Products can make a business or break it. Having market-fit products and an efficient product manager will upscale your business to great heights. Your business may have good products, but to make them reach the market segment, you need an excellent product manager. A good product manager invests in strategizing, creating, distributing, selling and gaining feedback from their clients. The constant upgradation in the products and providing for the market’s demand is known as creating market-fit products.
The objective of hiring a product manager is to align the company’s product with the customer’s needs. And how your products are a solution for global problems. Let’s assume you are a skincare company. The rising heat is a global problem. That’s why people use sunscreen to protect their skin from the harmful and direct rays of the sun. In this scenario, an efficient marketing strategy could be providing sunscreen to all the renowned influencers on social media. As every influencer promotes your product, people start trusting your brand. They start buying, which can lead to investing more in improvising your products and your services.
If you are a product-based company, here are 5 product management secrets to game up your business.
Be Open To Learning:
As simple as it may sound, it’s difficult to inculcate in day-to-day life. Being open to learning does not mean saying goodbye to your traditional product management practices. It simply means that accepting the new changes can be profitable for your business.
Let’s take the example of the famous Sprinkle company that is based in multiple locations. It has a variety of cupcakes, and people love their cupcakes. Regardless of their versatility and experimentation journey, they make their cupcakes authentically with grandma’s recipe.
Learning is an ongoing process. Businesses should always be in the process of learning to continue growing. Google is a huge brand because Google is open to learning new things. Every week the CEO of Google keeps a brainstorming session. Ideas from each person are welcomed here. The newest employees and interns get a chance to speak and share their thoughts. Even the oldest employees are open to listening to the ideas shared by the youngest team members and vice versa.
Stay Up To Date With The Market:
Being in constant touch with your surroundings highlights the management job. Understanding the market, ongoing trends and customers’ needs will help you bring appropriate changes in the marketing strategies, product campaigns and advertisements.
Make your products market fit. Your products should fit the requirements of the market, i.e. the audience. Get in direct touch with the audience. Connecting to people is so easy nowadays. Calling your customers or getting in touch with them via comments, live, and posts engage your buyers and help build trust. Know about the daily happenings and play around with them to promote your brand.
Remember, innovative products that solve today’s problems catch the attention of buyers. For e.g., A makeup brand has nothing to do with hygiene products, yet a few of them still sell pee-safe for women. This is a classic example of staying up to date with the market. They saw that the product pee safe is trending in the market. Women are their target audience, and they gave them exactly what they were searching for, solving the latest problems and increasing their customers’ trust in the brand.
Hire The Best Talent:
You must’ve heard, “Teamwork makes the dream work.” Hiring the best talent for your company is the smartest way to achieve success. Talented individuals can make your company grow in a short period of time. Below are some Product Manager interview questions that will surely help you hire the best individual.
- What is the role of a product manager in a company?
- How do you understand market demand and customers’ wants?
- This is a product, ABC. What strategies would you make to maximise the sale of this product?
- What’ll you do in the first 90 days if we hire you?
- Tell me about your biggest failure as a product manager and why did it happen?
- Tell me about a time you struggled to build consensus and overcame it.
- Give a hypothetical situation and ask how you will overcome it.
These product manager interview questions will surely help you choose the right employee for your company. If they can answer these questions, it means they are all set to help your company reach great heights. Choosing the correct employees for your company will help you grow faster, lead you to focus on better things and develop new strategies and improvise the existing products.
To know your customer’s opinions, you must care for them and speak to them. Their reviews should matter to you the most as they are the ultimate buyers of your product. If dissatisfied with your products, they will not think twice before switching to another brand offering the same products as you. So, listening to your customers should be a top priority.
You can get 2 types of reviews, both of which are important. Firstly, positive reviews. These reviews will help promote your product in a better way. You can record their statement or simply screenshot any comment and use it as customer reviews on your website or brochure. These reviews will help new customers trust your brand and use your products, as people have given star ratings and good reviews.
Negative reviews are those where people are dissatisfied with your products or services. At this time, looking into the matter deeply helps customers realise that you care for them as a brand. If they have received some used products or there has been some mishappening in the shipping process, giving them new products will be a loss to the company for once, but they will become loyal to your brand. This is called customer loyalty.
Always have space for improvisation:
Your company can be one of the top 10 companies in the world, but the scope of improvisation can always be there. Just like the brand Amazon which was restricted to selling books on the internet in earlier times, it’s now one of the top online retailers selling all the products from dresses to laptops. Apart from this, it also has its own OTT platform-Amazon, prime, which has also gained global recognition.
Bigger brands keep experimenting with new strategies and marketing techniques and offer great deals or discounts, which means they are constantly improving their products and services by upgrading them. You should practise this too. It will give more visibility to your brand as you keep experimenting and also increases your brand value.
Above are some unique and interesting tips by Palarino partners that will help you manage your products effectively. Remember to curate market-fit products that help solve the problem of your audience. Make sure to hire the right employees with the list of product manager interview questions provided above. You are all set to up your product management game. Hope you found this useful.