Features make a product, and product managers know they need to implement the right features that will boost adoption rates while also having a favorable ROI. It’s a balance between customer satisfaction and product vision that can be difficult to obtain if the proper research and prioritization aren’t done.

What is a product feature?

What are features of a product? While some product managers may list the product attributes, it’s also important to consider the overall experience and benefits of using a product. 

Dan Shewan answers the question “What are product features?” as “A feature is something your product has or is.” Some examples can include fans with changeable speeds or a jacket with water-resistant material. But it’s important to also consider the impact of those features. The fan with a changeable speed fan lets people cool off at just the right temperature, and a water-resistant jacket keeps a person dry. 

Features are different from other terms like epic, user story, or requirements. Let’s review the definitions of those terms to understand where product features fit.

Epic: A strategic focus that groups features or user stories that share common business objectives.

User story: How the user perceives the benefits of a feature.

Requirements: A defined capability that is necessary to deliver a feature.

Product features definition

The product feature definition is simply capabilities, appearance, or attributes that are combined to make a functioning product that delivers value to end-users. 

What are product features in marketing?

Marketing plays a huge role in product development and features. By building product features that consumers want and your competitors don’t have, a marketing team will have an easier time creating sales messages that portray the value of new features. If your marketing team can’t convey why a feature will solve a customer’s problem or is desirable, it may be an indication that your feature isn’t aligned with your customer needs.

What are features and benefits of a product?

Features and benefits are interconnected but are different from each other. A product feature is a specific component of the product. Meanwhile, a benefit is what users will gain when they use the feature. Take Slack for example. The product feature is to instantly message your co-workers. By using this feature, the benefit is that team members can complete work projects faster since they can easily communicate. People don’t want to buy communication tools, they want to buy efficiency.

Product features list: 5 types of products features

A new product will have multiple feature types. By looking at what competitors lack in certain feature types, you can use this to differentiate yourself from competitors. Here are 5 types of product features to consider.

Function

Functionality usually refers to how a person can use a product or what they can do with it. The goal is to consider how a product can help a person accomplish a task and remove pain points. While some products can create new functional features, some functionalities are standard. 

Experience

Experience is about the intangible features related to a product. While they may not be a requirement like functionality, they can help create memorable moments for customers and possibly create loyal customers. Some examples could include a smooth onboarding process or getting 5-star service from customer support.

Quality

Quality can relate to both tangible and intangible attributes. Quality is also a reference point for the perceived value of a product. For example, you may expect high-quality material from fashion labels like Gucci and be willing to pay higher pricing for that level of quality.

Design

Design is another type of product feature based purely on aesthetics. Design or style is one way to differentiate yourself from competitors making similar products. The way a phone case looks may win over a potential customer, and it’s important to consider how a product looks in these situations.

Added value

Added value product feature types center on what a product comes with. It can give your product a higher perceived value when customers think they are gaining more features for the same price. Some eCommerce stores may accomplish this by adding gifts when people order. SaaS products could offer free set-up of their product.

5 product features example

Now that product feature types are covered, let’s review some real-life examples of features. These examples will demonstrate the product features, benefits, and marketing message that appeal to customer needs.

Wave

Screenshot

Wave offers software to make accounting and invoicing easier. One of the features includes the ability to connect a bank account to its accounting software. The benefit for end-users is that their cash flow is automatically updated in real-time without any work on their end. This saves business owners time keeping track of their credit card use. So it’s no surprise that the marketing message is to “Make tax time a breeze”. 

Duolingo

Source

Duolingo is a language-learning software program. One of its key features is custom lessons built with AI and language science. The product benefit for users is that they can learn a new language at their own pace and level. This easily translates to the marketing message of “Language courses that efficiently teach reading, listening, and speaking skills.”

Wix

Screenshot

Wix is a drag-and-drop website builder that comes with many features. One of these features is the online scheduling system. It’s beneficial for website owners to easily add an online calendar to their website using templates and subsequently make more income. The marketing message for this feature is “Let clients easily book appointments online”. 

Headspace

Screenshot

People often use meditation apps like Headspace to help sleep, but you may or may not have expected a collaboration with singer John Legend. The latest Headspace feature is audio stories read by John Legend designed to facilitate sleeping. The benefit of using this feature is that listeners can improve sleep quality. The dreamy slogan to discuss this benefit is “Fall in love with sleep and practice self-love”.

Starbucks

Source

Starbucks focuses on more than just beverages. Take a look at EarthSleeves. The sleeves fit perfectly around the cup so drinkers can hold their hot drinks without feeling the heat. It’s also designed to be environmentally friendly, so it pulls double duty as an experience and added value feature.

6 tips to prioritize the features of a product

It doesn’t matter if you are a brand new start-up or a well-established company, there are always numerous opinions and ideas on what product features to build next. A prioritization process must be implemented to maximize the value of proposed ideas.

It’s a challenging process though since numerous stakeholders will need assurance that the right product feature is being built to ensure profits. Here are 6 tips for choosing a product feature that aligns with your business. 

Remember your business goals

A great product manager will take care that new features are relevant to the product roadmap and overall business strategy. This may mean reminding stakeholders of a product’s direction and ensuring that everyone involved is on the same page. In doing so, it will be easier to obtain good product ideas and gain approval from relevant stakeholders.

Ensure ideas are complete

There are many ways to get ideas. You can source them from every team within your company, concept testing, or asking your customers their opinion. Regardless of the source, it’s important to ensure that ideas are presented clearly. For example, someone may suggest a feature without mentioning why it’s needed. Following up with that person about how a feature will enhance a product could help determine its overall value.

Merge duplicate ideas

Oftentimes people will suggest similar ideas, so you may want to combine them to reduce your list of unique ideas. But you should do this carefully. You don’t want to lose individual details by merging duplicate ideas. Start with the primary idea and then group related ideas together underneath. This way you can keep good points that could help determine a product feature’s necessity.

Use a scoring system

Now is the time to start ranking each idea. Product managers should consider at least 2 metrics: Effort and impact. For example, the impact of Idea A could be huge, but it may also be costly and not return an ROI as effectively as Idea B. By fully understanding and ranking the impact and effort of a product idea, it will be easier to eliminate or embrace ideas.

Here are a few potential questions to answer when doing a scoring system:

• What is the estimated impact on profit or revenue?
• Will the feature promote brand loyalty? Or attract new customers?
• Does it meet a customer need?
• What resources are needed to implement this feature?
• Does the team have the time, resources, and capacity to build this feature?
• What are the costs of maintaining this feature?

Select an idea

Once you have completed the scoring system, you should have a more clear picture of which product features will have the most efficient impact on the company. Sometimes tough decisions need to be made, especially if stakeholders defer on which idea is the best. Regardless, a call needs to be made on promoting an idea to a product feature so the team can conduct concept testing and know exactly what to build.

Provide feedback to stakeholders

People that submit ideas will want to know why it was rejected. It’s important to explain why because this helps build transparency within a company while also encouraging a dialogue. By using the scoring system, you can explain how an idea was rejected and then reinforce product positioning and direction. 

Key Takeaways about product features

Your product will have multiple features and may consistently need to add new features or products to maintain relevance to your audience. While it can be a daunting task, it’s a great opportunity to build a stronger product.

Understanding your buyer personas and competitors will help you develop features that make your product stand out and build customer loyalty. Product managers will need to develop a system for processing ideas and how to choose which product features are implemented next. Otherwise, they may risk losing game-changing input from their stakeholders and a poor adoption rate from customers. 

FAQs

What is a product features matrix? 

A product features matrix is a way to determine the unique value proposition (UVP) of your product.  The matrix involves comparing product features to competitors. This could help product managers determine how to make their products different. 

It can also be used as a marketing tool for potential customers to see a side-by-side comparison of your product versus the competition. 

How do you list product features?

A marketing team should do more than list product features. They should also focus on conveying how a customer will benefit from using a product. There are several strategies to promote product features including testimonials, speaking to the target audience, content marketing, and more. 

How do you write product features?

The first step is to understand your buyer persona. By knowing your audience, you can write about product features in a way that appeals to them. Then you need to capture their attention with short, clear copy and scannable information. You should also engage your audience by mentioning the benefits of using the product.

What is a product feature?
A product feature refers to the capabilities, appearance, or attributes that combine to form a functioning product, delivering value to end-users by enhancing their experience or solving specific problems.

How do product features differ from epics, user stories, and requirements?
Epics group features or user stories with common business objectives, user stories describe the user’s perception of feature benefits, and requirements are capabilities necessary to deliver a feature.

What role does marketing play in product feature development?
Marketing is crucial for identifying consumer desires and competitive gaps, helping to shape product features that meet customer needs and highlighting the value of these features to potential users.

How are features and benefits of a product related but different?
Features are specific components of a product, while benefits describe what users gain from using those features, focusing on improving efficiency or solving problems for the user.

What are the 5 types of product features to consider?
The five types include Function, Experience, Quality, Design, and Added Value, each offering different advantages and enhancements to the user experience or product utility.

Can you give examples of product features and their benefits?
Examples include software with real-time bank account syncing to save time, language-learning programs tailored to individual pace, and website builders with easy online scheduling to boost income.

What are the 6 tips for prioritizing product features?
Tips include aligning with business goals, ensuring idea completeness, merging duplicate ideas, using a scoring system for impact and effort, selecting ideas based on this scoring, and providing feedback to stakeholders.

