Mastering the B2B Product Life Cycle: Tips and Insights for PMs
Now, we are starting a series of introductions about B2B product management which a product manager or a project manager must know.
The Goal of This Article
Although the B2B lifecycle model may seem clichéd, it remains a concise and robust way to understand the various stages of product development. It is relevant not only to Project Management but also to Product Management. In this article, I aim to delve into the day-to-day life and methodology of PMs, offering fresh perspectives and new insights into this traditional model. By doing so, readers can gain a deeper understanding of the B2B product lifecycle and benefit from the practical knowledge and guidance provided in this article.
- The overview of composition in each process. (We will leave the remaining details in upcoming articles.)
- The R&R for a product manager, project manager, product owner, and scrum master.
- To know the proportion in our daily life.
The Big Picture of the Whole Process
Initiation: Not all the PM will get invole in this activity. It is a crucial stage if you want to be more closer to the market.
The B2B model is focused on serving companies, or “clients,” rather than individual customers. However, it is important to note that despite this difference, the focus must still remain on client needs and market demands. It is possible for either a specific client or a specific market to drive a project or product. Still, it is important to understand that these two drivers have different objectives. While a specific client may require customization, a specific market may require standardization.
The key activities involved in the B2B product life cycle include conducting a business survey, developing a business approach, planning solutions, evaluating opportunities, and signing contracts. One approach is to identify clients individually and offer them a customized solution with a contract. Alternatively, a tiered approach can be taken, where several clients can purchase and use the product automatically.
In some cases, dealing with clients and stakeholders can involve complex decision-making processes that impact the core values of the company. PMs must navigate these interactions while considering the various needs and priorities of buyers, decision-makers, and users. It is the product manager’s responsibility to own the product roadmap based on market insights, while the project manager follows potential opportunities based on the client’s proposals.
Planning: Almost all the PMs will participate in this stage. It depends on the “PM” roles in your company is a BIGGER one PM or a SMALLER serveral PMs to lauch the product.
Once the business has been kicked off, the PM must be ready to initiate the development process. Before development can begin, resources must be allocated to ensure the project scope can be achieved within the specified timeline.
Key activities during this stage include project planning, communication planning, and roles and responsibility planning. As product managers, it is essential to consider how each milestone in the product roadmap can be achieved, as each milestone will require a different synthesis of resources and roles. Project managers, on the other hand, are responsible for controlling the budget and planning the execution of tasks in order to deliver the project scope within the agreed upon timeline. It is important for both product and project managers to work together and ensure that the resources are allocated effectively and efficiently to achieve the desired outcome.
Execution & Monitoring: Trying to fullfill the requirements and roadmap, which PM must know whether the quailty is feasible to go-to-market.
During the execution and monitoring stages, the development team begins implementation while the quality assurance team verifies the quality of the product. The PM takes charge of progress assessment, ensuring the quality of the product and deciding when parts of features and products can be rolled out.
The methodology for executing these stages can vary depending on whether the organization follows a waterfall, agile, or mixed project management approach. It is important to note that every organization has its own methodology for working with core teams, which include PMs, designers, and developers. Understanding the nuances of these methodologies and their application within the specific organizational context can help PMs navigate the execution and monitoring stages more effectively.
Closing & Operation: Every product comes with the specific milestone which all the PMs must think about what is next.
After successfully launching the product, the product managers can hand over to the operations team, who will monitor client satisfaction and oversee further operational activities. Based on overall feedback, product managers will work to improve the product.
Project managers, on the other hand, will typically stick to one client and focus on maintaining the project as one of the operation activities. In cases where the project has come to an end, project managers will transition to a new project and begin the planning, development, execution, and monitoring stages anew. It is important for both product and project managers to remain agile and adaptable in order to respond to the changing needs of the organization and the market.
R&R of each “P” & “M”
In the B2B product life cycle, the Product Manager is responsible for overseeing the product during the specific timeline of the project. This includes developing the product roadmap, managing stakeholder relationships, and ensuring the successful launch of the product. On the other hand, the Project Manager is responsible for overseeing the specific project to build the product, and may be responsible for overseeing the development team and managing project timelines and budgets.
While these two roles may have some overlap in their responsibilities, they each have their own unique focus and priorities. By working together effectively, product and project managers can ensure that the product is developed and launched successfully, and that the project is completed on time and within budget.
Below are some possible cases in your organization.
- Only product manager: This role helps to build a standard product that we can help the company to scale up. In this case, they sometimes work with the project manager or technical project manager closely.
- Only project manager: This role helps to build a customized product that we can serve the minor of clients well. Also, we need to work with the product manager closely.
- Both the product manager & project manager: It exists on the small scale of a company or product, and we need to play these two roles simultaneously.
- Be a Product Owner or Scrum Master: Sometimes, we play both roles, depending on the organizational culture. It happens in an agile framework. Also, they sometimes work closely with product managers who are focus on the market deeply.
Conclusion
Today, we have discussed the process of the B2B product lifecycle and how it may seem similar to project management. However, it is important to note that there are differences between the two, which become apparent through the distinct roles and responsibilities of product and project managers throughout each stage.
It is worth noting that the boundaries between stages are not always clear-cut, and there may be some overlap or interdependence between them. It is important to remain flexible and adaptable and to keep an open mindset to new ideas and perspectives in order to continually improve the product.
In the upcoming articles, we will delve deeper into each stage of the B2B product lifecycle, exploring the key considerations and challenges in B2B product management and project management. By examining these topics in more detail, we can gain a more comprehensive understanding of the process and how to build a better product.
About Author
Why Starts
I wrote many articles via Mandarine to illustrate my insights on product management, business strategy, career path, and book reviews. Now it’s a good try to reach various audiences across many countries. It’s very exciting to share insights and exchange ideas with different backgrounds.
Who Am I
This is Mr.T, with around 10-year experience in product and project management. I have been in the B2B technology field in the telecom, electronic vehicle, and video streaming industries.
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* Mail: ctianchen886@gmail.com
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