??Product Management & Business Strategy: What every PM Should Know

Great product managers are those who are a ?????????????????? ?????????????? and not just a feature builder. With a keen interest and a formal education in ???????????????? ????????????????, I have realised that the best PMs don’t just focus on the roadmaps. They think about ???????????? ??????????????????????, ?????????????????????? ??????????????????, ?????? ????????????????????????????.?

Below are few ???????????????? ???????????????? ?????????????????? ?????????? ?????????? ???????????????? ???? ???????????? ??????????:

1?? ?????????????????????? ?????????? ?????? ???????? ?????????????????? ???????? ????????????????

Features can be replicated bust successful businesses build moats. Moats are unique competitive advantage that our competitors can’t replicate easily. Some examples are below:

- Network effects (LinkedIn, Airbnb, etc.)

- Brand equity (Apple, Toyota, etc.)

- Ecosystem Lock-ins (Microsoft, AWS etc.)

?? ?????? ????????????????: PMs should aways ask – ‘What’s our moat?”.?

2?? ?????????????? – ???????????? ?????? ???? ???????? ?????? ???????????????? ???? ????

A successful product is the one which scales profitably and not merely solving a problem. What a PM should ask:

- How is the value propositioning evolving?

- Is there any shift in our customer segment?

- How prepared are we to defend ourselves from the competition?

?? ?????? ????????????????: Plan for sustainable differentiation instead for just building an MVP.

3?? ???????????????? ???????????????????? ???? ???????? ?????????????????? ???????? ???????? ?????????????? ????????????

Increasing revenue is, of course, important but bad customer experiences kill even the best products out there.?

- Short Term: Growth hacks and paid acquisition works.?

- Long Term: Customer retention and organic growth are the real revenue drivers.?

?? ?????? ????????????????: Instead of focusing on achieving the short-term targets, PMs should build long term strategies and optimize the customer lifetime value (CLTV).?

4?? ???????????????????????????? ???? ?? ???????? ???? ??????????-????????

There are limited resources in a company. PMs should take the complete ownership of the product and should think like the CEO of the product.?

- What drives the impact for your product – revenue, retention, or adoption?

- What can we remove or delay without hurting our strategy?

?? ?????? ????????????????: To master the strategic prioritization, we have to learn to say “No” more than “Yes”.?

5?? ?????????????? ?????????????????? ?????? ???????????? ???? ???????????????? ????????????

Thinking of SaaS PM will be different than an e-commerce PM. Because the pricing, churn, monetisation strategies are core to the product itself.?

- Fremium vs Enterprise Sales impacts the feature development.?

- Subscription vs Transactional models affect the user experience.?

- Margins & Cost Structures have an influence on the roadmap decisions.?

?? ?????? ??????????????????: Always think of “How are business model influences the product decision?”.?

?? Product Managers who think like a business leaders will build products than can win the market.?