How should product features be listed and communicated?
Beyond listing features, focus on conveying benefits to the customer using strategies like testimonials and targeted content marketing.

What are product backlog features?
These are tasks and projects, including new features, bug fixes, and updates, organized into a to-do list for product improvement.

The post What Are Product Features? Definition, Examples, and 5 Types appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

What is a head of product?

The head of product is an executive-level position within an organization. It involves transitioning from managing a product to managing a group of product managers. While the role is still heavily involved with the entire product suite, the head of product is responsible for empowering product managers in their positions.

Let’s review the head of product management meaning.

Head of product definition

A head of product is in charge of the overall product strategy, managing the product development team, and coordinating with multiple stakeholders and cross-functional teams to ensure a product’s success. They are also responsible for ensuring that the product suite is aligned with the target customers’ desires and business goals.

Head of product career path and 4 tips on how to become one?

A head of product will have several years of experience working in a product management team. Most people who obtain this position will have worked as a product manager and have experience managing teams.

Here are 4 tips on crafting an impressive resume that will impress startups and tech companies.

Gain an education

Most employers are looking for a head of product with at least a bachelor’s degree. A company might have a preference for a degree in business, information technology, or computer science. But it will be more important to demonstrate that a candidate has the necessary skills to succeed in product management.

It’s not necessary to have an advanced degree but having an MBA or other graduate degree may make a product person a more competitive candidate.

Develop and launch successful products

Many employers are looking for at least 5-7 years of experience in product management. They will also want to know that a candidate has successfully participated in developing and launching great products. So it’s important for prospective head of product employees to build a strong portfolio with multiple examples of products.

A product manager will also want to spend this time learning and working in a variety of product lifecycle stages, product marketing, product roadmap, and project management. These are strong skills to learn that will help in the role of a head of product.

Gain management experience

Besides product management experience, employers also want candidates to have at least 3-5 years of experience managing a team. A head of product needs interpersonal skills to ensure that a product organization can work functionally. A head of product can also be responsible for recruiting, interviewing, and hiring product managers. So it’s important to know what to look for in a candidate as it can make or break a product management team.

Choose a specialization

Employers want assurances that a candidate knows and understands their industry. Some examples include finances, digital health, and real estate. If a candidate has past experience in the same industry, employers are likely to believe that the candidate understands the target market, major competitors, business models and revenue sources, and the latest trends. It’s not impossible to break into a new industry when working as a product manager, but it can help make it easier to transition into higher-ranking positions.

What does the head of product do?

What does a head of product do during their day-to-day responsibilities? They look out for their team and ensure that they are on track to meet their goals. This could involve collaborating with team members, removing roadblocks, or participating in meetings with stakeholders.

Head of product job description

The head of product management job description will look similar to this:

The head of product will manage the product vision, strategy, execution of the company’s product suite. They will also be responsible for roadmap development. Excellent communication skills are vital since you will be working with multiple stakeholders across the organization, including product owners, engineers, and product designers.

An ideal candidate will seamlessly manage multiple tasks such as drawing actionable insights from quantitative and qualitative data, day-to-day operations, and communicating with multidisciplinary teams. Candidates are required to have management experience and a strong product portfolio.

3 head of product responsibilities

There are multiple responsibilities that are mentioned in a head of product management job description. Let’s review the 3 most common responsibilities that a head of product can expect in their role, regardless of company size.

Strategy

A head of product is responsible for high-level product strategy and managing the entire product suite. Ultimately, a head of product will rise in a leadership role and support their product team in their decision-making skills. They may help define and align the product vision, strategy, and roadmap. Some other responsibilities could include taking the initiative on product research, establishing KPIs and metrics, and finding strategic partnerships.

Team Development

A head of product should prioritize managing their product team. It’s not enough to just hire talented product managers. They also need motivation, optimism, and empowerment from their product leader. A head of product is responsible for mentoring, developing skills, and guiding career development in the product team. A head of product may also be in charge of hiring product managers and budgeting for the team.

Stakeholder Communication

Excellent communications skills can’t be overemphasized for heads of product. This position will frequently find itself in a position where they need to actively listen, communicate priorities, and resolve conflicts. A head of product will need to develop stronger partnerships with engineering, sales, operations, and marketing teams to ensure success. They may also need to communicate with external stakeholders about the progress of product development.

5 most important head of product skills

The head of product will need multiple skills to succeed in their role. Some of the most important skills include:

Leadership

As product people move into a more senior-level position, they will spend more time managing product managers than directly managing a product. Leadership skills will be critical to succeeding as a head of product. This role will need to guide product managers as they make new product decisions and conduct product planning.

Technical

Understanding technical tools and engineering is necessary to ensure that a head of product knows what kind of problems or solutions a certain team can solve. Data analysis is also an important skill set since many employers want testing, data, and user research to drive decision-making.

Communication

A head of product will talk with cross-functional teams to ensure they understand the product vision, expectations for their role, and are meeting goals. This role involves effective communication and aligning the entire company on the product strategy. 

Strategic thinking

Thinking strategically is another important skill for a head of product. Prioritizing and quick thinking will help move the roadmap forward. Flexibility is needed for this role since problems can arise at any moment. By strategically thinking, a head of product can remove roadblocks and ensure an efficient workflow.

Business

As a head of product, business knowledge is important. This will help you communicate to different stakeholders by understanding their priorities. A head of product should have a strong grasp on marketing, business revenue, and cash flow.

Key takeaways 

Becoming a head of product may be the first step for a product manager to move into an executive role. But first, they will need to develop a strong product portfolio, build a robust skillset, and learn how to effectively manage a team. 

It’s important for a product manager to evaluate their current situation and assess where they may need to improve to move forward in product management. This could involve taking on larger projects in your current role or networking with industry experts to learn about the latest trends. Proactively building your resume and relationships will help you with your career path.

FAQs

Is the head of product a VP?

Head of product is often interchangeable with other product leaders like the VP of product or chief product officer (CPO). Regardless of the title, head of product is an executive-level within an organization. The role focuses strongly on maintaining the product management structure and creating a high-level strategy.

Is the head of product higher than the director?

In larger companies, the head of product may be beneath the director of product management or even the VP of product. Smaller companies may not have those roles which would make the head of product the top product management role. Generally speaking, if there is a product director within a company, the head of product isn’t in a higher position than them.

Who reports to the head of product?

Product managers report to the head of product. This can include senior product managers and even junior products managers. Often the head of product is responsible for hiring, training, and maintaining a relationship with product managers. This helps ensure strong team development and promotes a positive work environment.

Who does the head of product report to?

The answer will depend on the company structure of product leadership. Large companies may have the head of product report to the product director or VP of product. However, in smaller companies, the head of product may be the most senior role in the product management division. In this case, the head of product may report directly to the CEO. 

How much does a head of product make?

The average salary for a U.S.-based head of product is $144,790. The salary can range from $79,000 to $192,000. This is only the base salary, and it doesn’t include benefits and bonuses. How much a head of product will make depends on their education, experience, skillset, and company size.

The post Head of Product Career Path & How To Become One appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

What is a VP of Product?

To determine what is VP of Product Management is, an overview of product management is necessary. The ultimate goal for product managers is to launch a product that simultaneously meets business objectives while also solving problems for customers. Reaching this goal means communicating with teams across the company, and it can be easy for the vision to get tangled or messages lost.

That’s when the VP of Product comes in. They keep cross-functional teams aligned with the product vision and ensure tasks are delivered on time. They ensure that the strategic and technical vision is executed efficiently while also keeping stakeholders informed about the product development progress.

VP of Product description

The VP of Product is usually the most senior or second most senior product role within an organization. They work with cross-functional teams to ensure efficient communication and collaboration to deliver a product roadmap.

VP of Product career path and 5 tips on how to become one

The VP of Product career path is a long road since this is a top-level role within an organization. People in these positions are highly experienced and have a proven track record of successfully creating and implementing product roadmaps.

If this is a career path you want to follow, then here are 5 tips on how to accomplish it.

Get an education

Some companies may prefer applicants that have a bachelor’s degree in a technical field such as computer science. However, you may still succeed with an undergraduate degree in business administration, communication, or marketing. Many companies are also seeking candidates with an MBA. While it may not be necessary to get an MBA to get a VP of Product role, it does seem that companies highly desire this level of education.

Build your skillset

In pursuit of this career path, you may want to begin researching what type of skills employers are looking for in a product manager. If you find yourself lacking in key skills or want to become a more competitive candidate, then you’ll want to consider building your skillset. This is also a good time to network with your peers and industry leaders. Networking will help you stay in touch with a constantly growing industry and learn what type of skills are needed for future product development.

Work as a product manager

The VP of Product usually begins their career as a junior product manager and then works their way up to higher-level roles within product management. Applying for these positions will help you gain the experience you need to become a senior product manager. This isn’t the only way to begin your career though. Oftentimes, more technical roles like engineering can also be a good way to start your career.

Develop successful products

There is one common thread for all VP of Product job qualifications: Companies want to know that you have successfully managed product development in the past. It’s important to keep track of the metrics surrounding your projects and build a product portfolio. This will be crucial in showing your qualifications to become a VP of Product.

Never stop learning

Even C-level executives continue to learn and grow throughout their careers. Especially in fields like SaaS or software development where technology is continuously changing and new best practices are implemented. Make it a habit to learn frequently by joining new classes or reading articles within your industry.

