What is the biggest challenge that all startups face? The answer is a lack of resources. But you have already made a product or two; you can think of hiring a product manager on a safer side. You might follow product manager interview questions to select the suitable product manager for your startup. He plays a significant role in setting up the foundation of your newly established venture. But why does a startup need product managers? And what can they do for your business? Let’s find out.
Why Does A Startup Need Product Managers?
Startups definitely require a product manager, especially if they have passed the pre-seed stage and are looking forward to scaling. But, it does not mean that you don’t need a product manager at the pre-seed stage. Here are some reasons that tell you the need for a product manager for a start-up –
A product manager in your start-up can reduce the enormous workload from the founder’s shoulders.
- He acts as a bridge between business teams.
- He is able to set up a clear roadmap for the product.
- Roles of a startup product manager
The product manager at a startup is responsible for creating product strategies and making the internal teams work towards a common goal. It is remarkable to note that the product manager in a startup should follow a more hands-on approach and should work closely with the startup founders. Let’s know in detail the roles and responsibilities of a startup product manager.
Owning The Product Strategy
A product manager has to communicate closely with the founders and then develop a clear product strategy accordingly. After forming the product strategy, a product manager should take steps to execute those strategies for a startup. The product manager is the person who gives you answers if you have any queries regarding the roadmap of the product. For instance – What is the progress report of the teams?
Here comes the second role of the product manager, i.e., aligning the teams to work for a common agenda of the organization – the product vision. It is easier to align the teams in the startups rather than in bigger companies. The reason is that not many people work in startups. Each team has a few members, so it becomes easy to align them. The startup product manager needs to ensure that all the team members, product leaders, and marketing teams are on the same page. He might organize one-on-one meetings to achieve this aim.
The startup product manager needs to contribute a lot individually in comparison to the contributions of a regular product manager. A startup does not have full resources to function and can’t spend much. Therefore, a product manager is expected to implement some product strategies directly by themselves. That is why an excellent product manager must know –
- Product marketing
- Product development
- The nitty-gritty of business in general like finances and strategies.
So, startup product managers influence the decision-making and take actions to get the desired results.
Your startup might not have a product marketing manager as it is in the starting stage. But you need not worry. Having a product manager in it can do wonders for you. The product manager recruitment agencies select a suitable PM for your startup so that he is able to form and execute the go-to-market strategy. It includes –
- Creation of pricing strategy – The product manager works together with the startup’s founder to create a pricing strategy that is appropriate to accomplish the business objectives.
- Creating distribution strategy – Forming a viable distribution strategy helps reach the customers easily.
It is important to note that a successful product is the result of phenomenal go-to-market strategies. Thus, it is vital to get these strategies right and implement them correctly.
Feedback And Updates
Your startup has already launched a minimal viable product. In this case, the startup product manager should take steps to work together with the internal teams to collect feedback from the customers and draw analysis. Collecting customers’ feedback requires a hands-on approach. Thus, a product manager should form a process that makes it easy for him to share the opinions of the customers with the relevant teams instantly. Moreover, this process should also be able to address the issues of the customers and the ways to resolve them.
Measuring The Results
After forming the vision and strategies and gathering feedback and updates, it is time to evaluate and share the product-related data. Product managers track some product metrics to ensure that the startup is on the right path and is moving forward toward accomplishing its goals. Furthermore, the startup managers should analyze the product metrics and are expected to guide the team to make corrections, if any.
To Sum It Up!
It is not wrong to say that a startup needs a product manager to set the foundation of the company. So, don’t forget to have one if you are planning to do your own startup.