An effective product management strategy is essential for successfully releasing and selling products. Decision-makers must carefully evaluate each step of the product lifestyle, from planning to forecasting to marketing. Product management is greatly impacted by changes in society and technology. As a result, there are six new major trends in product management this year:
1. Make decisions based on metrics
Metrics is one of the hottest terms in the marketing and product management worlds at the moment. Every company wants to know how well it is performing online, while all product managers want to know how well their item is selling. In all likelihood, data will be an integral part of key product decision-making in the future.
2. Treat customers like people, not users
No customer wants to feel like one of a thousand. This is why many companies are beginning to treat their customers as people, not users or numbers. This new approach includes targeted marketing efforts, interactive websites and social selling. It also ensures listening to the customer to see what they want as you innovate on products. This relates to trend #3.
3. Collaborate with consumers
Companies are turning to their consumers to learn more about what they want than ever before. In the past, companies made products and then expected their consumers to like them. Now, organizations are collaborating with consumers to create the best products on the market.
4. Launch a product with video
Companies are turning to social media to launch video marketing campaigns for their products. Videos excite potential consumers and are easy for companies to create and launch.
5. Sell benefits, not features
Consumers don’t want to hear about the various features a product offers. They want to know how it will specifically affect their life. Therefore, many product managers are urging their sales teams to sell benefits, not features.
6. Be transparent about production cycles
Consumers crave honesty. Far too many companies have suffered from various scandals due to a lack of transparency, which is why one of the newest trends in product management is an emphasis on honest and visible production cycles.