What does a VP of Product do?

The VP of Product role is responsible for leading the product team and other cross-functional teams to achieve a product roadmap. This often involves creating the product vision, overseeing the product development, and working with other teams to launch and revise the product.

VP of Product job description

The VP of Product job description provides a brief overview of the role and responsibilities. It usually states something similar to the following:

The Vice President (VP) of Product is responsible for our product suite from ideation to launch. You will drive product strategy, delight customers with our products, and drive business impact. You will collaborate with design, engineering, executives, and other internal teams to ensure customers will use our products.

4 VP of Product responsibilities

Responsibilities will vary between different VP of Product roles. However, there are some recurring themes for this job title. The 4 main VP of Product responsibilities include:

Own overall product strategy

The VP of Product owns the overall product strategy including product vision and product planning. They often work in collaboration with other members of the executive team to develop the product strategy.

The VP of Product needs to be intimately involved with the product strategy since they are often in charge of getting internal and external stakeholders to align with this vision. They should be aware of why and how this product strategy will ultimately meet the business objectives and mission.

Build and manage the product roadmap

One of the main responsibilities for the VP of Product is building and launching products from ideation through launch and revision. They are responsible for working closely with cross-functional teams to ensure prompt and high-quality delivery of the roadmap. This also includes recognizing when it’s necessary to pivot and steer the team towards a new direction.

Scale and develop product team

The VP of Product is often responsible for ensuring that their company’s team is filled with amazing product leaders. They may be responsible for the overall structure of the product team and hiring new team members.

The VP of Product is also responsible for creating a collaborative team culture. They often lead by example with their behaviors and subsequently inspire their team members. Creating a positive environment is crucial to scaling and developing a dynamic team.

Manage and collaborate with cross-functional teams

The entire team needs to be successful and managing cross-team dynamics is one way to ensure meeting business goals. This often involves partnering with leads to ensure a team of PMs, designers, and engineers are operating effectively. The VP of Product may also create processes that will promote collaboration across teams.

5 most important VP of Product Management skills

Building products that meet business KPIs and resolve a customer’s need takes a lot of effort and work. VP of Product Management often needs a robust skill set to meet their job responsibilities. Here are 5 of the most important skills.

Management skills

Management experience is non-negotiable for a VP of Product Management. Companies often want applicants to have at least 5-10 years of experience as a product leader. They also demand that applicants have experience managing other product managers since this is a core job responsibility.

They will need to be comfortable with managing multiple product management teams and working cross-functionally with stakeholders. This can include working with business partners and product marketing to create a great product.

The VP of Product Management is also in charge of developing a team culture that encourages innovation and creativity. They should care about each team member in the product organization and lead by example.

Technical skills

A VP of Product Management needs to feel comfortable working with engineering leadership and understand the technical complexities of your product areas. This may mean that you’ll have to learn and become familiar with technologies like workflow, messaging, APIs, data warehouses, and business intelligence.

Data analytics

The ability to analyze data and derive meaningful insights from it is a critical technical skill. Data can help you construct a narrative that will help drive the decision-making process.

The VP of Product Development may want to investigate product analytics to understand how customers are using the features and how they are engaging with them.

This may mean that a VP of Product will need a good grasp of experiment design, statistical analysis, and multivariate testing. They may also need to have skills to use data to set OKRs, create dashboards to monitor products, review analyses from across the company and develop basic models.

Communication

A vice president needs strong communication skills, both written and verbal. Since the VP of Product functions as the main point of contact for cross-functional teams, it’s important to convey ideas clearly. This may mean learning how to work with different types of personalities and explaining complex concepts in a way that anyone can understand.

The VP of Product will also communicate the product strategy with all stakeholders, including c-level executives and board members. Creating presentations, flowcharts, wireframes, and decks may become a critical part of your job to effectively communicate the product roadmap to stakeholders.

On top of that, the VP of Product will also need to regularly engage with customers and prospects to understand their needs and problems. Then they can leverage the expertise of customers and internal teams to identify product opportunities and translate those to tactical requirements.

Problem solver

The VP of Product needs to have excellent problem-solving skills. There will always be some type of issue that needs to be addressed and having key agile skills will help you adapt to shifting initiatives. Everything from determining pricing to new product ideas will fall into the VP of Products purview. VP of Products should keep a customer-centric mindset during the product development process.

Key takeaways

It takes at least 5-10 years of experience to gain enough expertise to qualify for a VP of Product role. You need to demonstrate strong management skills as well as a successful track record for developing and launching products. If this is a role that you want to pursue, be mindful of the skills you need to succeed and ensure that you have the capability to grow and develop a product team.

FAQs

What does a VP of Product do in a startup?

A VP of Product in a startup will be in charge of creating, building, and launching a core product. The core product is the company’s primary product that all other services and future features will be based on. The VP of Product will also be responsible for collaborating with internal and external stakeholders to ensure the core product meets customer needs while matching the business mission.

Who reports to the VP of Product?

Many roles report to the VP of Product Development, including the director of product management, UX director, head of product analytics, and product managers. Depending on the company organization structure, the CTO and chief marketing officer (CMO) are usually viewed as peers to the VP of Product.

Who does the VP of Product report to?

The VP of Product reports directly to the CEO. In larger companies, the Chief Product Officer (CPO) is considered the highest-ranking product manager. In this case, the VP of Product reports to the CPO.

Why do you need a VP of Product?

The VP of Product acts as a cross-functional leader and ensures that multiple teams are working on the same vision. The VP of Product is the main communicator between teams and informs them of how their work affects the overall product vision and roadmap. Without a VP of Product, a CEO may find themselves overwhelmed by multiple tasks which could affect business performance.

How much does a VP of Product make?

The median salary for a VP of Product Management in the United States is $251,203. The bottom 10% earn less than $194,845 and the top 10% make more than $306,033. The salary can range based on your experience, education, and additional skills.

The post VP of Product Management Career Path & How To Become One appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

What is a chief product officer?

The chief product officer, also known as the chief of product or VP of product, is the head of the entire product department. They are in charge of all product teams and the product suite. A CPO works towards ensuring that products are created and delivered smoothly while ensuring customer satisfaction. They must also take into account business goals and ensure products are growing the company.

A CPO shares similar goals with a chief technology officer (CTO), but they have different objectives. While the CPO focuses on why a product should be made and how it makes customers happy, a CTO focuses on the technical aspects of a product.

Chief product officer definition

A chief product officer is an executive-level position that is responsible for the product suite, including strategy and execution.

CPO (Chief Product Officer) career path and 4 tips on how to become one?

Chief product officers usually start their careers by becoming junior product managers. They start to move through the ranks as they gain more expertise and experience and start to work in senior product management positions. The tips below can help you stay on a path of career growth.

Gain experience

Employers expect applicants to have a proven track record of successful product development and launches. Not only do employers expect at least 5-10 years of product development experience, but they are also looking for management experience. Since chief product officers manage a team of managers and their teams, applicants must demonstrate that they can lead a group with a shared vision.

Get at least a bachelor’s degree

It’s not a surprise that an executive position like a chief product officer needs to at least have a bachelor’s degree. Some popular undergraduate degrees in this field include economics, marketing, and information technology.

However, an applicant may be more competitive if they go beyond the minimum education requirements and earn a graduate degree. 53% of CPOs have a master’s degree or an MBA. While it doesn’t have a significant impact on your earning potential, a graduate degree seems to be highly desired by employers.

Choose a niche

Industry knowledge is a critical factor in securing a position as a CPO. Many employers look for candidates that have several years of experience working in their industry. For example, a fintech company will most likely look for applicants with a high level of financial and technology literacy.

If you are aiming to become a CPO at some point in your career, it may be beneficial to pick a specialty early on in your career. This can help prove to future employers that you are an expert in your industry.

Grow your network

Building a network can help you in a multitude of ways. Connecting and learning from your peers and product leaders can help you build your skill set in a market that is constantly changing and adapting to the consumers’ needs. Subsequently, you can also establish yourself as an expert in your field, which may lead to job opportunities like a CPO position.

What does a chief product officer do?

What does a CPO do during their day-to-day work life? The primary objective of a CPO is to facilitate the product development and management process to ensure that customer needs and business objectives are satisfied. They are involved in all aspects of the product direction, including the vision, strategy, development, and marketing. While a CPO can focus on launching a new product, they can also work on altering current products.

Chief product officer job description

A chief product officer is responsible for defining the product roadmap and strategy. They will work closely with the CEO, chief marketing officer, and other c-suite executives. They may also work with product designers, marketers, sales, and engineers to ensure the product suite meets the needs of customers while also ensuring profitability.

4 chief product officer responsibilities

The chief product officer role is primarily responsible for anything related to the company’s product suite. The CPO is also involved in every step of the product development process from ideation to launch. They are in charge of ensuring that product managers and other team members are aligned with the product vision and are executing development plans. Below are 4 responsibilities of the CPO.

Product vision and strategy

A CPO is often in charge of defining and owning a company’s product vision and strategy. This is often an exciting opportunity to shape the future of work. They get to determine why a certain product or feature gets developed and when it happens.
Oftentimes, they need to convince stakeholders to support their vision. But if the CPO bases their roadmap on business objectives and customer needs, they can set themselves up for success. If anything doesn’t align with the business mission, a CPO is responsible for making necessary changes to the product vision.

