Being a product manager is hard. Not only are you responsible for developing and executing a product strategy, but you’re also the one who has to make the call on when to sell. And if that wasn’t enough, you also have to deal with the constant pressure of knowing that your decisions could make or break the company. So, what are the three biggest challenges facing product managers today? And how can you overcome them?
I. The Challenges of Product Management and Crafting an Effective Strategy
A. The Challenges of Product Management
1. You’re responsible for developing and executing a product strategy.
2. You have to make the call on when to sell.
3. You have to deal with the constant pressure of knowing that your decisions could make or break the company.
B. Crafting an Effective Strategy
1. Utilize available resources.
2. Understand company needs.
3. Develop a pattern recognition.
II. Handling Too Much Responsibility as a Product Manager
A. Know Your Limitations and Communicate Risks to Stakeholders
1. Be aware of your limitations as a product manager.
2. Communicate risks to stakeholders in order to get their buy-in on decisions being made about products under your management..
B. Index on Learning – Growing as a Product Manager Regardless of Product Success or Failure
1. Learning should be continuous regardless of whether products succeed or fail in order to improve future decision making..
2 . Be open minded about what went wrong and why in order to improve for next time..
III. Crafting Your Product Strategy
A. Utilizing Available Resources – The Product Strategy Stack, Build Products that Solve Real Problems with This Lightweight JTBD Framework, Good Strategy/Bad Strategy Book, Understanding Michael Porter Article 1) Research resources available in order to develop an understanding of how to craft an effective product strategy..
2) Use resources like The Product Strategy Stack, Build Products that Solve Real Problems with This Lightweight JTBD Framework, Good Strategy/Bad Strategy Book, and Understanding Michael Porter Article in order to develop said understanding..
B) Pattern Recognition and Tailoring Strategies to Company Needs 1) Understand common patterns in order to be able tailor strategies specifically for your company’s needs..
2) Company needs should always be taken into consideration when crafting a product strategy..
IV) When to Sell – Balancing Risk and Reward in Investment Decisions
A) Splitting the Difference between Selling All and Leaving Everything in Play while Reducing Risk Associated with Remaining Exposure 1) Weighing options between selling all vs leaving everything invested and reducing risk by diversifying exposure..
2) Diversification may not be necessary if there is minimal risk associated with remaining exposure..
B) Taxes Should be Taken into Consideration Before Selling Investments Due Possible Tax Drags on Returns which Could Outweigh Diversification Benefits Even If there isn’t Need for Consumption Money Wise
1) Taxes can have a significant impact on returns and should therefore be taken into consideration before selling investments..
2) Diversification may not be beneficial if it results in a tax drag on returns.. V) Conclusion
In conclusion, product managers face many challenges when it comes to developing and executing an effective product strategy. Additionally, they also have too much responsibility when it comes making decisions that could make or break the company financially . Finally , they must also know when it’s the right time sell in order balance risk and reward . However , by utilizing available resources , understanding company needs , developing a pattern recognition ,and constantly learning , product managers can overcome these challenges .
