What is Product Management?

www.brainmates.com.au 1 What is Product Management?

www.brainmates.com.au 2 Who is Brainmates? A Product Management consulting and training business To provide experienced Product Management to businesses that want to truly understand their customers’ needs .... Our mission: About Brainmates 2

www.brainmates.com.au 3 ... to develop innovative products that their customers love. 3

www.brainmates.com.au 4 This presentation seeks to answer the following questions: What is product management? What do product managers do? Who does product management? How does one become a product manager? What is Product Management?

www.brainmates.com.au 5 What is Product Management?

www.brainmates.com.au A Definition of Product Management “Product Management is the process of conceiving, planning, developing, testing, launching, delivering and withdrawing products in the market” Internal: current teams, management External: supply chain, market Upstream: planning, development, launch Downstream: ongoing lifecycle management –ProdBOK pages 37-38 6

www.brainmates.com.au Product Management’s Purpose Is To Create… Measurable Business Benefits Customer Value + 7

www.brainmates.com.au By Identifying Unsolved Customer Problems… 8

www.brainmates.com.au To Create Product Experiences.. 9

www.brainmates.com.au That Outwit The Competition… 10

www.brainmates.com.au Over A Sustainable Period 11

www.brainmates.com.au 12 Who Does Product Management

www.brainmates.com.au 14 Most product managers have roots in other professions Past lives of Product Managers

www.brainmates.com.au 15 It’s a pretty safe bet to say that few – if any – product managers have a Bachelor degree in Product Management “Everyone comes from somewhere else” Steven Haines – The Product Managers Desk Reference The accidental profession

www.brainmates.com.au Strategic Tactical / Operational Marketing / Sales Engineering UX Design Project Management Product Operations Marketing Communications Sales Development Value Definition Marketing Customer Service Market Research Technical Support Product Management Domain 16

www.brainmates.com.au Role Specialisation Within Product Management Strategic Tactical / Operational Marketing / Sales Engineering Value Definition Product Marketer Product Manager Technical Product Champion Sales Product Champion 17

www.brainmates.com.au 18 So what do Product Managers do?

www.brainmates.com.au 19 Product managers must deliver value to the business and play a strategic role in determining the actions to achieve this. But their role is also hands-on and involves collaboration with multiple internal stakeholders Diagram Derived from original model published in: The Product Manager's Handbook : The Complete Product Management Resource, Linda Gorchels, 2000 Product Manager Senior managers Marketing Sales Customer service OperationsProduction R&D Finance Strategy Guiding product and market strategy

www.brainmates.com.au 20 Past lives of product managers PICTURE OF DUDE UNDER CAR Product managers like to solve problems

www.brainmates.com.au 21 Product Managers spend time understanding what customers need and want…

www.brainmates.com.au 22 …Then develop solutions that solve these problems and satisfy needs & wants

www.brainmates.com.au 23 Product Managers have a duty to deliver and maintain financial benefit to the business

www.brainmates.com.au 24 Product Managers see things differently

www.brainmates.com.au 25 The carpenter doesn’t want a drill. He wants a hole

www.brainmates.com.au How a Product Manager sees it The carpenter has a problem. He needs a hole in the wall. A drill can solve this problem, but there’s much more to it than just creating a hole. The carpenter is concerned with multiple factors: The speed at which the hole is made The accuracy of the cut The safety of the device that makes the hole The ease of using the device The reliability of the device Where the device can be purchased or accessed The price of the device After sales support of the device Product managers define the problem using criteria such as these before working on possible solutions

www.brainmates.com.au 27 Product Management in action

www.brainmates.com.au Ideate Explore Focus ImmerseDefine Build Prepare Launch Product Strategy and Lifecycle Management Ideate Explore Focus ImmerseDefine Build Prepare Launch Product Strategy and Lifecycle Management The Brainmates Product Management Framework Two Operational Modes: Product Development Product Strategy and Lifecycle Management Ideate Explore Focus ImmerseDefine Build Prepare Launch Product Strategy and Lifecycle Management 28

www.brainmates.com.au Lifecycle Product Management Is The Starting Point. ‘Lifecycle Management’, Product Managers must: Grow product performance in the market Monitor product performance Report on the results Respond to the issues Plan for the future Insights from Product Lifecycle Management practices lead to new Product Development. No product can survive by only doing without adapting to changing market conditions. Ideate Explore Focus ImmerseDefine Build Prepare Launch Product Strategy and Lifecycle Management 29

www.brainmates.com.au Ideate Explore Focus ImmerseDefine Build Prepare Launch Product Strategy and Lifecycle Management Product Development An area of focus for many Product Managers. Initiated when new ideas require assessment and support from development to launch. Product and Market Development initiatives help extend the life of the product. 30

www.brainmates.com.au Ideate Explore Focus ImmerseDefine Build Prepare Launch Product Strategy and Lifecycle Management Product Development Process 3 Phases 1. Innovate 2. Design 3. Implement 31

www.brainmates.com.au 32 Brainmates Product Management Framework Generate, source, rank a wide variety of ideas and business problems. Select and validate ideas that have value in the market place and will survive against external market conditions. Turn the idea into a concept and evaluate the internal factors that may affect the concept. Engage deeply with customers to deliver an effective solution that solves the target market’s problem. Analyse, define and design the product and consider alternate solutions. Plan external messaging about the value of the product to the market, and articulate product differentiation. Plan and implement the launch process, activities and event. Work closely with the development team to check that the build outcomes meet the market’s requirements. Ideate Explore Focus ImmerseDefine Build Prepare Launch Product Strategy and Lifecycle Management

www.brainmates.com.au How does one get into product management? 33

www.brainmates.com.au Becoming a Product Manager Become good at understanding problems and following a logical process to define and develop solutions that could solve these problems. Read books and blogs, listen to podcasts and watch videos to learn more about the Product Management profession Talk to Product Managers Use principles of Product Management in your current role Look at products and services that you buy & use and apply a Product Manager’s perspective to these Apply for jobs in Product Management Dream big!

www.brainmates.com.au 35 So to summarise

www.brainmates.com.au In Summary Good Product Management is about delivering products that customers love. Product Managers use logic, insight and a degree of creativity in defining, developing, deploying and maintaining these products. Product managers must guide and collaborate with other parts of the business and external stakeholders. Product managers have a duty to deliver measurable benefits to their organisation.

www.brainmates.com.au brainmates helps clients to define, develop and deploy products and services. Our insight and expertise ensures these are compelling, competitive and profitable. Find out more about our Product Management services: Training Coaching Events

www.brainmates.com.au Connect with Brainmates Brainmates Group @Brainmates #prodmgmt Facebook.com/Brainmates www.brainmates.com.au info@brainmates.com.au +61 1800 BRAINMATES 38