Research analysis

An important part of a CPO’s responsibilities is the ability to analyze data and research to glean insights into the customer and what they need. This type of information often drives product decisions since relying on data ensures informed decisions are being made instead of being based on an assumption.

CPOs oversee and implement strong metrics related to the product experience to gain the most accurate data. They will need a deep understanding of product management metrics, systems, methodologies, and tools to successfully analyze data.

Product marketing

A CPO also oversees product marketing. This includes ensuring product features have market positioning and messaging that resonates with customers. This makes it easier for product marketers, customer support, and salespeople to show potential customers how a new or improved product will meet their needs. Ultimately, good product marketing will increase adoption rates. But this all begins with the CPO analyzing data and recognizing customer needs.

Team management

One of the main responsibilities of a CPO is to foster a culture of innovation and collaboration among team members. They continuously work to inspire, mentor, and scale the product team. They also motivate product managers to deliver high-quality work. It’s critical to the overall success of the company to have a CPO that can encourage product teams to take ownership of their work and can communicate effectively between different departments.

6 most important chief product officer skills

A chief product officer will need a variety of skills and knowledge to successfully create and commercialize a product. Here are 6 of the most commonly identified skills that a CPO needs.

Leadership

The CPO needs to have strong leadership skills. They are ultimately in charge of multiple teams, and they need to lead the entire project management organization. They supervise managers and ensure that they have a strong team of customer-focused employees. It’s also important for the CPO to mentor their team and give them opportunities to grow and learn.

Ambitious

Being a CPO is an ambitious role. People with this job position need to embrace creativity, innovation, and experimentation. They are often in charge of executing bold business goals, and it’s important to have a strong self-starting spirit to succeed as a CPO.

Customer-first mindset

Product teams will never succeed if they don’t intimately understand the problems, needs, and desires of their customers. The CPO should be skilled in surveying and interviewing customers to identify issues the product suite can address. They will be heavily involved in looking at the customer experience and data to find how they can give customer value. This will help create product suites that are positioned for success because the data shows that the customer wants them.

Data analysis

Objective and data-driven decision-making need to be made by the CPO. Quantitative and qualitative data are used to evaluate their product and how it meets customer demand. Some metrics and KPIs that a CPO might want to analyze include revenue, profits, user activity, and adoption rate.

Excellent communicator

A CPO must have excellent communication skills. They are often in charge of discussing product strategy with internal and external stakeholders, which means they need the ability to organize and present information in a way that makes sense to the stakeholder.

A CPO also needs to communicate clearly and efficiently with various internal stakeholders to ensure that the product roadmap is executed on time.

Collaborate well with others

The CPO talks to multiple teams and stakeholders, and collaboration is crucial for product success. This usually means that a CPO builds relationships with their employees to build trust and ensure communication takes place.

Key takeaways about CPO chief

The CPO role is necessary if a company wants to scale. It is best suited for product managers that want to take their career to the next level and take more ownership of a company’s product suite. It takes years to gain the experience to succeed as a CPO, and a person will need to acquire multiple skills to manage growth effectively.

If this is a career path that you want to pursue, you should start by gaining relevant product and management experience and building a resume that demonstrates your analytical, strategic, and communication skills.

FAQs

What is a chief product officer salary?

The median salary for chief product officers is $251,201. The bottom 10% earn $194,843 or lower while the top 10% earn $306,031 or more. It’s also important to note that CPOs often get bonuses, which boosts the median salary to $314,301 when it’s included.

Who reports to a chief product officer?

A CPO can be looked at as a manager of product managers. Depending on the company hierarchy, people that report to a CPO include the director of product management, UX director, and the head of product analytics. Smaller companies may have their CPO work directly with product developers.

How long does it take to become chief product officer?

Some companies are willing to look at applicants with as little as 5 years of experience, but most companies are looking for at least 10 years of experience. Employers are also looking for demonstrated success in product development during that period.

When should I hire a Chief Product Officer?

A CPO can bridge the gap between products and customer needs. You may be ready to hire a CPO when the CEO no longer has the time for the job responsibilities, when moving from a single product to multiple products, or when you notice gaps in product development.

The post Chief Product Officer appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

Stakeholder management can help you develop your relationships with stakeholders and ensure that you have a satisfying communication and engagement plan with them.

What is stakeholder management?

A critical component of running a successful project is to involve key stakeholders in the process. Product managers should ensure that important stakeholders are engaged and participating in the project. This process is called stakeholder management, and it centers around the idea of developing and maintaining relationships with stakeholders to establish a smooth project process.

Stakeholder management usually involves identifying key stakeholders, understanding their needs and preferences, and then effectively communicating with them about what they need to know about the project.

Stakeholder management definition

Stakeholder management is the process of understanding, communicating, and developing relationships with key stakeholders.

Why is stakeholders management important?

Key stakeholders can have a significant potential impact on the success of your project. They have influence and power to support your project or block it from happening at all. That’s why it’s important for product managers to ensure that they are effectively communicating with key stakeholders and convince them to support the project.

An in-depth understanding of stakeholders combined with a clear communication and engagement plan can help you develop and maintain relationships with key stakeholders that can help provide support to your project.

Poor stakeholder management could lead to the failure of your project and miscommunication about what is happening during the project.

3 benefits of project stakeholder management

Stakeholder management can be a heavily involved process, but it’s well worth the effort. Having a smooth project process is far easier to manage than a project that consistently runs into roadblocks from stakeholders. Some of the benefits of project stakeholder management include:

Prevent micromanaging

Micromanagement from internal stakeholders is often caused because they don’t understand what is happening or they don’t have enough visibility on projects. Stakeholder management will give product managers the tools they need to frequently communicate with stakeholders and ensure they are satisfied with the project.

Stay on deadline and within budget

You might find yourself in a situation where a stakeholder doesn’t approve something until late in the process, which could delay the project and cause an increase in the budget. This could have been avoided with stakeholder management.

Proper stakeholder management will mean that all involved stakeholders will always be communicated with about the project. This will lead to fewer major problems occurring and mitigating issues early on in the project.

Properly utilize stakeholder expertise

Product managers can’t keep track of every conversation that happens over multiple teams. Having an effective communication plan with various stakeholders could help you get crucial information that could’ve been lost otherwise. It will also give stakeholders a channel to provide feedback and share their expertise. This will lead to better collaboration between stakeholders and creating better outcomes.

10 key principles of effective stakeholder management

The Associate of Project Management identified 10 key principles to keep stakeholders engaged. Engagement from stakeholders is critical to meeting a product manager’s objectives, but they can only engage if they are encouraged by proper management.

Communication

Communication is more than sharing information with a stakeholder. It’s also about gathering information from stakeholders and learning how to effectively communicate with them. Different people have different preferences for communicating, so product managers will need to adapt as needed.

Consult early and often

It’s necessary to ensure stakeholders are properly informed about a product’s purpose, scope, risks, and approach. You’ll want to communicate this early on in the product life cycle to ensure requirements are met and compromises are made to keep the product moving forward.

Remember stakeholders are human

Humans make mistakes, and the same goes for stakeholders. Sometimes there are personal agendas, poor attitudes, and inconsistencies that need to be managed. By understanding the root cause of a stakeholder’s behavior, you can determine the best course of action to keep the relationship productive.

Plan for stakeholder management

It’s worth the time investment to create a stakeholder management plan. Engaged stakeholders can lead to better outcomes. Taking a proactive approach to communication and engagement will prevent major potentials from occurring. We’ll discuss how to manage stakeholders later in this post.

Develop and maintain relationships

Relationships are important to create a level of trust. When people trust each other, collaboration may happen more easily and yield better results. You should take the time to develop relationships with stakeholders and participate in team-building activities. Good relationships will lead to better problem-solving and decision-making capabilities.

Keep it simple

There’s no need to overcomplicate your role as a product manager to have effective communication with stakeholders. By creating a plan for simple and timely communication and anticipating possible objections, product managers can improve product delivery and get approval from stakeholders.

Prepare for potential problems

While stakeholders can have great sources of opportunities, they can also cause risks themselves. You should have the foresight to determine possible risks and hazards that could arise during the product life cycle. Managing risks is important to keep the process on schedule and within budget.

Compromise when necessary

Stakeholders can have different opinions and ideas, which can make it difficult for a product manager to make everyone satisfied. It may be necessary to compromise by establishing an acceptable baseline for all involved stakeholders.

Define project success

Stakeholders will have different metrics for determining project success. A product manager should know what those metrics are so that they can effectively manage expectations.

Take responsibility

All stakeholders should take responsibility for their role in the product life cycle. While product managers may take extra effort to engage stakeholders, everyone has to communicate effectively and understand their roles and responsibilities. Be sure that the necessary stakeholders understand what is expected of them.

6 tips to create an excellent stakeholder management process

There are a few tips to establish excellent stakeholder management processes. Product managers work with stakeholders daily, so consider these tips to ensure success.

Ensure everyone is on the same page

This tip goes back to defining project success. A product manager can make it clear what the project objectives are and how success is being measured. Communicating this early and often with stakeholders will establish an understanding of your goal and where they fit in within your project.

Setting expectations will make it easier to communicate with stakeholders and ensure the project moves forward smoothly.

