Product Management 101: The Basics

Insights

In this maiden issue, we explore the basics of product management. We'll start by defining what a product is and what a product manager does. You'll learn about different types of product managers based on skill sets, core skills required for the role of a PM, and a typical day in the life of a product manager.

We’ll also answer a common question and recommend an essential book to help you dive deeper into the world of product management. So, let's get right into it! 🚀 

What is a Product?

Think of a product as a well-crafted tool that fits perfectly into the hands of its users, solving specific problems or fulfilling particular needs. It can be a physical item, like a smartphone, a service, like a streaming subscription, or even an experience, like a vacation package. Essentially, a product is something created to provide value to customers. Products come in all shapes and sizes, but the common goal is to solve a problem or meet a need.

In the world of digital product management, whether it’s a sleek smartphone that keeps you connected or a software application that streamlines your work, a digital product is an intangible item that exists in the digital realm, like software, mobile apps, or streaming services. They can be downloaded, streamed, or accessed online. Digital products often combine user interface design, software development, and data analysis to ensure they meet user needs and provide a great experience.

Understanding what a product is and the purpose it serves is the foundation of product management.

This is a great segue into the role of the person who works behind the scenes, managing the product and all that it involves: The product manager. 😎

Who is a Product Manager?

Think of a product manager as the captain of a ship, steering it towards its destination while ensuring every crew member knows their role and works together smoothly, steering the course from idea to launch and beyond. They decide what gets built; when it gets built, and why it matters. A product manager (PM) is responsible for the strategy, roadmap, and feature definition of a product. They act as the bridge between different teams, including engineering, design, marketing, and sales. They gather and prioritize customer and market requirements and work closely with engineering, marketing, and support teams to ensure the product’s success.

Product managers wear many hats. They must be leaders, strategists, and communicators, all while keeping a laser focus on the customer’s needs. They are the bridge between the business side, the technical team, and the users, ensuring that everyone is aligned and working towards the same goal.

For example, a product manager might oversee the development of a new feature for a social media app or work on improving an e-commerce platform's checkout process.

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Types of Product Managers

Product managers come in various flavors depending on their skills and areas of expertise.

A Generalist PM is versatile, handling a bit of everything and often stepping in wherever needed. This makes them ideal for startups or smaller teams where roles are less specialized. 🧰 

A UX (User Experience) PM is all about making the product intuitive and enjoyable to use. For example, they might work on simplifying the navigation in a mobile app. 💡

A Technical PM has a strong background in technology and works closely with engineering teams to tackle complex technical challenges, like improving the app’s performance or integrating new technologies. They usually have a coding background and very high-level experience with coding languages and APIs. 🔩 🛠

An AI PM specializes in products that use artificial intelligence, such as a recommendation engine for an online store that suggests products based on your browsing history. 🤖 

A Growth PM focuses on strategies to acquire, retain, and grow the user base, often experimenting with marketing techniques, referral programs, and user engagement tactics. 📈📉

A Zero to One PM is skilled at building new products from scratch, navigating the challenges of the initial development phase, and turning an idea into a viable product. 🥇

Each type of PM brings a unique skill set to the table, ensuring that the product excels in different areas. Some product managers are 1 or more of the above. It takes time to build those skills, and while specializing is great and helps to understand what roles fit best, it is okay to start out as a generalist PM and gradually find the superpower that sets one apart.

Typical functions of a Product Manager

Define product vision.
Carry out market and user research.
Create and maintain a roadmap.
Prioritize features and work to be done typically using frameworks.
Cross-functional collaboration.
Stakeholder communication.
Iterative development through feedback.
Problem solving.
Product Development Oversight from planning and design to testing, release, and iteration.
Metrics and Analytics.

A senior or principal product manager will take on much more, but the above are very bare minimum functions of a product manager.

Core Skills

A successful product manager needs a diverse skill set. Here are some core skills essential for the role:

• Communication: Clear and effective communication with stakeholders and team members is crucial. PMs must convey ideas, updates, and feedback seamlessly in a format and language suitable for each stakeholder.

• Strategic Thinking: The ability to see the big picture and plan for the future is vital. PMs must align product strategy with business goals.

• Analytical Skills: Using data to make informed decisions helps PMs understand what’s working and what’s not.

• Leadership: Guiding and motivating teams towards a common goal is a key aspect of the PM role.

• Customer Focus: Understanding and prioritizing customer needs ensures that the product remains relevant and valuable.

Day in the life of a product manager

On a typical day, a product manager wears many hats. They might start the day by reviewing user feedback and data analytics to understand how the product is performing.

Then, they could meet with the engineering team to discuss progress on current projects and tackle any roadblocks. Later, they might brainstorm with the design team on new features or improvements.

They also spend time writing detailed product requirements, prioritizing tasks, and communicating with stakeholders to ensure everyone is aligned with the product’s vision and goals.

For example, if a product manager is working on a new messaging feature for an app, their day could involve defining the feature's specs, coordinating with developers to build it, and planning a marketing strategy for its launch.

Question & Answer 🙋‍♀️

Q: What is the most challenging part of being a product manager? A: Balancing the diverse needs and expectations of stakeholders, customers, and team members can be challenging. Effective communication and prioritization are key to managing these demands.

Send me your questions by hitting reply!

Book Recommendation 📚

In this section, I recommend a book. Most book recommendations will have a summary you can read or listen to in 20 minutes or less in the Blinkist App. Every book recommendation can be accessed in my Blinkist Space here.

Today’s Recommendation

Take Action

Create a Product Concept:

• Action: Create a simple product concept. It can be anything from a new app idea to a physical product. Define whether it’s a physical or digital product and outline the problem it solves or the desire it fulfills.

• Steps:

  1. Identify a problem or need.

  2. Think of a product that addresses this problem or need.

  3. Write a brief description of the product, specifying if it’s physical or digital.

  4. Define the core features and benefits of the product.

  5. Explain why this product is valuable to potential users.

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