytics, market trends, research reports and statistics, with the help of which they forecast what is next in the product roadmap (inbound management)! (This is akin to being the clairvoyant brain that knows how future is exactly going to look like, albeit the predictions here are based on data rather than instinct). When the above described process flow happens successfully, it results in the begetting of a marvellous product that is valuable, practical and usable for the customers. Consequently, saleability of product improves and this helps the BD teams in generating more business resulting in a very sustainable cycle. Simply put, PM’s are the silent guardians/ watchful protectors who nurture an organization to transition to the next level.
Interested in building a career in product management. Drop your resumes @ email@example.com