Product Management Training Institute in Bangalore

Product Management is the brain behind all the products that we use in daily life. From creating the product to launching it and making it successful, a PM does it all.

A PM will analyse and research the market demand and what tools need to be launched, what new ideas can be put into the product, what creative features can be added for easy access, and they also offer a timeline for when the product should be initiated, completed, launched and when can the company expect the most profit. For example, earlier the landline phones used to have wires, but then maybe a PM suggested that customers would be happier if the landlines were wireless, so that they can talk while being at any corner of their home.

The first and the foremost thing that needs to be considered is the reason for redesigning a product. The possible reasons can be that the current product is not well designed and is causing problems while using it, or that a better product has been launched thereby decreasing the popularity of our product or simply, the product is now out of the trend. Either which ways, some parameters to keep in mind are identifying customer needs by talking or interviewing customers, establishing target specifications like the technical, manufacturing and economic limits.

When redesigning, we must keep a check on the competitive products and thrive to make ours better, give a layout of product with new or improved features and lastly, seeing the economic analysis for the product.

Some major points that should be considered when deciding if the product launched is successful or not, would be

• Sales Revenue is the calculated cost of the sold product in a month-to-month cycle or year-to-year cycle. The undeliverable or returned items are not added in this.
• Customer Churn is the number of people who stop buying your products or cancel your services after a period of time.
• Customer Engagement can include taking feedbacks from your customers. For example having polls on social media pages, quizzes or surveys that determine the likes and dislikes of your customer base.
• Customer Satisfaction means putting a feeling into a number. This can be done by asking the customer to rate your product from 1-10 or having a scaling range with sad to happy emojis.

One of the most essential things to take care of when communicating with the team is to feel that we are one of them and no one in here is the “boss”. A humble and respectful tone goes a long way and being a good listener also encourages the team to speak up.

Keeping our ideas on the table and also the team’s will help in better ideation and outcome. Also, the objective and vision of the product should be kept clear from the start. Another useful tool is visual representation as it helps in filling the gaps that may come during verbal representation. Therefore, the use of charts, stats, tables and print outs can be useful in successful communication.

Few reasons for a new product to fail are:

• Lack of uniqueness: If your product is the same as everyone else’s or lacks something that is essential for the customers, then the sales may go down as people won’t prefer your product.
• Over-expectations: A product may be heading towards failure if the statistics or expectations aren’t matched properly. For example, under-estimating the strength of the competitor or over-estimating the result of your new product.
• Product Deficiencies: Having a product that costs too much to the company will eventually cost a lot to the customer as well. If the existing customer base never engages in high priced products, then the new expensive product is likely to fail.
• Poor timing: The new product must be launched when the market demand is highest. Lack of strategy and demand can cause the failure of the product.

Following are the key elements for a good UI:

• Clear & Intuitive user navigation
• Well defined target audience
• Easily Accessible
• Consistency
• Transparency
• Familiar UI Elements
• Aesthetics & Attractiveness