1 – Understand why you are hiring them
In order to understand how product managers can be valuable, you need to make sure that you understand what they do and why it is important to fuel your growth. A product manager typically uses customer feedback and sales information in order to create products that better meet customers’ needs: they need to find a solution to an actual problem.
Oftentimes, Product Managers are thrust into the role simply because they understood the interaction between the customer and the product better than anyone else and, as silly as it may sound, nobody was filling the role.
If you want to ensure your product managers are successful, the senior leadership and the employees need to have a shared understanding of the WHY of their role, as well as the expectations that are placed on their shoulders.
2 – Clearly define roles and responsibilities
A Product Manager may struggle between operational emergency (short term requests) and the strategic aspect of their work (long term view of product life)if roles and responsibilities are not clearly defined.
A product manager serves as an intermediary between internal stakeholders and external consumers. This position requires a deep understanding of how both groups interact, so it’s essential to clearly define them early on.
If you’re hiring a full-time PM, that person should handle tasks such as communicating with customers, outlining process and workflow, creating roadmap and gating new features based on ROI projections from sales and marketing teams.
3- Prioritization is key
Product managers wear a lot of hats and juggle multiple projects at once. One strategy to stay on top of it all is by prioritizing efforts and tasks according to their importance and urgency. No matter how much you can fit into one day, time is limited, so knowing what needs to be done—and what can wait—is crucial.
Keep in mind that this is not a ”one-and-done” task. Product Managers are often tasked with managing an ever-growing backlog of feature requests, so it’s crucial to prioritize these deliverables based on their expected business impact and importance.
You will need to have clear criterias on how you prioritize projects based on your overall company objectives. For example, a question you should ask yourself is: Will adding/changing/removing x feature have a significant impact on our business? If it won’t, don’t waste your time on it!
4 – Give them broad access to information
If you want your Product Manager to have a direct impact on customer acquisition and consumer base growth, you’ll need to ensure they are well connected with your consumer base, to understand their needs.
Your Product Manager will need access to consumer insights data and primary data sources. Also, based on the size of your company and the various roles and responsibilities, make sure your Product Manager has the bandwidth in his or her workload to account for strategic thinking and market research vs time alloted for the operational management of the product line.
5 – Don’t focus on execution, strategy is key
A product manager is only as good as their company’s overall strategy. There’s a common myth that product managers are responsible for executing their own ideas, but they should be asking themselves: Are we catering to the overall company strategy?
Your Product Managers need to focus on developing a thorough understanding of consumer needs and wants, and then use that information to guide every decision they make during product development. This will set your company up for success far more than being brash and jumping into an idea (or a flavour of the week/month) without considering its implications.
6 – Align Goals with Metrics
It is critical that a product manager has key performance indicators that align with their goals. It is an opportunity for you, as a leader, to empower your product manager by giving them metrics they can achieve and using it as feedback on how well they are doing their job. Your goal is not only to provide a framework, but also to give them skills they can use in every aspect of their career.
With those tools, comes higher personal fulfillment which leads to overall better performance at work. By having these metrics in place from day one, there will be no question about what’s expected or needed from each stage of development. This will eliminate wasted time searching for answers and looking up resources during crunch-time—because with no planning ahead of time, there would be no backup plans if things don’t go according to plan.
7 – Become a sponsor for the role of Product Manager
The job of a Product Manager is both challenging and exciting. It requires collaboration, leadership, influence and strategic thinking that generates value for an organization. You can help your Product Managers by embracing the Sponsor Role for them.
Sponsorship and executive management support will help a Product Manager be successful in their role at an organization. Creating win-win partnerships between these groups can increase work productivity and reduce wasted time.
Keep in touch regularly by debriefing them on the latest stakeholder/executive meetings or even better, invite them to the meeting so they can ask relevant questions and contribute to the overall strategy.
Communication channels work both ways. Don’t hesitate to elevate and influence your fellow executives to help your Product Manager move forward with new products and ideas.
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Innovation MB is an Innovation Management Agency with a passionate team of professionals who will help accelerate your innovation journey to hit the market faster successfully. If you feel that your Product Manager struggles with the numerous short term requests and may benefit from some coaching, we can help!
Your Innovation Management Ecosystem is your path to success. Book a discovery call with one of your experts to find out how to take your Innovation Journey to the next level!