In this video, we're going to get into the role of a product manager, the product development process, types of products & product managers and the skills/qualities required to make a career in product.
The role of a product manager is very broadly defined as a mini CEO that means that they are responsible for the success of a product, which is generally defined by certain metrics or KPIs attached to the product. Even though the role has product manager in it, a product manager is not a manager and they directly do not have any report each to them, but are responsible for taking all the stakeholders in a business together to make a product, which is why it is an extremely important role.
To understand the product manager’s role more deeply, let's look at a product development process, all the steps in this process is something that a product manager is directly in charge of and it starts with understanding user expectations, which is user research. So product manager basically goes and understands the market, the user to figure out what kind of product is actually required. The next step is to plan, based on the research the product manager comes up with a lot of features that is required in the product he or she is trying to build. Now the product manager needs to define a roadmap and prioritize these features, what needs to go next month, the coming month, coming quarter, coming year and essentially make an entire roadmap for the product.
The next step is to build the product; this is where essentially in software products the product manager will start working with the business team, the designers and the engineers to basically create the app, the platform whatever it is that they are working on. So there's a very infamous Venn diagram which goes hand-in-hand with the definition of product management, it's shown right here where the product manager sits between the business team, the designers and the technology team and sort of works with all of them together to ship the best product. The next step is to release the product where the product could be first opened to some beta users, small target audiences to see how it's really working, and then rolled out to the rest of the market.
So once the product has been built and shipped to the market, it's the product managers responsibility to study the metrics, understand what is working, what is not working and restart the whole process again of going back to the users, understanding where the product needs to change, again make a road map for the same and then build it out again roll it out to the consumers and do this over and over again. And finally in some situations where the product is not really working as well as expected, or due to market changes, changes with competitors the company decides to move a different direction, in these stages the product manager is required to retire the product.
This means you would typically reach out to your consumers, your users and tell them that you probably would be shutting down your product at X date, and you would tell them how to export their data or things like that, whatever is necessary for the consumer to get closure from your product. What we've just discussed all of these stages typically is the product development process, and all of these stages is part of a product managers job role. Let us now discuss the types of product managers, or the types of products that the product manager can work on. And the first one is internal products, these are products that are essentially used within the company for their day-to-day operations, and are the easiest products to start your career in.
So basically if you're looking to start your career in product management, internal products are the best way to go, because the users of this product is in-house within your own company, they're in your direct reach you can go and reach out to them, talk to them, understand their needs, build the product and test it out extremely easily with them. The next type of product is your b2b products, where the users are typically other businesses, people who work in other companies and the product managers generally work very closely with the sales team here to ensure that the product can be sold.
Your features are generally defined by your paid clients, and they get a say on what needs to be built in the product, and you have to have a very keen ear to listen to their requirements. The last of the most challenging kind of product according to me is the consumer products, where your users are typically millions of people who you're trying to reach out to, and it's impossible to do user research with all of them so you select a small group, understand their requirements and you hope to God that their requirements would be similar to your typical audience.