Practical Guide to a Better Product Management

  1. What is Product Management
  2. Who is Product Manager
  3. Full example of Product management approach
  4. Disclaimer and References

Intro — What is Product Management

Product management is an organizational function that guides every step of a product’s lifecycle: from development, positioning and pricing, by focusing on the product and its customers first and foremost. To build the best possible product, product managers advocate for customers within the organization and make sure the voice of the market is heard and heeded.

  1. Meet business goals — Products and solutions must meet the economic business goals
  2. Get it built
  3. Get it off the shelf — Internally, Product Managers collaborate with IT to ensure solutions are deployed to internal customers and users; externally, Product Managers collaborate with an even larger set of business stakeholders to deliver products to the market
  4. Leverage support — Product Managers ensure their offerings are supported and enhanced to create a continuous flow of value

Intro — Traits of a good Product Manager

There are core competencies that every PM must have — many of which can start in the classroom — but most are developed with experience, good role models, and mentoring. Some examples of these competencies include:conducting customer interviews and user testing

  • running design sprints
  • feature prioritization and road map planning
  • the art of resource allocation (it is not a science!)
  • performing market assessments
  • translating business-to-technical requirements, and vice versa
  • pricing and revenue modeling
  • defining and tracking success metrics

Simple Digital Banking

I decided to pick this as an example because of many good online available resources that I can use a listed in references. I have also bought series of designs that can help to illustrate the purpose further.

  • Customer Segments
  • Objectives
  • Drivers
  • Tasks

Customer Segments

Great product managers understand how to identify the needs of specific groups within their larger user base, so they can provide specific solutions that serve their needs. Productboard’s customer segmentation enables you to group similar companies together and identify which features each segment needs the most.

  • Early Majority
  • Early Adopters
  • Late Majority
  • Laggards

Product Objectives

Objectives are clear, measurable, inspiring goals aligned with specific outcomes you’re striving to achieve — for your customers, product, or business.

  • Help users perform core job-to-be-done X
  • Grow our impact on the world by expanding to customer segment Y
  • Close core feature gaps experienced by user role Z
  • Increase New User Adoption
  • Increase Revenue
  • Drive ongoing user engagement

Drivers

Drivers are miscellaneous criteria you can use to surface interesting ideas or prioritize what to build next. They’re particularly valuable for scoring features in the early phases of prioritization, since they can be used along with the user impact score to sort/filter features that best support multiple criteria.

  • Satisfier — Table stakes, baseline functionality necessary to compete
  • Delighter — Exciting, innovative, or new functionality
  • Differentiator — sets you apart from the competition
  • Spoiler — closes the gap between you and a competitor’s differentiator
  • Cost reducer
  • Usability
  • Performance
  • Compliance
  • Platform reliability
  • Security
  • User delight
  • User adoption
  • User engagement
  • Closing new business
  • Retention/expansion for existing customers
  • Supporting third-party partners
  • Supporting internal customers
  1. Usability
  2. Scalability
  3. Employee Operational Value (if you wanna know why read more here)
  4. Customer Value
  5. Integration Capability

Tasks

Task fields are useful for tracking common tasks that apply to many (but not necessarily all) of your features — e.g. Product brief, Final designs, Release notes, Marketing collateral. Since each of these tasks are often owned by different teammates, they’re often worked on in parallel.

  1. Design Assets
  2. Development
  3. Product Spec
  4. Launch Ready

Platform Engineering. Reusable Components.

Open API Platform

Mobile App

Let’s dive into our product prioritization

That’s where the Prioritization matrix comes in. The matrix is a grouping option on the Features board that lets you visualize the value/effort tradeoff across all an objective’s features. It makes it easy to spot low-hanging fruit features (high-value, low-cost).

Prioritizing within objectives on the matrix

  1. Select an objective to see all the features that have been added to it.
  2. Drag features vertically to update their value to the objective. (Hold shift to lock horizontal position.)
  3. Drag features horizontally to update their effort estimates.
  4. Reference bubble size, representing each feature’s user impact score.
  5. Set each feature’s final priority to the objective, and add it to a release.
  • Increase New User Adoption
  • Increase Revenue
  • Drive ongoing user engagement
  • create a user impact score to identify your highest priority customer needs
  • consolidate feedback about an idea in a single place
  • identify which users requested a given feature idea
  1. Give your note a title.
  2. If you know it, add the associated company and/or user. (See more about adding companies into Productboard here.)
  3. Add any relevant tags. We have suggested tag ideas below.
  4. Copy-paste the user feedback. Productboard supports rich text.
  5. To add an inline image into a note, simply drag and drop the image into your note. Alternatively, you can also copy-paste the image or copy-paste the URL for an image into your note. (Make sure to include the entire image URL, beginning with https://...)

Disclaimer

All writing or TechTalk-Chris Shayan are personal blogs/vlogs. Any views or opinions represented in articles or TechTalks are personal and belong solely to the owner or guest of the TechTalk and do not represent those of people, institutions, or organizations that the owner may or may not be associated with in a professional or personal capacity unless explicitly stated. Any views are not intended to malign any religion, ethnic group, club organization, company or individual.

References

In this post I have used many tools or sources as examples, here are list of those references:

  1. Apache Fineract as the main digital banking reference
  2. Apache Fineract (aka mifos) as the main digital banking microservices and openapi reference
  3. Open Banking Api project
  4. ProductBoard as a sample tool to illustrate a better way of product management
  5. All Designs, UI materials, screens designs, typography, icons, and all other related matters are purchased materials my blog owner with full license.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store