Steven Haines has a passion for great products! This passion is evident in the three books he’s written. His energy serves as a catalyst for senior leaders so that they can adopt needed changes that improve organizational effectiveness and ultimately, contribute to the creation of the best products that deliver extraordinary value to customers, and undisputed competitive advantage.
We thank Steven for taking out time and be part of ‘Three Questions’ series for product managers.
Product Mantra: How important is it for a product manager to have experience of project management?
Steven Haines: I have a good-news, bad-news response. The good news is that there’s recognition of a difference between the two. I can’t say how many times people confuse the two practices. The bad news is that, yes, product managers must know how to manage projects and the three main pillars: people, budgets, and schedules! To be precise, all business people should know how work gets done, by whom, and when. They must know who provides work product to others and who receives work product. Also, they must know how those hand-off’s impact the overall schedule of deliverables in order to produce a planned outcome. One of the most important projects that product managers are likely to find themselves in the heart of is a product launch. It’s an incredibly important process; it involves many people, and must result in an on-time launch. If people don’t do what’s required in the launch project plan, then the product will not achieve its objectives for sales, market share, or a positive customer experience.
Product Mantra: How often should a product manager conduct competitive analysis, what’s the frequency and any methods that you can share with us?
Steven Haines: Competitive profiling is a vital practice that should be carried out on an ongoing basis – not as a periodic exercise. For example, I get “alerts” every day on various companies to find out what they’re up to and I store them in my mind, or share information with my team members. I also motivate my cross-functional team members to be alert to goings-on in the market. If a sales person visits a customer and learns about a competitor proposal, that sales person should provide input to the product manager. Another method is for the development or engineering team to be able to reverse engineer competitor products if at all possible. This can provide valuable information on costs, composition, and the user experience. In many firms, a market intelligence department carries out research that can reveal useful insights. All these inputs should be stored on a shared repository so that, across the organization, people can be alerted to any competitive activities. These can be channeled into the strategic planning process, or in other dimensions of the product’s business.
Product Mantra: Tell us more about the philosophy of product manager as business manager?
Steven Haines: It’s not so much a philosophy, but the standard. A product is a business inside a business and a business must be managed. Every business starts with a vision, goals, and a strategy. That strategy is based on various inputs: market insights, business, and financial information. Strategic goals set the stage for what’s to be done – to create a new product, update an existing product, or even expand to another market. Once everyone in the organization is aligned, the product manager, like any good CEO or general manager ensures that everyone does their part to build, test, validate, and launch the product. Finally, performance metrics are monitored to steer the product’s business, keep things running, and to re-strategize as needed.
Steven Haines on web:
- Steven Haines blog: http://sequentlearning.com/experts/author/sjhaines
- Twitter: @Steven_Haines
- Linkedin: https://www.linkedin.com/in/stevenjhaines