What Product Management Looks Like Post-Pandemic
The COVID-19 has led to unprecedented changes, through lockdowns and social distancing measures, that put an emphasis on less contact. Offline products are no longer desirable or accessible, and most consumers have drifted online. According to a TechTimes report on 2021 product management trends, digital commerce reached all-time highs in 2020. Digital customer interaction increased from 41% pre-COVID to 65% post-COVID, driving rapid changes in areas with underdeveloped infrastructure.
Products — even those that were predominantly physical, such as healthcare and fitness — were consumed digitally; think eBooks, online workshops, apps, and subscription bundles. Moreover, the workforce will likely remain in remote, flexible, or hybrid arrangements as the pandemic is unlikely to end overnight. Given these widespread industry changes, the core of product management will continue to shift as well.
Here are three key ways we imagine product management to look in the new normal:
Recalibrated assumptions and offerings
Who hasn’t been impacted by the pandemic? All customers, users, competitors, markets, and budgets have faced previously unanticipated challenges in the last few months, and we’re all still trying to figure out how to live with the virus. While digital products are clearly a winner in the pandemic, product managers have to think about the new problems users face and how to solve them. Having virtual meetings with your team where you regularly reassess your objectives and anticipate new challenges can help create a more effective product. While you’ve likely developed your product in a different climate, the question you need to ask yourself is will your solution match user needs moving forward?
It’s egotistical to base your decisions based on the idea that everyone thinks as your team does. Studying the market and changes in consumer behavior will help you update your assumptions. For instance, you may think users want to be educated on how your product works. However, a University of Florida study on customer satisfaction shows that consumers actually enjoy randomness and serendipity. They may enjoy unexpected rewards or events, seemingly random product delivery, and product samples that don’t offer a lot of information.
Additional emphasis on upskilling
With digital products being high in demand, it’s only natural that product managers who are able to keep up with market trends are increasingly sought after as well. An article from Forbes on the product economy highlights how the demand for product manager roles in the US grew by 32% between August 2017 and June 2019, and this trajectory will continue as virtually every device in our home and work lives function as digital products. Product managers will try to bridge capability gaps by upskilling, and emerging as highly-experienced leaders.
The good news is that there is a wealth of information from higher education institutes that outline the different specializations product managers should focus on. Maryville University’s advanced business administration program highlights key areas for product managers to upskill in, including product management principles, operations management, supply chain management, and enterprise planning. Moreover, product managers should further grow their skills in management, information technology, software development, and emerging media to adequately equip themselves for a tech-intensive, post-pandemic future. Investing in both soft skills and technical skills will give product managers greater credibility.
Stronger user-centric approach
Expert product managers will place a higher value on their buyers and users, focusing on retention and quick-win opportunities in product development. By positioning your product as one that will help the customer adjust to the post-pandemic life, you will have a stronger business strategy. Consider pricing adjustments; instead of offering discounts, add new features or offer more flexibility with your packages.
Businesses can also identify new areas for growth by asking for feedback. As discussed in our article on ’10 Effective Methods to Prioritize’, users may request hundreds of features — but feedback helps you define your product strategy and decide what to build next. The MoSCoW method, for instance, helps users determine their Must Haves, Should Haves, Could Haves, and Won’t Haves for a straightforward prioritization. Another tip is to align with your customer teams, especially as they work on the frontline, and hear requests first.
For product-oriented companies, Producter is an all-in-one product management software that can help you turn feedback into customer-centric solutions fit for the post-pandemic environment. Contact us today to learn more.
Exclusively written for Producter by Jasmine Sloan