Listen to stakeholders

Stakeholder management is not about bending stakeholders to your will and agenda. It’s about listening and collaborating with stakeholders to meet project objectives.

Product managers need to provide a channel for stakeholders to communicate their needs and concerns about the project. By truly listening to stakeholders, you can establish trust in your relationship and make collaboration easier.

Otherwise, stakeholders may start causing barriers because their concerns aren’t being properly heard. Take the time to hear what they have to say and try to find a solution.

Define roles and responsibilities

A lot of confusion can happen if stakeholders aren’t fully aware of their roles and responsibilities in a project. They may not know who’s in charge of what tasks they are responsible for completing.

Product managers can establish expectations by defining roles and responsibilities for stakeholders and making them visible to everyone.

Clearly defined roles can also help stakeholders know who to turn to if they have a question or a problem that needs to be addressed.

Keep stakeholders informed

Stakeholders will have different hierarchical levels of communication, depending on how much power and influence they have over a project. We’ll discuss how to prioritize stakeholders later, but stakeholders need to be informed. High-level stakeholders may need information given to them via frequent in-person meetings while low-level stakeholders may only need the occasional email update.

Keeping stakeholders informed will aid the development process since they may be able to point out problems early on in the timeline when it’s easier to fix.

Be flexible

A product manager needs to be open to change with their stakeholder management strategy. Staying open to new ideas can help you manage stakeholders better. For example, some stakeholders would prefer that you sent them a Slack message instead of an email while others never use Slack. It’s essential to ensure that you can always reach your stakeholders, and you may need to adapt to some situations.

Use proactive communication

Regularly sending progress reports is one way to ensure frequent communication. But a product manager can also get more personal and follow-up personally to see if the stakeholder has any feedback. Following-up helps you manage stakeholders’ input and keep track of any concerns they may have.

How to manage stakeholders in 4 steps

Product managers will need to create a stakeholder management plan to ensure that stakeholders are kept informed about the process. Start by analyzing your stakeholders and what they need for success as well as their level of influence on the product. Let’s take a detailed look at creating a stakeholder management plan.

Identify stakeholders

The first step to creating a stakeholder management plan is to identify your stakeholders. Create a list of stakeholders that will be directly or indirectly affected by your product. It can include both internal and external stakeholders. Some common examples of stakeholders include:

• Customers
• Project team members
• Upper management
• Competitors
• Government regulators
• Shareholders
• Analysts
• Project sponsor

Prioritize stakeholders

The next step is to prioritize your stakeholders. Some of your stakeholders will be heavily involved in building your product while others may not care about it at all.

Prioritizing your stakeholders will help you determine key stakeholders. Key stakeholders are the people that have a heavy influence on your product or can veto it entirely.

For example, your customer may be affected by your product, but they don’t have the ultimate authority on what features get built. That’s a job for upper management that may or may not be swayed by a customer’s opinion. It may end up being a product manager’s responsibility to represent the customers’ needs to upper management. Prioritizing stakeholders will help you manage your time and energy in what you need to communicate to certain stakeholders.

Conduct stakeholder analysis

Even after you have prioritized your stakeholders, you may end up with numerous opinions and get overwhelmed with feedback. It’s common for stakeholders in the same group to have different opinions.

At this point, you’ll need to learn about your stakeholders individually and determine their characteristics and interests in your product. This is a good stage to define their responsibilities and participation roles because it makes it easier to set up and manage expectations later on.

You should consider setting up meetings with your stakeholders, so you can ask them questions and begin a successful relationship with them. You can discuss topics like:

• What are their priorities for the deliverables?
• How do they define success? What are their KPIs?
• What is their preferred method of communication?
• Who influences their opinion?
• Do they have a positive or negative opinion of the product? Why?

Learning about any potential conflicts of interest early on will help you manage any opposition in the future and potentially address them now. Analyzing stakeholder interests can also help you identify who needs more information to get their full support.

Create a stakeholder communication plan

Once you have identified stakeholders and determined their interests, you can create a personalized stakeholder communication plan.

A stakeholder communication plan will cover:

• What are their job responsibilities
• What are their expectations
• What information needs to be conveyed to the stakeholder
• How often the stakeholder needs to be updated
• What method of communication is best
• What stages of the product life cycle will they be involved in

Creating a communication plan for each stakeholder will make it easier to keep them engaged with the product. It will help product managers keep track of when they need to communicate with stakeholders. This will help monitor for any potential issues that may arise from stakeholders and manage them as necessary.

What is an example of stakeholder management?

Earlier we discussed that part of creating a stakeholder management plan was to prioritize stakeholders.

The easiest way to prioritize your stakeholders is to use a power/interest grid template. It’s a stakeholder map that helps product managers determine how much support they will need to give each stakeholder. You will rank each stakeholder based on their level of power and level of interest.

The power/interest grid divides stakeholders into 4 groups:

• Manage closely: This group has high power and is highly interested in your product. Full stakeholder engagement and frequent communication are needed to keep this group satisfied.
• Keep satisfied: Stakeholders in this group have high power but have low interest. Project managers will want to give strategic communication to this group.
• Keep informed: This group has stakeholders that have a high interest in your product but don’t have much power. You’ll want to keep them informed about what is happening so they can identify any major issues.
• Monitor: Project managers will only need to give minimal effort to stakeholders that have low interest and low power with your product. This necessitates the least amount of communication.

The power/interest grid makes it easier for you to determine who needs the most communication and how high-touch the information should be delivered.

Key takeaways about managing stakeholders

Stakeholder management is critical to the success of your project. Implementing a management plan from the beginning will help detect issues early on, collaborate easily, and keep the project on track.

Managing stakeholders ultimately means forming productive and positive relationships with them. This will turn stakeholders into effective project partners and supporters.

The post What Is Stakeholder Management & How To Manage Stakeholders appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

What is product adoption?

Product adoption is the process a consumer takes from discovering a product to becoming a long-term customer. This is usually broken down into 5 product adoption stages (which we’ll discuss in more detail further below).

Product adoption is more than a person registering for a free SaaS product or purchasing a physical product. It’s about if the consumer is regularly using the product and making it part of their lives. When this level of product adoption is achieved, you have earned a loyal customer base that recognizes the value of your product and won’t switch to a competitor.

Product adoption definition

Product adoption is a process that involves people becoming aware of a product and then ultimately deciding if they want to adopt a product into their lives and regularly use it.

What is the product adoption curve?

The product adoption curve is a theory by Everett M. Rogers regarding the adoption of new products into society. There are 5 adopter groups, and they each have their own level of resistance to new innovations. It’s important to know these groups because they will adopt a product at different points of its lifecycle. The 5 adopter groups are:

1. Innovators (2.5%): A small but mighty group that isn’t afraid to be the first people to use new products. They tend to be incredibly tech-savvy, don’t mind a few technical issues, and can be an excellent source for feedback.
2. Early adopters (13.5%): Early adopters expect products to help meet their needs even if it is fairly new in the market. They can be useful in spreading the word about your new product since they are a larger group than innovators.
3. Early majority (34%): This group will only adopt your product once it has gained a reputation and proven itself to innovators and early adopters. They don’t mind taking up new trends, but they have less tolerance for risk compared to previous groups.
4. Late majority (34%): The late majority is pretty resistant to change and will only adopt your product if it’s well-developed and experiencing very few technical issues.
5. Laggards (16%): Laggards are nearly impossible to get to respond to new innovations. They don’t like change and will only adopt new products when it’s forced to do so.

Why is product adoption important?

A strong new product adoption rate means a higher retention rate and lower churn. It ultimately leads to having a large base of loyal customers that drive predictable revenue for a company.

5 factors that influence product adoption

Everett M. Rogers, along with the product adoption curve, also developed 5 factors that influence product adoption by society. Before a product launch, product managers should evaluate these factors to determine if their product is easily adoptable.

Relative advantage

Consumers need to see that this new product is clearly better than the current product. People are unlikely to change to a different product if they don’t see any benefits to it. In order to influence product adoption positively, product managers will want to communicate why their product has more value than their competitors.

Compatibility

Compatibility refers to a product’s ability to fit into a consumer’s values, needs, and experiences. A consumer will only adopt a product if it can seamlessly integrate into their lives. Product managers will want to do thorough research into their audience to confirm that a product matches their lifestyle.

Complexity

Consumers are less likely to adopt your product if they find it difficult to use or understand. If they view your product as easy to use, consumers are more likely to adopt your product. Product managers may find it beneficial to have a friendly customer support team or a simple onboarding process to make a product as simple as possible.

Trialability

People like to try before they buy. They want to know if it would be worth their time, energy, and investment to adopt a product before they actually purchase it. Product managers will want to find a way for consumers to try their product on a limited basis to encourage trialability.

Observability

Observability refers to a consumer’s ability to see the tangible results of the product. A consumer needs to know that a product actually works and will fulfill their needs. Observability can also refer to a consumer’s awareness of the product or seeing their peers use the product.

5 product adoption stages

Every consumer will go through the same new product adoption process. The product adoption process is made up of 5 stages that show the steps a consumer takes before deciding to adopt or reject a product.

Product awareness

The first stage is when a consumer becomes aware that your product exists. There are a variety of ways they could have discovered your product – it could’ve been an advertisement on social media or a referral from a trusted colleague.

Messaging is going to be a crucial part of the product awareness stage. You’ll want to ensure that your campaign catches the eye of your audience and addresses their needs. This combination will help your audience realize that their product is meant for them.

