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Secret to Great Product Management

The Secret to Great Product Management

For this video we are joined by Tom Evans, a Senior Consultant and Trainer with 280 Group who has over 25 years of Product Management experience and helped develop the Optimal Product Process framework.

Our one question for Tom today is a simple one that requires a thoughtful answer: What is the secret to being a great Product Manager?

Of course many people would have their own opinions about great Product Management, Tom breaks down his secret in to 3 parts.

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For Tom, the secret to great Product Management can be summarized as really developing market expertise.

1. Understand your customers

The first aspect of creating market expertise, and thus great Product Management, is to really understand your customers.

Get face-to-face with your customers or the markets that you want to sell to and understand them deeply. Understand the problems that they have, understand the challenges that they’re facing, their buying processes, and developing the full picture around understanding your customers.

2. Understand your competition

The second point is to fully understand your competition.

Recognizing their strategies in the market place, and how they’re competing against you. Acknowledge who their target customers are and how that compares to yours.

3. Understand the industry

The third component of the great Product Management secret, which more or less ties this all together, is to understand the industry.

What’s going on in the industry that you occupy and what trends are taking place. Be cognizant of the changes that are happening in the macro-environment that you are working in.

By understanding that level of detail as a market expert, enables you to communicate your vision, and to gain buy-in from the other stakeholders within the organization.

That’s where you really gain your respect as a Product Manager, is developing that market expertise.

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