Companies like Amazon, Spotify, or Netflix are renowned for creating projects that generate a good income. These firms owe their success to their great strategies and crystal-clear frameworks. Other than that, they have admitted that product management is an important aspect of creating top-class projects.
Without effective frameworks and planning for product management, none of these companies would have ever succeeded in the way they have always done so. There is no generic recipe to reach business goals, but they can surely follow examples of leading companies in making the best product management strategy for themselves, something experts at an app development company Toronto believe in.
Product experimentation is one of the critical steps to reduce risks in product management. When products are tested extensively before launch, product managers can see the impact of their products before they are released. Besides, product experimentation does give valuable data that can be used to detect the possibility of risks and errors, even in numerous app ideas present.
Companies like Spotify put in a lot of work in the experimentation stage of product management to create an exceptional experience. Among other apps to consider, it is widely known for a product management method which is particularly unique, in the sense that it allows a group of employees to decide the activities they would like to work on.
This strategy can help team members involved stay motivated as members have the freedom to experiment with different perspectives.
Focusing on the finished product
Often when product managers are making a product strategy, they outline the product by showing what they would like to offer to customers. Amazon’s product managers are different, they think about reactions of customers first when drafting the product(s) features.
For instance, they can make a draft press release showing a problem and the solution they propose. If the press release isn’t convincing and clear, they will change the idea. CEO of AWS, Any Jassy, has seen more than 31 draft press releases before a product launch.
This itself is a good practice for any product manager to improve their strategy-planning skills.
Going through the product discovery and delivery
Product discovery and delivery are two vital steps in Typeform’s product management process. Product discovery is one of the most essential phases since it is where the foundation of the product is laid out. Product discovery consists of identifying possible problems and finding solutions.
If done right, it could save the company a lot of money it would. Else, the company will spend on changes if the product is not successful.
Once the product discovery phase is complete, product managers will move to the delivery stage. Product delivery involves an analysis of the product’s scope, iteration, and measurement.
In this stage, product managers make three kinds of prototypes:
- A testable product.
- A product that can be used.
- A product that is lovable.
A testable product is the earliest stage of product development and it is the simplest form of the product. There is nothing fancy about it or any high-tech features – it is just the quickest way for obtaining insights about what people perceive about the product itself.
Then, a product that can be used is something that users are willing to pay for without considering the incentives. It still although is not the finished product, it does give companies in-depth information about the quality of the product.
Finally, a product that is lovable is something that customers would happily buy and would also recommend to others. In this stage, customers should be even more than willing to pay for the product’s premium version.
Solving customer problems
Let us have a look at GoGoVan, a billion-dollar startup from Japan. It has a great formula for product management where its main focus is on solving customer problems. A regular company might not spend that much time reviewing customer service calls or emails.
However, GoGoVan’s product management team does that. Their analysis of monumental customer data in the detection of common problems users can have. Everything is relevant, from interview sales to usage data and the like.
Once the product management team has determined valuable data, they brainstorm ideas that will not only fix those problems but also get the startup a review of 5-stars.
Firms like Spotify, GoGoVan, and Amazon focus on the search for innovative solutions through the implementation of successful frameworks. Not all of these strategies will suit any company, but any company can learn from them to determine which one can bring in positive outcomes. Hence, they can easily reach business objectives without any hindrance.