Managing New vs Established Products: Insights and Strategies for Product Managers

Managing New vs Established Products: Insights and Strategies for Product Managers

Introduction:

Developing a long-term roadmap for a new product requires careful consideration of various factors. Similarly, optimizing and growing an existing product or segment presents its own unique challenges. In this article, we will explore the key points to consider when managing new vs established products and provide actionable advice for aspiring product managers. We will also delve into the adjustments required when transitioning between different companies and discuss strategies for proving ROI in areas that are difficult to measure.

Developing a Roadmap for a New Product:

When embarking on the journey of developing a new product, there are three crucial aspects to consider: internal alignment, strategy fit with the user, and changes in the competitor landscape. Internal alignment ensures that all stakeholders are on the same page and have a shared vision for the product. Strategy fit with the user involves understanding the target audience's needs, preferences, and pain points to create a product that solves their problems effectively. Lastly, keeping an eye on the competitor landscape helps identify potential threats or opportunities that can inform the product development process.

Building a New Product Initiative vs Optimizing an Existing Product:

Building a new product initiative, often referred to as going from 0 to 1, focuses on establishing product-market fit. It involves extensive market research, prototyping, and iterative testing to ensure that the product resonates with the target audience. On the other hand, optimizing and growing an existing product or segment requires a deep understanding of user feedback, data analytics, and continuous improvement. This stage involves leveraging customer insights to enhance the product's features, user experience, and overall value proposition.

Actionable Advice for Aspiring Product Managers:

1. Find an APM Program: Aspiring product managers can increase their chances of landing a PM role by seeking out Associate Product Manager (APM) programs. These programs often provide structured training, mentorship, and exposure to various aspects of product management.

2. Work Your Way into an APM Program: If an APM program is not immediately available, aspiring product managers can join a company that offers such a program in a different role. By proving their skills and dedication, they can work their way into the APM program and eventually transition into a product management role.

3. Continuously Learn and Adapt: Product management is a dynamic field, and staying updated with industry trends, emerging technologies, and evolving user behaviors is crucial. Aspiring product managers should invest time in continuous learning through books, online courses, industry events, and networking to enhance their knowledge and skills.

Adjustments in Working at Different Companies:

Transitioning from one company to another can bring about significant adjustments, especially when moving from a smaller organization to a tech giant like Facebook. One of the notable differences is the size of the company. To ensure agility at Facebook's scale, product managers prioritize strong company-wide communication and democratization of information. This ensures that all teams are aligned and can move fast despite the large workforce. Additionally, the scale of impact is immense, as products at Facebook often touch millions, if not billions, of users. This requires a strategic mindset and the ability to think globally while executing locally.

Proving ROI in Areas with Difficult Metrics:

In some areas of a product, proving return on investment (ROI) can be challenging, such as improving customer service. However, most things are measurable in some way. When faced with this situation, it is essential to identify the metrics that indirectly reflect the impact of the desired improvement. For example, in the case of WhatsApp business messaging, metrics such as the number of advertisers, messages being sent, and the number of businesses using the product can provide insights into the overall health of the ecosystem.

Conclusion:

Managing new vs established products requires understanding the unique challenges and considerations associated with each stage. By aligning internal stakeholders, focusing on user needs, and staying updated on the competitor landscape, product managers can develop effective roadmaps for new products. Optimizing and growing existing products involve leveraging customer insights, data analytics, and continuous improvement. Aspiring product managers can increase their chances of success by seeking APM programs, working their way into such programs, and continuously learning and adapting. Transitioning between companies requires adjusting to the size and scale of impact, while proving ROI in challenging areas can be achieved by identifying indirect metrics. With these insights and actionable advice, product managers can navigate the complexities of managing new and established products successfully.