Individuals performing as product managers know that their job is challenging. It demands that they are always serious and perform at the top of their game. Whether you are going to work with a product management consulting firm or any company that manufactures any kind of product or offers service as a product, you need to be informed, knowledgeable, and skilled.
Our company’s expert product manager recruiters will also tell you that being aware of innovation in product management and its industry trends is one of the qualities companies desire to see in the candidate while conducting the interviews.
We also know that technology is moving fast, and with the COVID-19 pandemic, there have been drastic changes in how companies conduct their business, like working from home, which has become the norm in the last three years. However, with COVID-19’s effects going down increasingly, more companies want their employees to work from home now.
This is one example of changing trends, and there are many others that a product manager must keep abreast of, and this blog will highlight those. The information in this post has been contributed by professional recruiters who have been associated with our product management recruitment company for years. So, let’s begin!
Latest Product Management Industry Trends
1. Adopting AI & ML and moving forward with them
Artificial intelligence(AI) and machine learning technologies (ML) have created ripples across the technology sector and waves in others. With progress in technology like NLP (natural language processing ) and the introduction of technology tools like Chat GPt, as a product manager, you risk being behind others if you don’t adapt.
These technologies can help product managers in several ways, like using artificial intelligence to predict customer behavior, personalize the customer experience, go through data faster to create a strong base for decision-making, and more. So, being adaptable and learning how these advanced technologies will impact the industry where you will serve as a product manager is super important.
2. Increase in subscription-based e-commerce models
In the last few years, various subscription-based technologies have been picking up, especially internet services that are not sold to customers on a one-time payment but on a subscription-based model. In 2022, global subscription e-commerce stood at $120 billion, expected to reach $904.28 billion in 2026.
Many managers working in the internet and cloud-based industries or looking to work in companies that have adopted such models should adapt to this trend and re-skill themselves accordingly. They should know how to offer their products on a subscription-based model, can form a strategy that can compete with competitors offering similar products, and create a model that doesn’t feel expensive but is still profitable for the company.
3. Understand Product led growth (PLG)
If you work as a professional with any capable product management consulting firm, you will likely come across a term called PLG (product-led growth). If you are unaware of this and need to learn what it is and how it works, you should learn more about it.
In general, salespeople, digital marketing, and outdoor advertising tactics lead the way to making customers aware of any product and promoting it, increasing sales.
Moreover, during the product development and modification cycle, different departments, like engineering, finance, and marketing, work at different wavelengths, and the product manager coordinates their efforts.
But in product-led growth (PLG), the product itself leads the whole effort, where all the departments work together to create a better product. The product attracts, engages, and converts prospects into customers. There is no need for extensive salesmanship since this philosophy assumes that customers have multiple options, are educated, and only use products that appeal to and satisfy them. Instead of molding their behavior through marketing tactics, the focus should be solely on the product. Here, product managers have to adapt and change their processes completely.
4. Adopt Personalization
A product sells more if it is personalized according to customers’ needs and preferences. Companies thinking of producing a product and hoping to remain at the top in sales will likely fail if they offer a personalized experience to their customers.
Look at the example of Netflix, which uses an algorithm to learn about the viewer’s preferences and suggest content according to them. Nike has developed a smartphone app called “ Nike Fit,” which allows users to scan their feet to measure the exact dimension of their size from their smartphones. As a product manager, promoting personalization can increase the probability of your company’s product catching customers’ attention and retaining them for longer durations.
5. Embrace Sustainability:
We know how Apple has removed chargers from smartphones because it says it reduces e-waste and increasingly uses recyclable goods in its products. Despite getting rid of chargers, people are still willing to buy them. Because customers are becoming more aware of environmental hazards and are eager to pay more for products made from sustainable materials, this has also been evident in various surveys.
One such survey was conducted by McKinsey & Co. In this survey, 66% of all participants and 75% of millennial participants said that sustainability influences their decision to buy a product. So be adaptable to this trend and change your product and its features to promote sustainability.
6. Agile Development
Agile development is a popular software development methodology where cross-functional teams work together, focusing on flexibility, continuous improvement, and cooperation. It also mixes in the element of iterative development, which means the product is not released in one go but is developed in small increments and released similarly. Here, the product managers must maintain teamwork, increase coordination between multiple departments, and continuously work effectively on the collected feedback.
Moreover, suppose you are someone looking to clear the interview for a product manager in a company that works on agile development methodology and take the help of an experienced product manager recruiter. In that case, the person will tell you that the candidate must have hands-on experience with several agile development tools like Kanban boards, retrospective tools, sprint planning tools, etc. So, if you are going to any company that uses agile development, you must enhance your skills accordingly.
This content piece is important for professionals working as product managers and for individuals preparing themselves for interviews in the same profile. The information shared in this post has input from various product manager recruiters in our company.
It discusses emerging trends in the product management field and why product managers must adapt to these trends. Adapting to these trends will help them perform better in their current jobs or, if they are candidates, help them prepare better for their interview for the product manager position. In the end, if you are looking to pass the stringent interview of a product manager, the information in this post will be a great help. However, there are many other factors that an individual should be aware of and skilled in to pass the interview for this position. Therefore, for candidates looking to crack the interview for this high-value position, there is no harm in taking help from an expert product management recruitment agency like ours, which puts them on their way to successful careers.