Product Manager or Feature Manager?
Hi Product People! It's been a while here and that's because a lot of things often get in the way. I'm back now though, and I'm calling this group of articles Product Surge - mainly because I'm going to be writing them as they surge through my mind or based on what I think people need to hear.
It's been quite a year for me. and being in a full-fledged fintech product role has opened my eyes to some struggles of product managers.
Like I said in the intro, there is usually the excitement to "make a difference" at the beginning of a new role . This often ends in frustration especially for junior level PMs because, despite making progress on debugging and maintenance, the product manager feels like they haven't made a meaningful impact or achieved their original goals, even after several months on the job.
Side bar: Now you want to ask for a raise but you feel like you can't make a strong case for yourself about why you deserve it.
Stakeholder resistance to new ideas often stems from various factors, and top of the list are: risk aversion, lack of understanding of market dynamics, and reluctance to deviate from existing strategies. This resistance can manifest as skepticism toward new ideas, reluctance to allocate resources, or a preference for maintaining the status quo.
Here are a couple of things you should pay attention to when making a case for yourself:
Stakeholders understand business, so speak their language. Presenting a compelling business case supported by data, market research, and potential ROI can persuade stakeholders to consider innovative ideas seriously. Strengthen your case by emphasizing the competitive advantage and customer value proposition. As a product person, it's easy to get excitedly carried away by the nitty-gritty of feature experience and interface. But you can go wide on the details and send them a detailed file on this later so that you can focus your attention on the things that matter to your stakeholders.
2. How aligned are you?
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Being aligned with your organizational goals is important to gain stakeholder buy-in. So ask yourself, 'How does this initiative align with our goals?' However broad your goal is, be it revenue growth, market expansion, or customer satisfaction, find a way to ensure your initiative ties in well with it. Highlight these points, and this could really be the game-changer for you.
3. Mitigate Risks:
One thing that plagues the hearts of stakeholders as soon as an idea is presented is the potential risks involved. That is why you have to take proper care to address these needs in your presentation even before the question comes up. This will require conducting thorough research on risk assessments, how to implement mitigation strategies, and provide contingency plans. Truly it can be a lot of work, but if you think that's the next direction for your product, why not? Won't it be worth it to see your bosses give you the thumbs up at the end of the day?
4. Let Your Wins speak for You:
It's one thing to get buy-in from your superiors, it's another for your product idea to actually work. This is why you have to start with an idea that has a better chance of winning! Start with small, manageable innovation projects that deliver quick wins or tangible results. Establish trust by being transparent about challenges and successes, and actively listening to stakeholders' concerns and feedback, and delivering on commitments. Early successes build your confidence, validate your strategy, and prepare the way for your subsequent ideas. You've gained the trust of your bosses based on your track record, now you can share those ideas that are "out there".
Finding the balance between pushing innovation and delivering tangible results is key when dealing with stakeholders. This is where I wrap up today.
What are your thoughts on these strategies? I'd love to hear about your experiences.