The Evolving Landscape of Product Management and Subscription Models

Glasp

Hatched by Glasp

Jul 31, 2023

3 min read

0

The Evolving Landscape of Product Management and Subscription Models

Introduction:

In today's dynamic world, various industries are witnessing significant changes that are reshaping their landscapes. Two areas that have been particularly impacted are the tech industry and the subscription-based business model. This article explores the latest developments in product management and subscription models, highlighting the key considerations for aspiring product managers and the shifting dynamics of the subscription economy.

Part 1: The Future of Product Management

Product management is a multifaceted role that requires a diverse skill set and the ability to collaborate with various stakeholders. While some argue that product managers lack direct authority over essential aspects of product success, others emphasize the core competencies, emotional intelligence, and company fit as crucial factors for aspiring PMs to consider.

Core Competencies:

Successful product managers possess a range of core competencies, including conducting customer interviews, performing market assessments, defining success metrics, and tracking them over time. These competencies form the foundation of a PM's skill set and are honed through years of experience in defining, shipping, and iterating on products.

Emotional Intelligence:

Beyond technical skills, emotional intelligence (EQ) plays a vital role in the success of product managers. The ability to empathize with customers, understand their pain points, and build authentic relationships with stakeholders is crucial. PMs must remain self-aware, manage their stress levels, and be socially aware of customer emotions and concerns.

Company Fit:

Choosing the right company is essential for a PM's success. Factors such as the required technical skills, the company's philosophy about product development, and the dynamics between product and engineering teams vary across organizations. Understanding the stage of the company, whether it is a startup or a mature company, is also crucial in determining the scope of the PM role.

Part 2: The Rise of Subscription Models

Subscription-based business models have gained immense popularity in recent years. Companies across various industries are exploring new ways to monetize their products and services through subscriptions. This shift is driven by changing consumer preferences and the need for alternative revenue streams in a shifting ad market.

Social Apps Add Subscriptions:

Traditional social apps have relied heavily on advertising revenue, but this is changing. Snapchat's introduction of Snapchat+ and Twitter's revenue sharing with creators through Twitter Blue subscriptions are examples of how social apps are exploring new monetization strategies beyond ads. Instagram's potential "pay for verification" feature also hints at their interest in subscription-based offerings.

Media Companies Enforce Paywalls:

Media companies, such as Netflix, have successfully implemented paywalls to access their content. Recent leaks about cracking down on password sharing indicate their determination to protect their revenue streams. These paywalls offer a "super premium" experience to subscribers willing to pay a higher price for exclusive content and features.

The Shifting Ad Market:

As brands reduce their ad spending, consumer platforms have had to seek alternative revenue streams. This shift has prompted many companies to offer premium tiers with higher price points and enhanced features. By providing additional value to subscribers, companies can diversify their revenue streams and reduce their reliance on ad revenue.

Conclusion:

The evolving landscape of product management and subscription models presents both challenges and opportunities. Aspiring product managers must focus on developing core competencies, emotional intelligence, and finding the right company fit to thrive in this dynamic field. Meanwhile, companies are exploring subscription models to monetize their offerings and adapt to changing consumer preferences. To navigate this changing environment successfully, here are three actionable pieces of advice:

  • 1. Continuously invest in developing core competencies through customer interviews, market assessments, and success metrics tracking.
  • 2. Prioritize emotional intelligence by empathizing with customers, building authentic relationships, and remaining self-aware to make objective decisions.
  • 3. Research and understand the dynamics of a company, its philosophy, and the role of product management within its structure to find the right fit.

By embracing these insights and adapting to the evolving landscape, product managers and companies can position themselves for success in the subscription-driven future.

Hatch New Ideas with Glasp AI 🐣

Glasp AI allows you to hatch new ideas based on your curated content. Let's curate and create with Glasp AI :)