In this podcast, Jason talks to Tim Connold, Head of Consulting at Cynozure, about good product management.
In today’s business world, it is increasingly important for companies to find ways to create and deliver value for their customers. One way to do this is by using product management to drive value. Product management can help a company achieve its objectives by ensuring that the right products are being created and that they are meeting customer needs.
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For more on this topic, read our white paper: Exploring Data Product Management
Driving value through good product management is not a new concept, but the way it fits within a company’s ecosystem is. Using new technologies can provide businesses with insights on the customer journey.
[00:41] Tim’s work in data and digital journeys
[02:24] Why it’s important to focus on increasing value for customers
[07:10] Finding the balance between strategy for insights and daily operations
[10:45] How product management fits within a data strategy
[15:40] What kind of businesses need to prioritise product management
[20:00] What you need to carry out good product management
[28:07] Why you always need to test your product
[33:16] How to explain data products to stakeholders
In order to create and deliver value for customers, it’s essential that an organisation has a product management function. Product management is responsible for understanding customer needs, and ensuring that the right products are developed to meet those needs. Development of good product management plays a critical role in creating shareholder value.
Almost every successful business has them: loyal customers that keep coming back, time and time again. They’re the lifeblood of any company, and it’s important to do everything you can to keep them happy. Customer journeys are a great way to map out these interactions so you can improve the process and end up with a better return on investment (ROI). They also provide the backbone of your strategy, which can be fleshed out further to improve their experience.
By continually monitoring your customer journeys, you can identify opportunities for improvement and make changes that will impact your bottom line.
When it comes to product management, we see success when all departments are aligned on what the objectives, and desired outcomes, are for the business. For example, if the purpose of an e-commerce company is to increase traffic to the website and have people add more items to their basket, then the data strategy and all the other departments need to collectively strategise to make it happen. This may include implementing ways to keep customers longer on the website, offering bulk deals or offering recommended products based on what has already been added to cart.
Testing has always been an important part of the agile process. Data products are becoming increasingly popular, as businesses look to get more value from their data. However, many companies struggle with how to test data products effectively. Testing data products is essential to ensure they are effective and meet the needs of users. It can be a challenge, especially when there are many different types of data products and users. Through continual testing, you can finesse the product management process even if the market changes.
The value you provide your customers is determined by how well you use product management practices to turn out a great customer experience. Good product management (coupled with a strong team in place to handle it from start to finish) can create a great customer experience, maximise their value, and deliver the best possible ROI for your business.