"The Looking Glass: the biggest reasons I failed to influence" & "5 Essential Business Skills for Product Managers - Department of Product"

"The Looking Glass: the biggest reasons I failed to influence" & "5 Essential Business Skills for Product Managers - Department of Product"

In the fast-paced world of business, the ability to influence others is crucial for success. Whether you're a manager trying to get your team on board with a new strategy or a product manager pitching a groundbreaking idea, the power to persuade is what sets the winners apart from the rest. However, as I've learned through my own experiences, influencing others is not as easy as it seems. In this article, I will explore the key reasons why I failed to influence in the past and how I overcame those challenges. Additionally, I will delve into the essential business skills that every product manager should possess to excel in their role.

One of the biggest lessons I've learned is that the freedom to decide is merely an illusion. Even at the highest levels of an organization, the need to influence others is constant. No matter how confident you are in your ideas, if you can't effectively communicate why others should agree with you, you're essentially asking for blind faith. The most successful managers understand this and know how to weave a compelling story that resonates with their audience. They understand that good ideas can come from anyone, whether it's a client, a salesperson, a team member, or even a competitor. By embracing this mindset, they foster trust and collective learning within their teams.

To be an effective influencer, it's essential to adopt the right mindset for each context. There are two primary mindsets to consider: the advisor mindset and the solver mindset. Some individuals naturally lean towards solving problems, while others excel at providing advice and guidance. As a manager, it's crucial to aim for an 80%+ advisor mindset with your reports. You want them to feel empowered to make decisions and take ownership of their work. On the other hand, as a report, it's important to adopt an 80%+ solver's mindset with your manager. By alleviating the decision burden for your manager, you can streamline the decision-making process and drive more efficient outcomes.

Moving on to the skills required for product managers, one of the most critical abilities is the knack for assessing business opportunities. Competition is a positive signal as it indicates an established need in the market. As a product manager, your goal is to differentiate your product from competitors and create new forms of value. To do this effectively, you must be able to quickly evaluate market potential. This skill takes practice, but once mastered, it becomes second nature. By asking key questions about market size and competitors, you can determine the viability of an opportunity. Consider whether the product will cater to existing customers or attract new ones. Analyze the size of the new market compared to your existing one. If there are competitors offering similar services, conduct a thorough analysis of their product to identify ways in which your offering can stand out.

In the competitive landscape, there are two primary ways to differentiate: price and uniqueness. While competing on price often leads to a race to the bottom, offering a differentiated product at an attractive price point can render the competition irrelevant. As a product manager, it's essential to strike a balance between differentiation and affordability to create a compelling value proposition.

To conclude, the ability to influence others and assess business opportunities are two crucial skills for success in the business world. By adopting the right mindset and honing these skills, you can become a more effective influencer and product manager. Here are three actionable pieces of advice:

• 1. Develop your storytelling skills: Learn to craft compelling narratives that resonate with your audience. A well-told story is more likely to be retold, spreading your message and gaining support.

• 2. Foster a culture of empowerment: As a manager, encourage your reports to take ownership of decisions and empower them to make choices. This not only boosts their confidence but also leads to greater collective learning and future trust.

• 3. Embrace differentiation: When evaluating business opportunities, focus on creating a product that stands out from the competition. Strive for both uniqueness and an attractive price point to make the competition irrelevant.

Influence and business acumen are not innate abilities but skills that can be developed with practice and the right mindset. By incorporating these insights into your approach, you can enhance your ability to influence others and excel as a product manager.