The Importance of a Product Management Framework
What is a Product Management Framework?
In order to understand what a Product Management framework is, it’s helpful to understand the literal definition of a framework: a basic supporting structure that underlies a system or process.
So a Product Management framework is what guides Product Managers and their company through every phase of the Product Management process and helps to keep a discipline that can be extremely complicated, as organized as possible.
Why is a Product Management Framework Important?
Not only is Product Management very complex, the details of how it’s done often vary a great deal between companies and groups.
Having a proven Product Management framework which provides structure to everything that is done can be priceless for a Product Management organization. Since many Product Managers within the organization are coming from different backgrounds and only two percent of Product Managers have ever been formally trained in their job function, having a specific Product Management framework to work with keeps everyone on the same page.
More and more, the importance of Product Management is being realized and appreciated (see our Critical Importance of Product Management video on Youtube.) Product Management is a key driver of both strategy and revenue in a company. In fact, in a recent survey which the 280 Group conducted of over 850 PMs and PM team leaders, on average respondents believed profits would increase by 34% if Product Management was fully optimized at their company.
One of the other key findings of the survey was that the companies that had a consistent process and framework in place had FAR fewer problems than the ones that didn’t.
With Product Management so critical to the success of a company, it can be hugely profitable to improve it by integrating a comprehensive Product Management framework.
Because the duties of a Product Manager are so extensive, it can be easy to let a few things slip through the cracks.
Managing everything that needs to be done is a serious challenge for PM organizations and that’s why it is so important to have a framework in place. A good Product Management framework will take you through every phase of the product lifecycle and feature the most important tasks and key documents of each phase, from Conceive to Retire.
Following a Product Management framework will work wonders in ensuring that all tasks and documents are accounted for and no phase of the product lifecycle is neglected.
How to Choose a Product Management Framework
As you might expect, there are a few different Product Management frameworks that have been designed, so how do you decide on which model would be best for your organization to adopt?
Of course it depends somewhat on your specific situation but there are some important factors that should be considered.
- Flexibility: Choose a framework that works with any development methodology, be it Agile or Waterfall, and isn’t specific to one industry or type of product.
- Covers the entire Product Lifecycle: Don’t settle for a framework that leaves out or skimps on a particular aspect of the product lifecycle; all phases should be addressed.
- Includes tasks and key documents: A Product Management framework will be the most helpful if it features both the specific tasks and key documents that go along with each step in the process.
- Has training to go with it: Adopting a Product Management framework is a big step in the right direction for any PM organization but if the Product Managers go through training that is designed to get the most out of the framework, the benefits will immediately be taken to the next level.
The Optimal Product Process™
The 280 Group offers a solution that is called the Optimal Product Process™ (OPP). The OPP is a Product Management framework that meets all the criteria of what to look for, comprehensive, customizable, and coupled with a training course.
Learn more about the Optimal Product Process and the Optimal Product Management and Product Marketing training course to see how they can help you adopt best practices and increase the skill set and knowledge of your team and company.
The Framework is Just One of the Critical Pieces of Optimizing Product Management
Getting your organization to the next level on the Product Management maturity scale also requires getting role clarity (we recommend RACI and DACI charts to facilitate this), training of the Product Managers and the stakeholders that work with them and standardization on a core set of documents to be used during the process by either developing or licensing templates in the Product Management Office™.
The ROI for doing this work will easily justify the costs – use our ROI calculator if you want to calculate the ROI of optimizing Product Management at your company.
If you would like assistance with Optimizing Product Management at your company, contact 280 Group.