At this point, the consumer doesn’t know enough about your product to buy it, but they do get their interest piqued enough to learn more about it.

Product interest

Once a consumer becomes interested in your product, they will start researching it. Consumers will start looking into the features, benefits, disadvantages, and pricing.

If you don’t provide enough information about your product, consumers may lose interest and not proceed to the next product adoption stage. It’s essential to have an informative website and knowledgeable customer service to help the consumer with the information-gathering process.

After gathering all this information, the consumer will start to evaluate the product.

Product evaluation

Consumers will consider the information they gathered from your product and then evaluate if it fits their needs. They may compare your product to competitors and try to differentiate what makes you different from them. This stage is key to getting consumers to trial your product.

You may find success in directly addressing how you are different from your competitors. Do you offer a new feature they don’t? Do you have all the same features at a lower price? These types of questions are at the forefront of your consumer’s decision-making, so you want to ensure that your sales team can handle answering these inquiries.

Another way to convince consumers to try out your product is to offer an irresistible deal. You can offer free trials, money-back guarantees, or trial-size products. Consumers will consider deals like this during the product evaluation process, and it could be what ultimately leads them to try your product.

Product trial

First impressions are extremely important, and the customer experience needs to be excellent. The product trial stage is a critical point for consumers to become long-term customers. They aren’t officially committed at this point. Consumers will examine and test your product to see if it meets their standards and needs.

Once a consumer has tried the product, they move on to the final stage of the product adoption process.

Product adoption or rejection

Consumers have tried your product and now they need to decide if they want to adopt or reject it. Satisfied consumers will adopt your product and continue to use it in the future. Existing customers may even evolve into advocates and recommend your product to other people.

Unsatisfied consumers will reject your product and look for alternatives. This is also known as churn.

5 techniques to improve product adoption

There are many opportunities for a consumer to not continue through the product adoption process. That’s why product managers must establish techniques to improve product adoption and ensure customer success.

Here are a few techniques that may improve product adoption.

Survey your customers

Surveys with a limited focus can help yield better answers to analyze. For example, distribute surveys to a targeted group of people instead of gathering feedback from a general audience. Alternatively, you can also choose to focus on getting feedback on a certain feature instead of general feedback on your product.

Don’t forget to analyze your audience that has churned. It can actually be a significant learning opportunity for a product team to learn why their product is causing churn. This can help you identify issues and create solutions that could mitigate the churn.

Have a clear onboarding process

The user experience is one important factor for product adoption. For SaaS products, product managers need to have a great user onboarding experience. Sometimes low adoption rates occur because users aren’t taught how to use the software easily and simply. It could be worth it to review your onboarding process and discover any issues that could prevent user adoption.

Send helpful in-app messages

A little nudge can help users understand and use a product. In-app messages can aid in getting users to do certain actions. It can also be used to collect feedback or educate users on features. You don’t want to overdo it as this could be more discouraging than encouraging.

Have multiple customer support methods

Customer success can be largely dependent on having access to support. A strong customer support base can help lower churn since consumers can easily find answers to their questions. There are multiple ways to support consumers including setting up a live chat with friendly representatives, creating an informative knowledge base, or inserting help center widgets into a software’s UI.

Create a personalized email marketing campaign

Sometimes consumers try your product once or twice, but then stop interacting with it. It may be necessary to re-engage inactive consumers with a personalized email marketing campaign. Email marketing can also be used as a way to onboard new customers.

How to measure product adoption rates?

It’s difficult to calculate product adoption rates because there is no direct formula. Instead, you’ll have to analyze a variety of metrics to get an idea of how product adoption is working. Here are some product adoption metrics to keep track of to determine your customer retention:

• Number of new users vs. number of total users
• Number of users performing core activities for the first time
• How long it takes for users to perform core activities for the first time
• Growth rate of active users
• Percentage of consumers that are active/inactive
• Frequency of purchases
• Conversion rates

3 Product adoption examples

So what are some real-life examples of companies using techniques to influence product adoption? Let’s review 3 product adoption examples.

Amazon

Amazon is using a personalized email marketing campaign to give parents recommendations based on their child’s age. As the child continues to age, parents will receive newsletters that are relevant to what that child needs. This is useful since a 4-month old baby will probably want different toys than a 6-year old does.

NordVPN

NordVPN has a customer support widget available on its website. It automatically opens to FAQ for easy access. Consumers can also search for questions to find answers. This support widget simplifies using the NordVPN product and can help improve product adoption.

Canva

Canva implements a product adoption technique aimed towards consumers that entered the product evaluation stage but didn’t adopt. In this example, it offered another trial for their paid product to consumers that continue to use the free version of Canva. This could be a useful technique to encourage active users to purchase the paid version of Canva.

Final Points about product adoption

Improving your product adoption rate can drastically increase revenue and build a loyal customer base. Product managers can start by determining where your audience is in the product adoption curve and then providing the necessary support to continue to grow. Don’t forget to evaluate your techniques to nurture consumers along the product adoption stages. Analyzing metrics can help you determine where you might be losing potential customers.

Optimizing the product adoption process can aid in your goal to reach your audience and help solve their problems with your product.

The post What is Product Adoption: How to Measure + Examples (2021 Guide) appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

While it’s an exciting time to hire more people onto your team, some wonder if it’s the right time to take the plunge and hire a junior product manager. After all, they aren’t seen as a need compared to a senior product manager or product owner. However, there are a lot of benefits to expanding your product team.

When to hire a junior product manager?

Responsibilities of product management entry-level employees can vary slightly depending on the needs of an organization. Technical skills may be required for some jobs, while others are willing to teach them on the job.

Regardless of what your organization decides is best, here are some main responsibilities that are usually associated with junior product managers:

• Collaborating with product team members to define the product vision and product strategy
• Researching the target market and buyer persona
• Speaking to customers to gather feedback
• Developing the product roadmap and product requirements
• Analyzing data for problems and potential solutions
• Working with other departments to ensure product deadlines are met
• Preparing for product launches

6 skills to look for in a jr product manager

Communication skills

Excellent communication skills are necessary since junior product managers frequently interact with stakeholders. They may need to communicate between the software engineering team and marketing managers, present to upper management to pitch new features or functionality, or interview customers about their user experience. Candidates need to have written and verbal communication skills.

Project management

One hard skill that may benefit your organization is project management. The ability to lead a team through tasks and meet deadlines is critical to ensuring product development happens on time. You may also want to look for other hard skills like market research or development experience.

Willing to learn

An entry-level position like a junior product manager means that candidates will have a lot to learn. You should gauge a candidate’s willingness to learn from others and gain new skills. This will help ensure their success in their role while also helping to build the company’s goals overall.

Decision-making abilities

Junior product managers have to have excellent decision-making skills. You want a candidate that has the confidence to make their own decisions without needing input on every little aspect of a project. Product managers often have to justify decisions they make and this is a necessary skill. For example, product managers may need to present why a feature should be built over another feature and present why they made that decision.

Business knowledge

It may be beneficial to have a junior product manager that understands the business, industry, marketing, sales, and more. This kind of knowledge will empower junior managers to discover problems and provide solutions within the organization.

Creativity and innovation

While not easily quantifiable, junior product managers need creativity and innovation in their roles. An organization’s product suite often needs updating or new products. Having a junior manager that’s not afraid to be different and come up with new ideas is a huge asset to your company.

4 tips to write a junior product manager job description

Sometimes it’s a little daunting to create a job description for a new or revamped role. It’s important to consult with managers to determine what job responsibilities will fall on junior product managers before you begin writing. Here are 4 other tips to consider when writing a job description.

Choose a clear job title

Clever titles seem like fun, but you may miss out on prime candidates if they don’t understand the job title. Choose a job title that easily portrays what position you are trying to fill within your company. This will make it easier for job seekers to find you on search engines or get a job alert.

Describe the projects & work environment

At this point, you need to entice someone to work for you. If you want ideal candidates, you can’t put out a virtual “We’re hiring!” sign and expect it to be good enough. It’s time to describe the day-to-day life of a junior product manager at your organization. Answer questions about what type of projects they would be working on, who would they be working with, and what makes your company a great place to work.

List the skills needed

Make a thorough list of the skills a person would need to succeed as a junior product manager. While you could ask your current product manager for what skill set they would need, you can also review this list of skills:

• Analysis skills: Junior product managers often analyze data for industry trends, customer interactions, and sales performance. Product analysis is a key skill that is necessary for junior product managers.
• Collaboration skills: Junior team members often work with a variety of stakeholders, including senior management, cross-functional teams, and each other. The ability to collaborate with others will help build products.
• Sales and marketing skills: Since product managers often have responsibility for product positioning, they must understand marketing and sales. This skill set will help product management create products that stand out in the marketplace.
• Organizational skills: Junior product managers may often need project management skills to ensure they meet deadlines and launch products on time.

Don’t forget job requirements

There may be a few *must-haves* on your wishlist, and you shouldn’t forget to add them to your job description. Consider adding job requirements like:

• Education: What type of education or degree does a candidate need? You may want to consider possible majors like business administration or software development. Alternatively, you could widen the job applicant pool by asking for equivalent experience instead of a bachelor’s degree.
• Experience: This is a junior role and applicants may have limited experience. You may want them to list out any experience in areas like business analysis or project management.

