Understanding business objectives is key to successful product management. In this episode Michael discusses business-driven product management with Peter Hanschke. Peter talks about the importance of aligning product strategy with company goals and objectives. To do this effectively product managers need to balance the needs of different teams and communicate effectively. Peter describes the three key business objectives for product managers as follows:
- Market expansion: Expanding into new markets and growing your presence in existing markets
- Customer satisfaction: Assuring customers have a positive experience with your products
- Technology innovation: Taking time to keep up with your existing technology (e.g. new database version) and using new technology (e.g. social networking tools)
Michael and Peter wrap up their discussion with the benefits of focusing on the business objectives.
You can read more about business-driven PM on Peter’s site at Ateala.com.