In a recent happy hour with an ex-colleague, we chatted about our decade-long careers as Product Managers (PM), how the PM role varied from one company to another and what it meant to be successful as a PM. That last question lingered in my mind for a while and I am blogging about it here hoping it would benefit new and aspiring PM's.

The PM role

A PM is responsible for building products by performing 4 key responsibilities:





1. Identify a market need:

The first step is a clear articulation of “the what” and “the why”. The business has limited resources and the PM needs to build a case for investing in the idea and its strategic fit with the company. One common trap to avoid is wanting to do something just because technology can do it or "it is so cool". It is critical to perform sufficient market research to quantify the market need.

2. Build a viable product:

As the bridge between engineering and the market, the PM is responsible for defining a viable product and leading a cross-functional team to deliver it on time. The product must meet the market need, offer a delightful user experience and cost less relative to its benefits.

3. Sell enough and be profitable:

A well-designed product that greatly addresses a specific need still needs to be priced right, positioned right, packaged right and sold through the right channels. Selling enough units AND being profitable are critical to keep the lights on for the business.

4. Roadmap to the future:

In order to sustain the success into the future, it is imperative for a PM to continuously evolve the product. Building a roadmap that stays abreast with shifts in technology and business buying models is critical. This would allow the business to sunset legacy products at its maturity and replace that with the next-generation version. Offering a smooth migration path for existing customers is a critical success factor in this transition that a PM must not forget.

Now, what does it take to be a successful PM?

In the above product creation loop, the product manager is at the center of the wheel, leading a team of cross-functional experts. A developer could claim success if the product is delivered with good quality and meets the product requirements, even if market adoption is low. A UX designer could claim success if the experience delights the user, even if the product does not have all the features. A salesperson could claim success if the sales target is met, even if sold at a loss.

A PM, on the other hand, could only claim success when ALL of the above are met. Hence, to thrive in the role, a PM requires exceptional business, design, technical, leadership, people and influential skills. The ability to maintain a balance across these areas without ignoring or leaning heavily on one side is an art worth developing.

All these require the PM to have an “ownership" mindset - the willingness to do whatever is required to ship the product. The PM that owns up to these responsibilities will own success – a sustainable success!

I would love to hear your thoughts and what your definition of success for a PM is in the comments section below.