The Art of Building Products: A Product Manager's Journey [A deep dive into Product Management & Product Lifecycle]

Imagine bringing an idea to life, shaping it into a product that people love, and watching it evolve over time. That's the essence of product management! It's a strategic journey that starts with a spark and ends with a thriving product.

The Big Picture:

• End-to-End Oversight: Product managers are like conductors of an orchestra, overseeing every stage - from brainstorming to launch, optimization, and even saying goodbye when it's time.

• Vision & Value: They paint a picture of what the product could be, ensuring it aligns with market needs and delivers value to users and the business.

• Prioritizing & Iteration: Not everything can happen at once, so product managers prioritize features, gather user feedback, and adapt constantly to ensure the product stays relevant.

The Key Responsibilities:

• Market Sleuth: They're like detectives, gathering intel on trends, customer needs, and what competitors are up to.

• Product Artist: They craft a roadmap, defining the product's direction and setting priorities for new features.

• Feature Juggler: Not all ideas are created equal. Product managers weigh the impact of each feature on users, business goals, and technical feasibility before making tough choices.

• Teamwork Makes the Dream Work: Collaboration is key. Product managers work closely with developers, designers, marketers, and others to ensure a smooth and successful product journey.

• Launch Orchestrator: Launching a new feature or update is like a concert - planning, coordination, and clear communication are essential for a smooth experience.

• User Whisperer: They listen closely to user feedback, identifying areas for improvement and working with the team to make the product even better.

• Data Detective: Numbers tell a story. Product managers track key metrics to understand how the product is performing and identify areas for optimization.

• Competitive Edge: Keeping an eye on the competition helps product managers identify trends, benchmark their product, and find ways to stand out.

Product management is a dynamic and rewarding field. It requires a mix of strategic thinking, collaboration, and a passion for continuous improvement. By mastering these responsibilities, product managers become the driving force behind successful products that users love and businesses thrive on.

As Product Managers, we assess the product opportunities and define the product to be built.

It's crucial for a product manager to understand that a product can encompass various things, from tangible items like a keyboard to digital entities like a web browser or features within a larger application. In many cases, product managers are responsible for managing specific features or sections within what consumers traditionally consider a product. The example of Facebook illustrates this, where features like photos, newsfeed, user profile, messaging, and commenting are treated as individual products, each managed by a product manager and their respective teams.

Product lifecycle

The product lifecycle is a concept that describes the stages a product goes through from its introduction to the market until its eventual decline and removal from the market. It provides a framework for understanding the evolution of a product and helps businesses make strategic decisions based on the product's current position in the market.

The typical product lifecycle consists of four main phases:

Introduction:

• This is the initial stage where a new product is introduced to the market.

• There is typically little to no competition.

• Companies may invest heavily in promotion and development. Example: Virtual Reality (VR) headsets, like the Oculus Rift when it was first introduced. The initial adoption was limited, targeting early tech enthusiasts. Growth:

• In this phase, the product gains acceptance in the market, and sales start to increase.

• Improvements and additional features may be introduced.

• Competition is still relatively low. Example: Smartwatches during the growth phase, like the Apple Watch when it gained widespread acceptance and sales increased significantly. Maturity:

• Sales reach their peak during the maturity phase.

• Competition increases as other companies introduce similar products or alternatives.

• Companies may focus on differentiation or cost reduction to maintain market share. Example: Flat-screen televisions during the maturity phase when multiple brands offer similar products, and the market is saturated with various models and features. Decline:

• Sales begin to decline due to market saturation, changing consumer preferences, or the introduction of newer, more innovative products.

• Increased competition puts pressure on the product's relevance.

• Companies may phase out the product or explore strategies to extend its life. Example: DVD players as they entered the decline phase with the rise of streaming services. Sales dwindled as consumers shifted to more advanced technologies.
  

It's important to note that the product lifecycle is a model and may vary depending on the industry, product type, and market conditions. Additionally, not all products follow this linear progression, and some may experience cycles of renewal or reinvigoration. Understanding the product lifecycle is crucial for making informed decisions about product development, marketing strategies, and resource allocation.

References: Learnings from "Becoming a Product Manager Guide" by LinkedIn Learning x IIBA and Insights from "Inspired - How to create products customers love" by Marty Cagan