what should be prepared for now

what should be prepared for now

Hello everybody! The post was written following the webinar. In it, I want to talk about the trends that will continue to develop and emerge in 2024, related to the work of product teams, product managers and other roles related to product management.

You can read more in the Telegram channel, you can watch it on the YouTube channel.

So let’s go!

1. Using Prompt Engineering and ChatGPT

2. Integration of product management with marketing, sales and monetization, evaluation of the ROI of the product function

  • A trend toward combining the roles of product manager, marketer, sales and monetization specialist to optimize resources and increase product success. The key task is that products must bear responsibility for the financial performance of their product.

  • The Product Owner (PO) role is evolving to include a broader range of responsibilities.

    Gradual removal of the dedicated role of Product Owner and replacement of Product Manager with PO competence

  • Companies begin to evaluate the performance of the product function and expect a return on investment through impact on revenue, net profit, active customer base.

  • The key problem is that it leads to the need for structural transformation, review of teams, optimization of processes. The biggest problems in the product arise at the junction of cross-functional areas of responsibility.

  • Additional sources on this topic:

The root of the problem is that we have literally thousands of well-intentioned but process-oriented “Agile trainers” who have never worked on a product in a product company thinking they can train product owners. They adopt a few buzzwords, train people in a specific delivery process like Scrum, certify people, and send them out to serve as “product owners on a product team.” It’s funny how they don’t claim to be able to teach software engineers or design designers, but they do a great job of pretending to be able to teach product owners how to ensure their value and viability.

Product Predictions 2024

3. B2B product management issues

  • Addressing the specific needs and complexities of B2B product management through the allocation of B2B PM and recognition of the importance of understanding the buyer/user journey and customer/user segmentation in a B2B context.

    Understanding the entire sales cycle, acquisition, monetization and retention

  • Traditionally, in the B2B corporate segment, sales, account managers, and development teams worked separately. This is with long deal cycles and long development cycles. All this leads to the fact that there is no systematic approach to scaling the business model.

  • The role of the product manager and the role of the head of the sales department are combined through understanding market segmentation, understanding the value proposition, communication channels, building the sales process and onboarding. In 2023, it became clear that limited budgets are already a reality, product-led approach is not a pill for all problems (when budgets are tight, markets are consolidating, and IT is reasserting its decision-making role, ordinary users of a product can’t be counted on to close the deal), to work with the buyer – the role is extremely important – this is LPR.

    • The fact that a product solves an end-user problem does not mean that LPR cares.

    • If the product gives the LDP what it needs, it often doesn’t matter how much the end user likes what the product does.

    • The higher in the LPR hierarchy, the further it is usually from the end users. They may not even talk to them at all.

      Additional sources on this topic

4. Importance of data-driven prioritization and decision-making

  • Shifting from gut-based decisions to a more data-driven approach. Emphasis on using research and analytics and highlighting and embedding Discovery in decision making.

  • Actionable research as a key trend in the form of creating a structured research process, working with hypotheses and using research results as arguments when making product decisions.

5. Requirement for product managers to be “high agency”

  • Requirements for product managers to be proactive, adaptable and take initiative.

  • Reduction of time for adaptation of new employees, training and the need to show a quick result.

6. Product strategy to prioritize all initiatives

  • The importance of understanding the market, customer segmentation and aligning the product strategy with the company’s business objectives.

  • Building product processes around the business result. As a result, the departure from expert evaluations in the prioritization of initiatives.

  • A road map is not the same as a backlog:

    Many product managers build unbalanced roadmaps, inadvertently focusing on some aspects and neglecting others. One of the common imbalances is too much attention to functionsthat do not fit the overall product strategy or do not provide significant customer value.

    Another common imbalance is too much attention to the short term. This can lead to a roadmap full of quick wins, but doesn’t contribute to the company’s long-term goals.

What else can you tell us that is useful?

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