Managing New vs Established Products: Strategies and Insights

Managing New vs Established Products: Strategies and Insights

Introduction:
When it comes to product management, there are distinct considerations for developing a long-term roadmap for a new product compared to optimizing and growing an existing product or segment. In this article, we will explore the key factors to consider when managing new vs established products, tips for aspiring product managers, the challenges of working at different companies, and strategies for improving customer service and proving ROI.

Developing a Long-Term Roadmap for a New Product:
When developing a long-term roadmap for a new product, there are several crucial factors to consider. Internal alignment is essential, as it ensures that all stakeholders within the organization are on the same page and working towards a common goal. Additionally, strategy fit with the target user is crucial, as understanding their needs and preferences is vital for establishing product-market fit. Lastly, keeping an eye on changes in the competitor landscape is essential to stay ahead in the market.

Building New Product Initiatives vs Optimizing Existing Products:
Building a new product initiative, often referred to as going from "0 to 1," requires a different approach compared to optimizing and growing an existing product or segment. For new product initiatives, the primary focus is on establishing product-market fit, which can be challenging. Aspiring product managers can benefit from resources such as APM (Associate Product Manager) programs, which provide valuable training and mentorship. If joining an APM program isn't feasible, aspiring PMs can consider working in a company that offers an APM program in a different role and gradually transitioning into a PM role.

Working at Different Companies and Adjustments:
Transitioning from one company to another, especially between companies of varying sizes, requires adjustments in product management. For instance, working at Facebook compared to Yelp or Yahoo entails adapting to the scale and size of the organization. Facebook, with its large employee count, emphasizes strong company-wide communication to move fast and democratize information. Moreover, the scale of impact at Facebook is immense, as the products PMs work on often touch millions, if not billions, of users.

Overcoming Challenges in Proving ROI and Improving Customer Service:
One common challenge in product management is the difficulty of proving ROI for certain areas, such as improving customer service. However, most aspects of a product can be measured in some way. When faced with this challenge, it is essential to define and track relevant metrics that showcase the impact of the improvements made. 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 help gauge the health of the overall ecosystem.

Actionable Advice:

1. Continuously seek internal alignment within your organization to ensure everyone is working towards a common goal.
2. Consider joining an APM program or working in a company that offers such a program to gain valuable training and mentorship as an aspiring product manager.
3. When faced with challenges in proving ROI, identify and track relevant metrics that demonstrate the impact of improvements made in the product or service.

Conclusion:
Managing new vs established products requires different strategies and considerations. By aligning internal stakeholders, understanding user needs, and staying updated on the competitor landscape, product managers can develop effective long-term roadmaps. Aspiring product managers can benefit from APM programs or gradually transitioning into a PM role within a company offering such programs. Additionally, adapting to the scale and impact of different companies is crucial for success. Finally, proving ROI and improving customer service can be achieved by defining and tracking relevant metrics. By implementing these strategies and advice, product managers can navigate the complexities of managing new and established products successfully.