Product management: what, how and why?

We started a new professional project and a blog with it, and what better way to start than by talking about WeMake Consultores‘ mission.

Ever since I embarked on this new adventure, the question I have heard most often is, “And what is your business going to be about? When I replied that I wanted to offer product management consulting, my interlocutors showed a great range of poker faces.

The problem is that expressions such as product management, product roadmap management, product marketing, etc., have often been used as catch-all designations, which were as useful for roles in a marketing department as they were for operations or even technology. Add to this the fact that few companies have departments focused on product lifecycle management, and there is complete confusion about roles and responsibilities.

In my opinion the best definition of product management is to ensure that the product is competitive. This simple definition comprises complex aspects:

  • The product must be sellable: this basically focuses on two facets:

o The product meets the needs of the market.

o The necessary tools are in place for the sales force to close deals.

  • The product must be profitable: again two aspects:

o Define the sales price according to the competition and the market.

o Achieve the minimum cost.

  • Competitiveness must be sustainable: define a plan for the entire life cycle of the product and integrate it into an overall product plan for the company.

These responsibilities are usually shared between two functions within companies:

  1. Product marketing: it is in charge of the sales and market related part.
  2. Product management: is in charge of the internal part of conception, development and product life cycle management.

The 280group consulting firm simply sums up that product management must ensure that the best product is developed, while product marketing must ensure that it is sold in the most profitable way.

WeMake is born with the clear vocation of collaborating with its clients in all the phases of the product management, helping both in the strategy and in the implementation of processes and specific tools of product management. The close collaboration with customers is reflected in the “We” of our name while the product and results orientation is reflected in the “Make”.

So much for theory… now, with your help, we’ll move on to practice.