- 1. What Is Product Management?
- 2. What Is a Software Product?
- 3. Software Product Manager
- 4. Product Owner
- 5. Product Management Life Cycle
- 6. Product Management Roadmap
- 7. Product Management Software and Tools
- 8. Product Backlog
- 9. Product Management OKRs
- 10. Product Requirements Documents
- 11. Product Management Metrics and KPIs Explained
- 12. Product Analytics
- 13. Comprehensive Guide to Lean Product Management
- 14. Best Product Management Resources for Product Managers
- 15. Practical Product Management Templates
- 16. FAQ
- 17. Glossary of Product Management Terms
- 1. What Is Product Management?
- 2. What Is a Software Product?
- 3. Software Product Manager
- 4. Product Owner
- 5. Product Management Life Cycle
- 6. Product Management Roadmap
- 7. Product Management Software and Tools
- 8. Product Backlog
- 9. Product Management OKRs
- 10. Product Requirements Documents
- 11. Product Management Metrics and KPIs Explained
- 12. Product Analytics
- 13. Comprehensive Guide to Lean Product Management
- 14. Best Product Management Resources for Product Managers
- 15. Practical Product Management Templates
- 16. FAQ
- 17. Glossary of Product Management Terms
What Is Product Management Strategy?
Product management is the organizational function responsible for developing and bringing a product to market. Most companies will have a branch that handles the product life cycle to ensure a smooth trajectory to market from start to finish.
Product management strategy refers to the approach the product manager adopts in order to make that happen.
There are several factors to bear in mind when developing a new product management strategy, which are as follows:
Customer needs
Few products will launch successfully and send shockwaves through an industry if they fail to factor in customers’ needs.
By addressing common customer pain points, you give yourself a better chance of resonating with the target customer, which will make it an easier sell.
The first step to factoring customer needs into the product life cycle is to find out who your ideal customer is. This is where market research comes into play, since you’ll want to have a good idea of who you’re targeting with your product line. You’ll also want to scope out market competition to see how similar products have performed and what marketing strategy they used.
You need to find a gap in the market with this preliminary research, as this niche will often be where the money is.
Profit generation
On the topic of money, you could come up with the best product in the world, but if the audience isn’t there, the healthy profits likely won’t be either.
When creating a product management strategy, profitability is another factor to keep in mind, since you need to know how to price your product to generate the most revenue for your business. Again, market research is essential, as it will reveal how well competitors’ products have performed and at what price points they’ve been successful.
From there, you can try and undercut your closest competitors or come in at a higher price point if you feel like you can market your product as being of a higher quality.
Market trends
A successful product management strategy from a few years ago could very well be irrelevant in today’s market.
There are so many factors that influence the market. That’s why it is important to be adaptable. You never know when the global economy might take a hit, or a pandemic might sweep the world and deliver a blow to brick-and-mortar businesses.
You need to stay on top of economic and technological trends in order to stay ahead of your competition.
Anna Grigoryan
Anna is a Director of Product Management at Wrike and a seasoned product leader with over 15 years of experience in the tech industry. She has successfully led multiple engineering teams, ensuring the delivery of high-quality products featuring mobile and web experiences, seamless integrations with other platforms, and innovative white-labeled solutions.
Product Management Team And Roles
- Product Management Hierarchy
- Product Management Team and Roles
- Role of a Product Management Lead
- Role of a Product Management Specialist
- Product Manager vs Software Engineer
- Technical Product Manager vs Product Manager
- How to Become a Product Owner
- Project Manager vs Project Owner
- Importance of The Product Owner