We can support you with carrying out In-life product reviews which would culminate into a product road map with defined activities that could reduce costs, improve customer experience, product features or service to increase sales, profitability and product differentiation.
Typical product manager requirements for Product Lifetime Management (PLM) …
- Knowledge of Product management and governance processes.
- Manage products Through the entire product life cycle – Develop new products, manage the products in-life, product roadmaps, enhance products, create product propositions, migrate products, withdraw products.
- Develop product go to market, channel and pricing strategy, sales and marketing collateral
- Manage risks, issues, change and be responsible for problem solving and continuous improvement.
- Minimise costs – Through operational effectiveness, supplier negotiations etc.
- Ensure operational processes procedures and systems for pre-sales, sales, provision, maintenance and repair, billing and customer support are effective.
- Financial control – preparing and seeking approval for business cases and annual support budgets and controlling costs.
- Drive sales to increase revenue and margin
- Product performance reporting against forecasts – Financial, Sales, operational costs, revenue, profit, customer satisfaction, customer complaints, faults, supplier costs, mean time before failure, product churn, sales pipeline, competition, project milestones and legal and regulatory conformance.
- Manage projects e ffectively – Development, trials, enhancements, propositions, product migrations, withdrawals, change ….
- Product managers often struggle as they often lack the necessary skills or time to carry out all their responsibilities effectively. Focussing on the basics would include knowledge of product management processes (evaluating ideas, creating MRD’s , PRD’s, Product Definitions establishing and managing cross divisional teams, project plans, trial plans, training and implementation plans, strategy and tools for product performance measures), financial and budgetary control, audit experience, risk management, change management, Sales and marketing plans, Safety, environmental, legal & regulatory conformance, operational process and system knowledge, facilitation of workshops, tracking and keeping up with technology evolution, supplier choice and negotiations and so on… Not surprising that this could be daunting especially for someone who is new to the role.
What is not surprising is that companies often entrust this huge amount of responsibility on the shoulders of product managers without effectively supporting them enable focus on key activities and decisions that will generate revenue, reduce costs, improve quality, customer satisfaction and loyalty and be more competitive through product differentiation thereby growing market share and profitability.
Some companies employ internal or external auditors to detect and highlight deficiencies, this is often seen by product managers as a burden rather than a helping hand as general auditors seldom have the skills to offer sound advice.