Reduce your time by upto 70% in dealing with development partners
30% cost reduction in product development by developing products based on user needs
Higher customer satisfaction due to planned user onboarding
Product maintaining its “freshness” by incorporating technological changes
Reduced surprises during development cycle
Entrepreneurship is all about creating values for users, suppliers and employees, products create values, but in order for it to be sustainable, profitable one needs to study who are the broader market competitors and how they’re pricing and offerings affect your business in the competitive world. This is where product management techniques come into play.
Product Management helps you collect and develop new ideas to solve the existing market problems, all the while discovering newer opportunities which help a company stand out of the crowd. This is the corner stone of product management.
It is a communication tool that helps to communicate where you are, where are you heading, and how you expect to accomplish. A good product roadmap is clear, visual, and accessible enough for everyone involved to understand. Most importantly it helps one know where we differentiate with competitors, helps guide focus and how to position oneself vs the competition.
Feedback from knowing your customers can directly be translated to a prototype that will help in growing the business successfully.
Product Management can help create user stories which effectively outline how a software should be interacting with the end users, there is no coding to be done while prototyping.
As a company one needs to know who their customers are going to be, i.e. to buy their products, services and how they will benefit from using the product. If customers are not happy with the products or services, then there is no point of doing business.
Product management provides direct insight and suggestions into the problem and how one goes about resolving the issue and increasing sales. It helps one get the feedback of your targeted customers and users from different sources.
Small business owners usually end up juggling multiple tasks and stakeholders at one time. This creates an un-necessary hurdle for the future where by one is guaranteed that they will not be able to handle all the things at the same time.
This is where prioritization of tasks is required, it is an ongoing process to determine the best possible outcome from work in order to bring the best value. In order to grow the business, one needs to use their time in the best possible way, that will only be achieved if tasks are prioritized properly which should eventually align with the roadmap.
With a prototype that customers have reviewed with feedback incorporated, a clear prioritization that’s been validated by customers, now you are in a position to set up a business plan.
That plan which can quickly evolve into user stories, can break down by stage of the product lifecycle per your prioritization.