Goals for Product Management Team
I have seen some people following goal setting process in an organization just for the sake of it and treat this as something to be done with and move on with regular work.
However, I take it very seriously particularly because it provides a great framework and a formal opportunity to align not just your team but multiple teams together. It’s also about taking a step back and thinking thoroughly what you want to do in next 6 months or 1 year time frame.
In this post, I will talk about my thoughts regarding how to effectively set goals for the product team that eventually helps build great products that customers love.
I believe goals for product team should cover four different aspects of product management:
- Drive product strategy: Product strategy needs to be driven by through data analysis, customer feedback, competitive benchmarking, awareness of key trends and inputs from relevant teams in the company. Goals which inculcate these behaviors and which judge PMs on the outcome (well defined product strategy) should be assigned.
- Focus on high quality execution: PMs need to define requirements clearly (whether it’s in the form of epic / user stories / some document) so that unnecessary time spent in uncovering obvious things is saved. Also, they need to be able to collaborate with UX team to deliver high quality mock-ups. They need to be able to do that on time so that engineering has best shot of delivering features within the expected time frame.
- Deliver value for the customer — PMs need to continuously focus on the value that is being delivered to the customers. This value needs to be defined in the form of performance metrics for the product. Focus on improving performance metrics eventually leads to product market fit and happy customers who stay with you.
- Increase Product Adoption: Getting products in the hands of more and more customers is something that PMs need to drive as well. In a B2B setup, they need to collaborate extensively with Product Marketing to enable sales, account management and operations. They work with Technical Writing to ensure great documentation is available. They need to roll up their sleeves to participate in customer demos or meetings, train various teams and essentially do anything that helps product gets adopted.
Of course, there would be few other goals beyond what I mentioned above that Product Managers could be chasing. But above four buckets define the essence of product management in my view and if their goals are aligned as per above four buckets, it helps them deliver great performance and improve their product management skills.