Ever wondered why are product managers called Mini-CEOs?
Simple Answer— Product management is a decision-making role. It requires PMs to lead and make decisions in an ambiguous environment with a lot of unknowns sometimes. Often times the products are complex and decisions have impacts on many areas in a product.
Now let's break this down.
I always say product managers are there to solve 2 types of problems — 1. business problem (acquisition, retention, growth, revenue, etc) 2. Customer problem (user experience, providing value to your users). #1 and #2 go hand in hand, one doesn’t exist without the other.
if we don’t focus on the product role for a minute, let’s first understand the grand scheme of things.
When someone starts to build a brand new product at the core there 2–3 reasons — have a good cause, solve a problem, make money💰. Sometimes products can accomplish all 3 goals. Companies like Calm, Headspace do all three quite well.
But otherwise, most products have a combination of only 2 reasons
- Good cause + Make money ✅
- Solve a problem + Make money ✅
- Solve a problem + Good Cause( If a product has only these two and not make money, it won't sustain long term. ❌)
With this, Every business/ product goes through the product life cycle curve of Introduction, growth, maturity, and decline.
So from a business perspective, if we think as a Product Manager it is important to understand at what stage the company is at and when you are getting hired. The Product Manager’s role varies a lot depending on the size of the company along with the level of autonomy and decision making even though the underline responsibilities are the same.
Smaller the company, more level of ambiguity, unknowns, testing, and trial with features to see what sticks and what doesn't.
Bigger the company more processes in place and solving problems at scale.
At the end of it, the product manager expected to think like CEOs meaning having a mindset of growth and entrepreneurial skills which means they think of not only solving user needs but think about —
- How to always have a competitive edge in the market with their product.
- Make sure the product is generating $$$
- Make sure the product is solving a customer(s) need
Smaller the company, more visibility into every aspect of product discovery, development, marketing customer service.
The bigger the company, You will partner with cross-functional teams to bring your vision as a Product Manager to life.
Product managers are like business owners, the only difference is they are solving the customer need through technology.
I am Nazuk Jain, Product Nerd @ Product Career. In the fall of 2020, I started Product Career with aim of helping aspiring product managers develop product mindest and simplifying technical jargon. #prodtribe
I write weekly on Product management, tech, growth, and non-technical careers in Tech Industry. You can find more Information here
