The Product Management Framework is a structure in which the top-down business professionals of target customers are at the center of the Product Management, Product Marketing, Sales, and Customer Success teams. Product management practices vary from company to company, depending on needs and requirements. The company’s product management systems must supervise superior products, assuring customer comfort and overall profitability. The Product Management Framework is a collection of steps that a company takes in building a product to optimize the time needed to develop a high-quality product. The product management framework supports businesses building on past successful products and using the same techniques to create subsequent success.
Product Management Framework
Effective product management is critical to a successful product development process. For the product development process to be successful, it is necessary to ensure that all work is done to the customer’s needs and pain points and that the resources are being used optimally. In other words, product managers must take a methodology-based approach.
Some Frameworks For Becoming a Better Product Manager
A Reversal Idea
This framework starts with something that literally reverses the process of product development and usually postpones it. It was invented and popularized by Amazon and is sometimes referred to as the Amazon method. The product team starts by imagining that the product was made to see if the customer’s problem was resolved.
Storytelling
The storytelling framework is the standard primary and regular design. As the story has a story, this framework can be divided as well. In a storytelling framework, the Product manager first decides who the story is. Who is the target customer is. Next, we identify the need for the product and look for alternatives that can be the solution. Once a company has found a solution, it needs to practice it. The story’s ending is primarily the result of activities, which can be categorized as a parameter of the result, such as increasing market share and improving returns.
Circle
The CIRCLES Method is a complete kit of actions devised to present an exhaustive survey of product command engagement. The steps for this framework are as follows:
- Understand the Situation:
Experience the situation that manages to product specifications.
- Recognize the Client:
Strive to build a persona for the typical customer.
- Report customer needs:
List of the reasons why the customer requires the product.
- Priority isolation:
Estimate the product’s position in the market.
- List solutions:
List the potential solutions to the problem.
Product Growth Framework
Many teams use different frameworks and different structures in Shopify. The most exciting thing is the product growth framework. The goal is not just to make products, but to increase the adoption rate of products. Some online companies developed the framework.
The product growth framework consists of the following steps.
Stage Up Company
First, the product manager needs to understand the stage of his company and products. Is the company trying to find the compatibility of products and markets? Many companies are jumping into product growth without identifying their stage.
Know a Strategic Goal
It is also something that must be defined in advance. What are product goals? Are companies seeking profitability, acquiring new users, or for other purposes? A product manager can clarify what the product should do to drive growth by clarifying this in advance.
Funnel Modeling
How do users start using the product? The model will answer these questions. By modeling the funnel, the company can understand which areas should be improved to grow the product.
Determine a Benchmark
The product manager needs an indicator to understand if he is on the right track. The North Pole measures progress immediately or at least in stages and may be slightly different from the overall strategic objectives.
Verdict
A product management system that allows teams to bring the right product to market quickly. Developed at the peak of the Product Perfection framework, it serves as a dedicated record system for Product Supervisors. It coordinates everyone on the right features to develop the following product.