Products and services define a company and are a significant part of its Market Effectiveness. Yet, many companies don’t have world class product management processes or product managers who have been trained on how to properly manage a portfolio of products. Often, companies view product management as finding customers, selling product and filling orders. This applies equally as well to products as it does to services.
Product management, a newer and less understood business process for many companies, has a much more holistic responsibility to the enterprise, its customers and stakeholders. World-class product management has two parts:
- Defining the products through a rigorous product development process
- Managing products through their full life cycle with a focus on maximizing revenue and profitability both at the sale and after the sale. Something we call “The Product Life Cycle Revenue Model”.
The biggest obstacle to implementing world-class product management is letting go of traditional organizational practices and moving to a more structured product management process. Product management must be involved in all aspects of product creation, development and management through the product’s life cycle.
At Group50® we have worked with clients to identify gaps in their current product development process and to design a world class process that suits their needs utilizing a series of assessments, workshops and training. Companies that have fully addressed those gaps will have:
- Elevated product management to its proper place
- Created a fully integrated product management process
- Designed and implemented a product development process that is integrated with product management
- Integrated the product life cycle model into their business with a focus on how to optimize the sales value of a product or service throughout its life cycle
- Have post sales revenue strategies for every product in their portfolio
- Fully trained their product managers on the art of “Product Management”