The Product Management Diagnostic

Are You Outstanding at Product Management? Score Yourself

In the digital world, we all know we need to excel at “Product Management.” But, what exactly is Product Management? 

We define Product Management as full ownership of a product or service through its entire lifecycle. Product Management cuts across ideation, development, launch, ongoing marketing and sales, and constant and never-ending improvement.

 

Ready to see how solid your Product Management efforts are?  Answer these ten questions to see how you stack up against the competition.

  1. Does one person own the bottom line profitability for each of your products?
  2. Do you follow a structured new product development process?
  3. Do you launch at least one new product or service per year?
  4. Do you incorporate consumer research into your ideation and development processes?
  5. Do you use a dashboard that tracks key metrics?
  6. Do you base your business decisions on real-world data from experiments and customer behavior?
  7. Do you use Net Promoter Score to capture customer feedback?
  8. Do you seek partnerships to scale your business?
  9. Do you utilize an agile development methodology?
  10. Do you have a formal issue tracking and prioritization system?

Are You Outstanding at Product Management?

Give yourself 1 point for each “yes” answer.


Scoring:

10: Congratulations on having a world-class Product Management organization!

8-9: Work on the one to two gaps, and I bet you will notice improved results quickly

6-7: Consider plugging in additional resources to address the opportunity areas.  You are leaving a lot of potential on the table

5 or less: It’s time to take a step back and ask if you have the right strategy, team, and processes to be successful in the digital world.  Right now, you’re at risk of your competition disrupting your business.  You could have fewer headaches to manage and more bottom line profitability if you made changes.

A version of this article appeared here.

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