Product Manager: The definition of ambiguity
Product Management is a HOT word where every person is looking to manage products in some capacity. From being a specialized role, it has turned into a role ubiquitous in the corporate sector. The unearthing of products has led to a growing demand for product managers and product team. A Product Manager is often called as the CEO of the product where he/she is responsible for the end-to-end product creation to scaling to sustenance. That speaks of a lot of power vested in one person to make the product successful. Product Managers can take on multiple hats, but the burning question across different forums is.
“What is a Product Manager?”
I will not give any answer despite the presence of multiple definitions, but in a nutshell Product Manager is the sole owner of the product who is responsible for the success/failure of the product.
“What is success or failure of a product?”
A product can be successfully or a failure as per multiple definitions. It could be a brilliant product which creates the AHAA among the users but does not add a lot on its bottom line. On the other hand, there could be products which are just generic without a lot of AHAAs but are very green on the bottom line. There are some products which are creating AHAAs and are very green on the bottom line as well. The definition of success is something that the product manager will describe when they have their KPIs defined for the product and for the business.
While a product manager is managing a product and defining its success, the question that is taken for granted is “What really is a product?”
Again, there is no fixed definition for the product as well. It could be a physical product or a software-based product offering or a digital product that cannot be physically accessed. The definition and the skillset for a person to manage such products can vary by large margins.
Product Management is a sphere defined by ambiguity and that is what keeps it going and unravel the mysteries of the offering’s world can experience. This is a unique trait of a domain where there are set standards, yet nothing set in stone. However, there are some things which are not ambiguous but fixed for the products.
1. Customer Delight: A product can come into inception and stay relevant only if brings customer delight consistently over time. Product Manager is responsible for bringing a smile to the customer’s face and that is a big responsibility they undertake when becoming a product manager for any product.
2. I need to break even: Like any business, the product must break even at some point of time. Product Managers can get investments for a certain period, but the return on investment is something that is of utmost importance for the product. The pricing and cost strategy by a product manager is a key thing that is fixed for a product’s success in any manner.
3. Can I innovate and maintain? A product comes into the world on the hand of innovation and stays relevant only if it continues sparks innovation and sustains its ongoing operations. Product Manager holds the tough responsibility for maintaining the product on a day-to-day basis but also bringing new aspects into it to continue bringing customer delight.
The definition will always be ambiguous, but something to keep in mind when defining a product manager is as follows:
A Product Manager is a person who brings customer’s delight while ensuring the product is profitable and relevant in the face of innovation.
