The Role of a Good Product Manager and the Importance of Vertical Progress

The Role of a Good Product Manager and the Importance of Vertical Progress

In the world of product management, there are good product managers and bad product managers. The difference between the two lies in their approach, skills, and mindset. A good product manager is often described as the CEO of the product, someone who knows the market, the product, the competition, and operates with a strong basis of knowledge and confidence. They take responsibility for devising and executing a winning plan, without making excuses.

A good product manager understands the context they are working in, including factors such as the company, revenue, funding, and competition. They are aware of the bigger picture and use that knowledge to guide their decisions and actions. They don't get caught up in the day-to-day operations of various organizations that contribute to the product's development. Instead, they focus on managing the product team and ensuring that they deliver the right product at the right time.

One of the key characteristics of a good product manager is the ability to define the "what" as opposed to the "how." They have a clear vision of the target and communicate it effectively to the team. They don't get caught up in the details of how to achieve the goal but rather provide guidance and direction to the team, allowing them to figure out the best way to get there.

Communication is another crucial skill for a good product manager. They are skilled at conveying their thoughts and ideas through written formats. They create collateral, FAQs, presentations, and white papers that can be leveraged by the team and other stakeholders. This ensures that everyone is on the same page and has a clear understanding of the product's direction.

Furthermore, good product managers have a strong focus on revenue and customers. They understand that ultimately, the success of a product is measured by its impact on the bottom line and the satisfaction of its users. They actively think about the story they want to be written by the press, knowing that positive publicity can have a significant impact on the product's success.

Now, let's shift our focus to the concept of vertical progress, as discussed by Peter Thiel. Thiel believes that the most important question you can ask someone is, "What important truth do very few people agree with you on?" This question prompts individuals to think outside the box and challenge conventional wisdom. Thiel argues that true progress comes from doing new things, from going from 0 to 1. This is what he refers to as vertical progress.

Horizontal progress, on the other hand, is about copying things that work, going from 1 to n. This is easier to imagine because we already know what it looks like. Horizontal progress is often associated with globalization, taking things that work somewhere and making them work everywhere. While horizontal progress is important, Thiel argues that vertical progress is what truly drives innovation and creates opportunities.

Thiel emphasizes that spreading old ways to create wealth around the world without new technology is unsustainable. He believes that without vertical progress, globalization alone will lead to devastation, not riches. This highlights the importance of technological advancements and the need for new ideas and solutions.

Incorporating both horizontal and vertical progress is crucial for sustained growth and innovation. A good product manager understands this and strives to bring both elements into their product strategy. They recognize the value of leveraging existing successes while also pushing for new and groundbreaking ideas.

To become a better product manager and drive vertical progress, here are three actionable pieces of advice:

• 1. Embrace a growth mindset: Continuously seek new knowledge and ideas. Don't settle for the status quo and always be open to challenging existing beliefs and practices. This will help you identify opportunities for vertical progress and drive innovation within your product.

• 2. Foster a culture of experimentation: Encourage your team to explore new ideas and take calculated risks. Create an environment where failure is seen as a learning opportunity rather than a setback. This will enable your team to think outside the box and pursue innovative solutions.

• 3. Stay connected to the market and customers: Regularly engage with your target audience to understand their needs, pain points, and aspirations. This will provide valuable insights that can inform your product strategy and help you identify opportunities for vertical progress.

In conclusion, a good product manager plays a vital role in driving the success of a product. They understand the market, the product, and the competition, and operate with confidence and knowledge. They focus on the bigger picture, communicate effectively, and prioritize revenue and customers. Additionally, they embrace vertical progress, recognizing the importance of new ideas and technological advancements. By incorporating these principles and taking actionable steps, product managers can position themselves for success and drive innovation within their organizations.