What is the average junior product manager salary?

The median junior product manager’s salary is $69,832. Keep in mind that this is for a full-time entry-level position. After a few years of experience, product managers expect an increase and can earn a median salary of $111,599. There’s a lot of growth potential in this field.

You should also remember that many factors could influence a salary. Some of these factors include location, living expenses, experience, and industry. Depending on your organization, you may want to consider these factors before hiring a junior product manager.

For example, New York organizations may need to pay a higher salary than organizations in Kansas. Living expenses in New York can be a lot higher, and a salary should reflect the quality of living.

Key Takeaways about junior product manager jobs

Whether it’s your first junior product manager or your second hire for this position, it’s important to accurately portray the job and its responsibilities. This will ensure that you attract the right candidates and find the perfect fit for the junior product manager position.

Knowing which skills you may need will help you write the job description, conduct an interview, and eventually hire. You can still get competitive candidates for entry-level positions if you can show why someone should work for you.

The post Junior Product Manager Role, Job Description & Skills To Look For appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

While they may work on some projects together, it turns out that product managers have substantially different responsibilities than program managers. Let’s review these roles and what they contribute to an organization.

Product manager vs program manager: the basics about the roles

When it comes to program management vs product management, the differences in job roles and responsibilities aren’t always clear. Both roles have management responsibilities but differ on what company goals they work towards.

Product managers are responsible for the development and design of products. Meanwhile, program managers are responsible for all company goals and provide strategic guidance to ensure deadlines are met.

Let’s dive further into product manager and program manager job descriptions.

Product manager roles and responsibilities

The product manager is responsible for the product suite of a company. They participate in every stage of a product lifecycle from its conception to adding additional features after the product has launched. Product managers often supervise a product team to develop a product strategy. By creating a product vision, it can help guide the entire development process.

Some of the responsibilities of a great product manager include:

• Gather and analyze data, including customer feedback and stakeholder input
• Use problem-solving to overcome product obstacles
• Develop product positioning strategies
• Identify gaps in the industry and develop products that meet those needs
• Recommend new product ideas
• Supervise the ideation, development, and launch of a product
• Manage product management team
• Conduct market research

Product managers are slightly different than project managers. A project manager may get assigned deliverables involving the agile development process, and then report to product managers. In this case, product managers may supervise project managers to ensure the product roadmap is being executed.

Program manager roles and responsibilities

The program manager takes a more holistic approach to product development. While product managers solely focus on the product itself, program managers work closely with several teams to support the product as a whole. Program managers work on organizing activities that support overall business goals.

A program manager can have responsibilities like:

• Use communication skills to work with cross-functional teams
• Develop a risk mitigation plan
• Identify opportunities for continuous improvement
• Expand product offerings
• Report on program performance
• Budgeting and managing finances
• Using project management methodology to move projects forward
• Meeting and updating stakeholders

It should be noted that program management is different from a project manager. A project manager is an action-based role that executes the strategies of the program manager. Project managers have responsibility for individual projects instead of overseeing an entire program. Product managers often work with project managers to move product development forward.

Program manager vs product manager: 3 differences

Program managers and product managers share similar responsibilities, but they have different focuses. While product managers specifically focus on the product suite, program managers have a more comprehensive look at the whole company.

Product managers focus on product specifics

Product managers are hyper-focused on the target buyer persona and building product features and functionality to support customer needs. Product managers answer the question “why”. Why should a product be built this way? Why focus on this feature?

Program managers often work on projects outside of product development. They focus on questions like “how” and “when”. How will this product launch? When does customer support need training for a new product feature?

Program managers supervise other cross-functional teams to ensure the product is supported. For example, program managers manage building web pages, creating marketing materials, and customer support training.

While both product managers and program managers collaborate with different team members across various departments, product managers only focus on the development and launch of their products.

Product managers work only on products

Product managers solely focus on a company’s product suite. They may work with other department’s team members, but it will be for product-based needs.

Meanwhile, program managers aren’t heavily involved in product development. They focus primarily on creating support for the product like marketing strategies or working with HR to ensure employee satisfaction.

Product managers take a tactical approach to products

Product managers have a specific goal in mind: Launching a product. They break it down into action-sized tasks like market research, development phase, and more. A product roadmap is critical to ensuring success in their roles.

If a program manager is involved in a product, it will usually be for strategy purposes. Program managers don’t get involved in the smaller steps of a project. Instead, they focus on the comprehensive view and work with interdependent teams to ensure a company’s goals are met.

Can a program manager become a product manager?

It’s possible. Product managers often come from a variety of backgrounds since there is no formal degree program in that subject. A program manager has project management skills that can be valuable as a product manager.

If you are a program manager looking to become a product manager, start making a strategic plan to transition. You may want to get to know product managers at your current company or learn more about development.

Is the program manager higher than the product manager?

Program managers and product managers are complementary roles and one is not necessarily above the other. They usually collaborate frequently to ensure product success.

Program vs product manager: salary differences

Many factors could determine salary differences between program and product managers. Besides the job itself, location, experience, and education could affect your salary.

On that note, program managers seem to pay more. The median salary for program managers in the United States is $138,128. Meanwhile, entry-level product managers have a median salary of $70,723 and could work their way to a median salary of $114,552 with 4-7 years of experience.

Key takeaways about product vs program manager

Ultimately, product managers focus solely on the product suite. Program managers focus on how the product affects other departments and ensures a smooth process.

If you are considering which career path to take, then you should analyze your skillset and determine your strengths and weaknesses. You can also research what is available in your area and potential salary ranges. This could sway your decision.

The post Product Manager vs Program Manager: The 3 Major Differences appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

It all starts with an idea. Ideas are thoughts about possible courses of action, and they are the heart and soul of creation. Sometimes ideas come naturally, but it takes some hard work and creativity to create something new most of the time.

In the product development process, product ideation is a critical component to sparking new ideas and features.

What is product ideation?

You can think of product ideation as a strategic brainstorming session on steroids. But it’s not quite like your typical brainstorming session though, since it utilizes ideation management. This is when managing ideas become a formalized process in your product vision. Product ideation usually has several sessions, and it can last for weeks or months.

Instead of a product manager holding the product vision by themselves, product ideation allows the entire team to participate. By including everyone from developers to customer service, a product manager can leverage the expertise of their team to build a better and more well-rounded product.

Product ideation also creates tangible next steps to get ideas approved (or denied) by upper management. This means that great ideas aren’t lost in the matrix and instead become part of the process of building new product features.

What is the product ideation process?

It’s not enough to gather various team members in one room and have them start shouting ideas and writing them down on a whiteboard. There needs to be preparation for the product ideation process first.

If you want to get good ideas, there needs to be research. The first step to prepare for the product ideation process is to gather and analyze data. If a product manager is going to pitch a new feature to upper management, they will need data to back up the value and ROI of the new idea. 

Make sure to understand your users’ challenges, goals, and interactions with your product. You will need to analyze data like user feedback, usage patterns, and interview users to get a clear idea of what they may be missing from your product. It could also be crucial to involve your sales and customer service teams at this stage. Since they are interacting with users the most, they may have valuable insights about what users need.

The next step is to define the objective. What do you hope to achieve by the end of the product ideation? The goal is usually to solve a problem that users or the team are having with the product that was identified during the research phase. 

Before the product ideation sessions begin, you may want to consider giving the participants the data you gathered for them to analyze. This can allow them to form their own ideas on what may be needed, especially if they work in a different department. 

Now you’re ready to start the product ideation sessions. This may take a long time for great ideas to form and build on them. The goal for this stage is to consider ideas from various angles, find potential issues and solutions, and ultimately produce solid data-based product feature ideas. 

There are some parameters to consider before you start though. First, make sure you only involve the right people. Choose a product ideation team that is filled with people that are constructive, creative, and can have a good dynamic together.

You also want to ensure that your team has a creative space to create ideas. Have them focus on the objective, challenge existing assumptions, and let them experiment. You might find that your team will come up with innovative ideas when encouraged to think about problems differently.

But what do you actually do in a product ideation session that reaps results? It depends on your team’s needs.

9 product ideation tools and techniques that work

Each team will have different personalities, creativity levels, and experiences, so there’s no one clear way to implement idea generation. A product manager will need to consider the strengths and weaknesses of their team when choosing product ideation tools or techniques. 

Let’s review some popular product ideation tools and techniques to consider using for your team.

Product ideation techniques

“How Might We” statements

This is a classic design thinking technique. You will begin by sharing data insights or user pain points, and then asking your team “How might we…(accomplish this goal, solve this problem, etc)”. This encourages your team to discuss ideas and encourages a collaborative approach. Examples include “How might we design a public transportation system that is efficient, safe, and affordable for people?” or “How might we create a fitness app that makes users feel like they are getting healthier?”

Question assumptions

Assumptions could prevent team members from not exploring new avenues for accomplishing goals. You should have an open-minded environment that allows space to question how things are done. One way to do this is to list all of your assumptions and then list the opposite reality. Then your team can consider if the opposite reality is a solution to your problem. For example, you could assume that beds always take up a certain amount of floor space. The opposite reality is that you could have a Murphy bed that folds down from the wall and gives you more space during the day.

Picture prompts

Some people are visually stimulated, and they may come up with creative ideas if they can visualize what’s happening. A product manager can pre-select relevant images to share in this technique and then ask team members to write down ideas based on the picture. Images should be visually stimulating, show a variety of subject matter, and show different interactions and relationships with people. You could even throw in some random photos to see if it sparks any creativity.

