Managing New vs Established Products: Status as a Service (StaaS) — Remains of the Day

Managing New vs Established Products: Status as a Service (StaaS) — Remains of the Day

In the world of product management, there are different considerations when developing a long-term roadmap for a new product versus optimizing and growing an existing product or segment. Both require careful planning and strategic thinking, but the focus and approach may vary.

When developing a new product, there are several key factors to consider. First, internal alignment is crucial. This means ensuring that all teams within the organization are on the same page and working towards a common goal. Without alignment, there can be confusion and inefficiency, leading to a lack of progress.

Second, strategy fit with the user is essential. Understanding the needs and preferences of the target audience is critical in developing a product that will resonate with them. Conducting user research, gathering feedback, and iterating based on user insights can help ensure that the product meets user expectations.

Lastly, changes in the competitor landscape must be taken into account. Keeping a close eye on the competition allows for the identification of potential threats and opportunities. By staying informed, product managers can make informed decisions and adapt their strategies accordingly.

On the other hand, optimizing and growing an existing product or segment requires a different approach. This involves focusing on maximizing the product's potential and improving its performance. This may include refining the user experience, adding new features, or expanding into new markets.

For 0 —> 1 initiatives, the focus is on establishing product-market fit. This can be a challenging task, as it requires finding a unique value proposition and gaining traction in the market. Aspiring product managers can benefit from seeking out resources and tips to help them navigate this process.

One suggestion is to try to find an Associate Product Manager (APM) program. These programs offer valuable training and mentorship opportunities, allowing aspiring PMs to gain hands-on experience and learn from seasoned professionals. If an APM program is not available, another approach is to join a company that has an APM program in a different role and work your way into it. This can provide a pathway into product management and offer valuable insights into the company's product development process.

Moving on to the differences between working at different companies, the size of the organization can have a significant impact. For example, working at Facebook, with its massive employee count, requires a different approach than working at smaller companies like Yelp or Yahoo. At Facebook, PMs must focus on strong company-wide communication to ensure that information is democratized and everyone is on the same page. Additionally, the scale of impact is much larger at Facebook, as most products touch millions, if not billions, of users. This requires a broader perspective and the ability to think in terms of massive scale.

In some cases, working on certain areas of a product can be challenging when it comes to proving return on investment (ROI). For example, improving customer service may not have easily measurable metrics. In these situations, it is important to consider alternative ways of measuring success. 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 be used to define the health of the overall ecosystem. By focusing on these metrics, product managers can track progress and make data-driven decisions.

Before concluding, here are three actionable pieces of advice for product managers:

1. Prioritize internal alignment: Ensure that all teams are aligned and working towards a common goal. This will help streamline processes and improve efficiency.

2. Focus on user needs: Conduct user research, gather feedback, and iterate based on user insights. By understanding the needs and preferences of your target audience, you can develop a product that resonates with them.

3. Keep an eye on the competition: Stay informed about changes in the competitor landscape. This will allow you to identify potential threats and opportunities and make informed decisions.

In summary, managing new versus established products requires different considerations. When developing a new product, internal alignment, strategy fit with the user, and changes in the competitor landscape are crucial. For optimizing and growing existing products, the focus is on maximizing potential and improving performance. Aspiring product managers can benefit from seeking out APM programs or joining companies with APM programs in different roles. Working at companies of different sizes, such as Facebook versus Yelp or Yahoo, requires different approaches. Additionally, when working on areas with difficult-to-prove ROI, alternative metrics can be used to define success. By prioritizing internal alignment, focusing on user needs, and staying informed about the competition, product managers can effectively manage both new and established products.