Set the right expectation right from the start
Welcome to the exciting world of product management! As an aspiring PM, you might have already read tons of articles and books, attended courses and webinars, and networked with experienced professionals.
However, there are still some things that no one tells you about this job. Fear not, I’ve got your back with 5 insider tips to help you navigate the challenges and surprises of product management. We’ll cover:
- Soft skills matter more
- Learn to say No (you really need to)
- Adapt and overcome
- Stakeholder Management (it makes or breaks the game)
- The inevitable failure (and how to handle it)
Let’s crack the code!
The importance of soft skills
As an aspiring product manager, you may have heard that technical skills are the key to success. But the truth is, soft skills are just as crucial. Here are a few tips to keep in mind:
- Communication is key, both with your team and stakeholders.
- Develop your leadership skills to inspire and motivate your team.
- Empathy is essential when working with customers and team members.
- Conflict resolution skills will come in handy when dealing with differing opinions.
- Adaptability is key as priorities can change on a dime.
For example, let’s look at Facebook. Despite being a technology company, it put a significant emphasis on soft skills when hiring and training its product managers. This is because they recognize that effective communication, leadership, and empathy are essential in creating a successful product.
The reality of making tough decisions
Being a product manager involves making tough decisions that can impact the entire company. Here are a few things to keep in mind:
- Always consider the impact on the customer and the business.
- Be data-driven in your decision-making.
- Don’t be afraid to take calculated risks.
- Be transparent and honest about your decisions.
- Learn from both successes and failures.
For example, when CHATGPT was launched, the team had to make a tough decision about which features to include and which to postpone. They had to balance the needs of the customer with the technical feasibility of implementing each feature.
The constant need for adaptation
The world of product management is constantly changing, and you need to adapt to stay ahead of the game. Here are some tips for adapting:
- Keep up with industry trends and new technologies.
- Be open to feedback from your team and customers.
- Embrace change and don’t be afraid to pivot.
- Continuously iterate and improve your product.
- Stay organized and flexible.
For example, when Google launched its search engine, it had to constantly adapt to new technologies and user needs. The company made changes to the algorithm, added new features, and improved the user experience over time.
The challenges of stakeholder management
As a product manager, you will work with a variety of stakeholders, each with their own priorities and opinions. Here are some tips for managing stakeholders:
- Build relationships and maintain open communication.
- Understand each stakeholder’s needs and goals.
- Keep stakeholders informed and involved in the product development process.
- Be transparent about trade-offs and decisions.
- Align stakeholders around a common goal.
For example, when Apple was developing the iPhone, they had to manage a variety of stakeholders, including suppliers, carriers, and developers. By keeping all stakeholders informed and involved in the process, Apple was able to create a successful product that satisfied everyone.
The inevitable failure (and how to handle it)
Failure is inevitable in product management. Here are some tips for handling failure:
- Embrace failure as an opportunity to learn and improve.
- Be transparent about failures with your team and stakeholders.
- Take responsibility for your mistakes.
- Use data to analyze what went wrong and why.
- Iterate and improve based on what you learned.
For example, when Amazon launched the Fire Phone, it was considered a failure due to poor sales and negative reviews. However, Amazon learned from the experience and used that knowledge to create successful products like the Amazon Echo.
Conclusion
There is a whole world of garbage tips about Product Management on the internet and it's quite easy to make things sound more difficult than they actually are.
For Product Management, if we jump into the role with the right mindset and use some of the logical tips, we’ll settle in pretty quickly and actually make a difference. I always say:
Learn, learn from failure, learn from success but keep learning.
