Digital Superfecta Leg 3: Product Management
We’re in the middle of the Digital Superfecta – the four things you must be good at to radically grow your digital revenues. Over the past 2 weeks, we took a look at developing online strategies to capture qualified sales leads and convert your visitors into customers.
Leg #3 of the Superfecta is Product Management. What do we mean by Product Management? We define Product Management as full ownership of a product or service through its entire lifecycle. Product Management cuts across ideation, development, launch, ongoing marketing and sales, and constant and never-ending improvement.
Ready to see how solid your product management efforts are? Answer these ten questions to see how you stack up against the competition.
- Does one person own the bottom line profitability for each of your products?
- Do you follow a structured new product development process?
- Do you launch at least one new product or service per year?
- Do you incorporate consumer research into your ideation and development processes?
- Do you use a dashboard that tracks key metrics?
- Do you base your business decisions on real-world data from experiments and customer behavior?
- Do you use Net Promoter Score to capture customer feedback?
- Do you seek partnerships to scale your business?
- Do you utilize an agile development methodology?
- Do you have a formal issue tracking and prioritization system?
Are You Outstanding? Score Yourself
Give yourself 1 point for each “yes” answer.
10: Congratulations on being a world-class product management organization! We’d love to feature you and your advice in a blog article sometime. Contact us!
8-9: Work on the one to two gaps, and I bet you will notice improved results quickly
6-7: Consider plugging in additional resources to address the opportunity areas. You are leaving a lot of potential on the table
<5: It’s time to take a step back and ask if you have the right strategy, team, and processes to be successful in the digital world. Right now, you’re at risk of your competition disrupting your business. You could have fewer headaches to manage and more bottom line profitability if you made changes.
Score lower than you hoped?
The Sterling Woods Group can help in a few different ways.
For those of you who need a “tune up” we offer training to take the caliber of your product management skills from great to excellent. We also offer a diagnostic that is guaranteed to find at least 10% profit growth (or you don’t pay).
For those of you who aspire to become truly outstanding at product management, we offer Product Owner services. We serve as your Product Owner, drive your product strategy, and oversee execution of initiatives across product development, design, marketing, and sales. The Sterling Woods Group can even plug in execution resources as needed (development, design, marketing, content repurposing).
To learn more, contact us at firstname.lastname@example.org. We offer a free 30-minute consultation if you’re not sure which service is right for you.