Important things for Product Manager
The three things to look for in any product manager role are:
- Does the Product/Solution you are going to work on address a large enough market opportunity?
- Is this a focus area for the company, and are there investments made/being made to grow this product and business?
- Does the company have the ability to execute against this opportunity?
Market Opportunity
We as product managers often get caught up in the product design, features and sometimes technology. But, we have to remember that it is ultimately a business. The product or solutions we build and deliver has to solve a problem that is worth solving and in doing so, deliver value to our customers. The value has to be quantifiable and our customers pay us for that. And, that is what makes it a business. An important element of success for a business is the size of the opportunity. So, a product that addresses a large problem space and consequentially a large market opportunity is a good start.
Focus and investment
The second important aspect to look for is the amount of focus and investment the product receives from the company. If the team you are joining is the only product or the largest business for the company, then this becomes easy. But, as companies grow they invest in newer products and businesses. If you are joining a newer product or a business for a company, try your best to assess why this is strategically important for the company and the level of investment this new business has received or will receive.
Ability to execute
The third most important predictor of success is the ability to execute, and not just execute but do it faster and better than others in the space. This could come from a variety of factors — a technological advantage based on previous products or platforms built by the company that can become a strategic differentiator for the new business opportunity, a loyal installed base of customers who trust and want to do business with the company, a world-class go-to-market organization that can take your product to market better than your competition, and several others. As Disney enters the streaming business, they have an advantage due to access to high-quality content through their studios and partners that significantly increases their ability to execute against this vision. When Uber entered the food delivery business, they were taking advantage of the system they have perfected over the years helping passengers get from one place to another. Apple’s entry into music streaming is a logical extension of its platform and subscription business. Whether you are evaluating an opportunity or working on an existing product, constantly evaluate what gives you an edge in your ability to execute and leverage those to your benefit.
