The Product Management Challenge is that Strategy is taking a back seat. Product Strategy skills are missing in Product Management.
Software Product management is a triad and has three pillars:
- Business Strategy
- Product Design
- Technology
There is a heavy demand for product managers in the software industry in India. But, the challenge is a lack of supply of great product managers who understand all three pillars of product management very clearly. The product manager role is heavily paid in Software Industry, still, there is a lack of hunger for knowledge and a learning attitude.
The product managers are excellent at working with scrum teams and defining backlog items, epics, stories and features in Jira. They understand technology very well. But there is a lack of understanding of business strategy and product design thinking aspects of the product management domain. This is where most of product managers hit a dead-end in their careers.
They lack in doing market research, understanding consumer behaviour, conducting competition analysis, and identifying the right problems to be solved for the users. They are more solution-focused rather than problem-focused. This lack of strategic thinking in the product management domain leads to building software that is low in customer satisfaction level. They do not create products that add customer value.
There is a lack of understanding of the basic strategic aspects of product management like Product discovery, Product portfolio planning, MVP, Product-market fit, Application of product analytics, Disruptive Innovation, creativity, Consumer persona creation, GTM strategies, Product positioning and promotion, Product lifecycle management, Product pricing and monetization strategies.
These product teams are good at functioning technically and are good for operations jobs, but without proper insights and wisdom of strategy, analytical thinking, and competitive intelligence, there will be always a gap in their performance that impacts the products being built.
To summarise the challenges in one sentence:
- Product Managers are good at technical aspects, however, they lack in Business Strategy and Design thinking aspects of the product management universe.
- The technical aspect of product management is only 30% of the complete world of product management domain. Most product managers are spending 100% of their time only on the technical aspect of product management.
We, at Rebel Learning House, are passionate and committed to solving this challenge for your product teams, if you want to know more about us – How do we solve this challenge?
Let’s connect on Zoom. Please let us know a suitable day and time to meet.
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