Storyboarding

A storyboard is a visual sequence of events. You don’t have to be Walt Disney to create storyboards, even simple doodles can do the job effectively. You can start with the problem that you are trying to solve, and then have your team members add to the storyboard about what should happen next. Make sure there is a clear ending that resolves the story.

SCAMPER

Sometimes you don’t need to reinvent the wheel. You just need to look at what you currently have differently. SCAMPER stands for substitute, combine, adapt, modify, put to another use, eliminate, and reverse. These action verbs help you explore problems with seven different solutions. It’s one of the more simple ways to encourage innovation in your team. You can get a more detailed explanation here.

Product ideation tools

Round Robin

Round Robin is a 3-step tool. First, you have someone write an answer to a “How might we…” question. Then it gets passed to a different person who will write why the answer will fail. It gets passed to a third person who will resolve the issue. This could help discover interesting and new concepts.

Mash-up method

This tool is designed to bring unlikely things together and spark fresh ideas. First, pick a “How might we… ” question. Then you’ll choose two broad and unrelated categories, but one of them is related to your challenge. Create a list of things that fit into their respective categories. When that is completed, you will “mash-up” one thing from each list and invent something new.

Analogy thinking

Pick 2 or 3 inspiring companies (a mix of in your industry and outside of it). Then do some research about what makes their products great. This can help inspire ideas of what you could do with your products. You don’t want to copy products or business models, but you do want to identify what makes it so successful and build upon it.

Brainstorm cards

Take a variety of “How might we…” questions and put them on cards. Propose a challenge to your team and then ask them to use those questions to come up with a solution. You might want your team to do this individually at first and then come back together to discuss ideas.

What is the most popular product ideation model or methodology and how to choose the best for you

The best product ideation model is the one that generates the most creativity from your team. Since each team can vary, it’s hard to say what would work best for product managers. This is when product managers will need to lean on their soft skills and determine the best way for team members to collaborate and innovate together. 

It’s also important to remember that you don’t have to be married to one product ideation model. You can incorporate multiple tools or techniques to help your team maximize their creativity levels. This is especially true if you find that some team members thrive with visual stimuli like storyboarding, but other team members give more creative answers when answering “How Might We” questions.

Key takeaways 

There’s no right way to do product ideation, but it’s important to choose tools and techniques that foster creativity and innovation in your team. 

This also means creating an environment where team members aren’t too shy to voice their opinions or where one team member is taking up too much of the conversation. Product managers will need to use their communication and negotiation skills to ensure that every team member is actively involved in the product ideation process. 

Active participation, implementing product ideation techniques and tools, and a focus on solving a user’s challenges will ultimately lead to success.

The post Product Ideation: Model, Process & 9 Techniques That Work appeared first on Product Collective | Organizers of INDUSTRY: The Product Conference.

What is an APM Program?

Associate Product Manager (APM) programs are common in Silicon Valley and are usually designed for recent college graduates. Since there isn’t an option to major in product management in college, APM programs fill the void for tech companies. Their goal is to turn promising talent into highly skilled product managers by providing mentorship and practical work experience.

The APM program is a structured cohort that usually lasts for 18-24 months. During this time, APMs will work with senior product managers on various teams and even launch new products. There’s also usually other learning opportunities and research trips, but this varies by company.

What prior experience do you need to apply to associate product manager programs?

Each company will have different standards for admittance, but APM programs are designed for recent college graduates. Companies usually don’t expect you to have prior experience, but they do look for demonstrated leadership and passion for technology and product management. Some companies may expect you to have a technical background to succeed in their APM programs.

Why try an APM Program?

Many college graduates don’t have direct product management experience nor took classes in the subject. But product management is a highly needed skill for companies.

By participating in an APM program, you can learn everything you need to know to develop and launch products and build a more competitive resume. You also receive invaluable mentorship from people that can help you grow in product management.

3 benefits of joining an associate product manager program

There are many benefits to joining an APM program. This isn’t an unpaid internship where your only job responsibility is to get everyone’s coffee order right. APM programs ultimately help you build a more competitive resume and gain practical experience.

Receive education and mentorship on product management

There’s no product management degree – an APM program is the next best thing to receiving a formal education on product management. Along the way, you can get mentored by some of the best product managers in the industry.

Mentorship is extremely valuable for people starting product management careers. The field is constantly changing, and you need a different skill set for various companies. Mentors can help you build the skills you need to succeed in product management.

APM programs also expect participants to need training, and companies happily provide it. They design APM programs to include more training, meetings with other product managers, and on-the-job learning. You’ll develop your expertise far quicker than if you had a regular management job.

Network with peers

Networking with peers and executives can help you grow your career. In other situations, you may be the only PM at a company, but this doesn’t happen in an APM program. Joining an APM program lets you meet people in the same position as you.

Learning about product management with a group of like-minded individuals will help you grow your expertise. Staying connected with your cohort can be a valuable source of information in the future.
Not to mention, if you choose an APM program with an extensive alumni group, you can continue to network with knowledgeable product managers from other cohorts.

Increase future job opportunities

People who complete APM programs are well-prepared for the workforce and are in high demand. Product management training is hard to come by in applicants, so you can expect to have ample job opportunities after completing an APM program. However, many people end up staying with the same company after completing their APM program.

How is the interview process to get into an APM Program?

APM programs are highly competitive, and some companies receive as many as 10,000 applications. So how can you ensure that your resume and interview stand out?

There are usually multiple rounds of interviews, so you want to be prepared to speak about your past experiences and product development questions. Sometimes interviewers will ask you to solve a problem to see how you approach it.

It’s not unusual for you to be asked to complete a task as part of the interview process. This could include a technical test or a different kind of exercise.

To prepare for the interview process, you should read books like “Cracking the PM Interview” and “Decode and Conquer”. This will help you answer product design and analytical questions you could be asked.

8 most popular & best APM Programs: 2021 List 

While there are numerous APM programs available, not all of them are the same. Some programs have research trips, book clubs, or assigned mentors. If you’re considering an APM program, you should consider all the variables that could make an impact on your future in product management.

Here are some of the most popular and best APM programs (and honorable mentions), plus some of their differentiating factors.

Salesforce APM

The Salesforce APM program lasts for two years and is made for recent college graduates. The program is designed for you to rotate through three different teams to gain hands-on experience in various areas. In this program, you’ll gain mentorship with Salesforce senior executives and network with your APM peers.

Google APM program

The Google APM program was the first of its kind, and now it has the largest and most structured program. The program lets applicants work as full-time product managers while getting additional support and mentorship to succeed. In order to get accepted, your Google APM application will need to highlight your computer science background and demonstrated leadership skills.

Twitter APM program

The Twitter APM program is two-years long, and APMs will work on a different team each year. An APM can work on various projects like building new tools, improving user experience, or defining advertising formats. The program also includes monthly learning sessions, an assigned mentor, and an international research trip. This is a great opportunity if you’re interested in consumer behavior, media, and social platforms.

Yahoo associate product manager

Similar to Twitter, Yahoo offers a two-year APM program that lets APMs work on a different team each year. The Yahoo APM program focuses on the future of media and technology. Past participants have worked on products like ads, accessibility, and artificial intelligence. You’ll receive access to senior product leaders and planned activities to grow your skills.

Facebook rotational product management (RPM) program

The Facebook RPM program is an 18-month program where participants work with a different team every six months. Unlike other APM programs, Facebook doesn’t require a college degree or tech industry experience. Facebook looks for applicants who have a diversity of thoughts, skills, and experiences for their rotational product managers.

Uber APM program

The Uber APM program is designed for recent college graduates with a technical background like computer science. The program lasts for 18 months, and applicants will get to work with three teams, each for six months. Working with Uber will provide APMs the experience of working with a tech company that crosses with the physical world.

Linkedin APM program

The LinkedIn APM program will “develop entry-level talent into world-class product managers”. It’s designed for the new college graduate with their first full-time job. This program is unique because it allows participants to gain practical experience by defining a product roadmap and working with various teams to launch it. Weekly learning sessions, organized events, and international trips are included.

Lyft APM program

The Lyft APM program is 18 months long, and APMs will rotate through two different product teams during their experience. This program is designed for people that have graduated from college within the past two years. Lyft will partner you with an assigned mentor and provide various learning experiences to improve your skills.

Some other honorable mentions include Atlassian, Dropbox, and Microsoft.

How to choose the perfect APM or product manager rotational program for you?

The first step is to consider your career goals. This will help you determine what you want to learn in an APM program and narrow down your list to what meets your goals.

Here are few questions to consider when choosing an APM program for you:

• How big is the company?
• What’s the alumni network like?
• Do I need a technical background?
• What is the company culture?
• What product teams could I be on, and what will I learn from them?
• How big is the average cohort?
• How does the company ensure that their APMs are learning?
• Will you have personalized mentorship? Who are your mentors?

Key takeaways

APM programs offer a valuable learning experience for recent college graduates looking for an entry-level position. They are an excellent way to build your career and network with other product managers. It gives you the opportunity to get practical experience about product management, which is hard to do in college.

If you have leadership experience, can demonstrate analytical skills, and have a willingness to learn, an APM program may be something you want to consider to boost your resume.

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