Had been busy for a while, but have managed to read a book in the downtime. The book is titled “Stealing the Corner Office“. I have posted a brief review in the resources section. It’s a little expensive to buy in India, but the lessons it imparts about the workplace are invaluable. In case you are a corporate citizen with access to an online library, do read this book. If you are building your own collection of useful books, then you must buy this one.
Tag Archives: product manager skills
Kaggle is a platform for data prediction competitions. As per their wikipedia entry “This crowdsourcing approach relies on the fact that there are countless strategies that can be applied to any predictive modelling task and it is impossible to know at the outset which technique or analyst will be most effective.”
I reviewed a few competitions on Kaggle, and they seem fairly complex and perhaps a good fit for advanced statisticians or data modelers. However, Kaggle is fairly popular and gets a decent amount of traffic for niche site.
- Does anyone have feedback on their personal experiences using Kaggle?
- Have you ever recruited or solicited candidates from Kaggle, for analytics roles in offshore development centers or for offshore analytics practices of IT/Analytics firms?
- Have you ever used it for networking?
Drop a comment on this post if you have tried any of the three.
There are several different career paths available for technology product managers, but in all of those, there are certain key skills that show how capable a person would be in any role. With job descriptions becoming more and more generic, it is up to you to understand what a role offers and what you might be able to deliver in that role. I will post more on this later.
So how does this help you as a product manager? As I mentioned before, it is useful in 3 scenarios:
3) Career Development
The Strategy and Tactics of Pricing is actually a management textbook, typically prescribed as a required reading or a reference text in a course on pricing for undergraduates or MBA students. However, the book is very well written and is a must read for all product managers. The book has also received glowing reviews on Amazon.com.
If you wish to understand how pricing is done, or take part in pricing discussions with senior leadership, or price a new product or service, read this book.
About the Book
The book talks about the 3 core principles of strategic pricing, that strategic pricing should be value-based, proactive (where you anticipate large deals, competition response and develop models to account for those) and profit driven (focus on your targeted profit). It then shows the limitations of cost-plus pricing, customer driven pricing and pricing for market share. A Wikipedia article has a detailed description of the different pricing strategies.
The other chapters in the book cover
- value creation and what it means to the firm and its customers
- pricing structures
- pricing communication with stakeholders
- pricing policy and pricing levels
- pricing over the product life-cycle
- driving implementation of the pricing strategy
- understanding costs and basic financial analysis
- competition and pricing sensitivity analysis
- Following the ethics and laws on pricing
Overall, a complete reading of this book 2 or 3 times should make one confident to take up a pricing task and drive a pricing strategy. This information is of great value to a product manager in any role (on-site or offshore) for all types of product sales models (subscription, licensing, freemium, cost+maintenance and others). The challenge will be to keep these learnings since pricing decisions come around very rarely, and are normally taken up by the Director/VP of product management.
For Product Managers
Product pricing is a very important dimension of product management. And it is a sensitive and critical issue in most organizations. In many cases, pricing approval is actually done by the CEO or Executive Management. In the pricing exercise, there are multiple stakeholders and everyone wants the “best price”. However, the definition of best price is different for all. Sales wants the upfront price lower than competitors, finance wants to look at the cost/price variance and the best ROI possible and marketing wants to dictate the price. So it is the product manager’s role to build a valid structure for pricing the product/service or the deal and then come up with a logical product price (which could actually be higher than the competition’s price) for different situations.
This book explains pricing very well, and you should definitely keep a copy on your desk as a reference. It is as useful for pricing SAAS products as it is for pricing consumer or enterprise packaged products.
Note: In case you have a traditional software engineering->product management career path, you may want to pick up a few courses on corporate finance and management accounting. They will help you a lot if you are ever involved in pricing decisions. A part time MBA could also be useful.
[Caution: long post]
Today, most business schools prefer candidates with some work experience, which is also useful during lateral placements. Hence you see an increasing number of candidates with exposure to IT services or software engineering joining these schools and completing their MBA. Post-MBA, it is inevitable that some of them will head towards product management during campus placements or shortly afterwards. This post is about the 7 things to focus on in your first year on the job, apart from working on PRDs or MRDs.
1. Build a rapport with program managers
In most offshore R&D centers, program managers play a key role in organizing projects, resources and schedules. Hence they know the resource costs and availability for any ongoing or upcoming project. And since engineering dominates decision-making in ODCs (offshore development centers), the program managers help to balance the engineering dominance.
2. Get customer exposure on a sales call
An enterprise sale is a complex process, involving dozens of people from different departments, and it typically has a long completion cycle. You must gain a first hand exposure to how this works, as this is the main source of revenue for the firm and for your product line. However, it can be difficult to gain a sales person’s attention, as he is always looking outwards for opportunities. As an incentive to sales folks to get them to talk to you, arrange a product demo or a feature presentation. If the demo is interesting enough, they will make sure that you get in front of the customer.
3. Gain the trust of engineering and service delivery managers
I have written previously about key stakeholders for offshore product managers. If you cannot get these people to trust you, you will never be able to drive product decisions, even with your supervisor’s help. And you cannot keep going to him all the time. One good technique to gain the engineering trust is the show them that you can deliver on the product requirements and are not simply there because of your MBA. Essentially, you need to prove yourself with every engineering resource, right from the VP to the intern.
4. Train yourself
Do not bother to go for a formal product management training yet. Without relevant experience, it will have very little value and you will forget most of it very soon.
5. Prepare for a change to your role/product within 12 months
In today’s connected, global economy, it is almost guaranteed that your first role will last no more than 12 months. The change could be due to external forces or internal restructuring (ODCs are very prone to this), but it will definitely happen. In the worst case, you might feel stagnating in your role, and you will yourself ask for or start looking out for a change. The best way to survive this is to shine in front of senior management, build a rapport with the US teams and network with HR and other support staff.
6. Connect with Solution Sales, Analytics, Customer Service Teams
This is probably the most important task that you can perform outside of self-training. To understand how the product is built, you need to sit with engineering teams. To understand how the product is sold, you need to work with sales teams. And if you really want to understand how the product is used, you need to work with solution sales, analytics and operations and customer service teams, who cover all real use cases that the product was designed for. And remember, you need to proactively seek them out and learn from them. As a fresher, it is expected that you will be learning all the time.
7. Network outside the firm
There are a lot of opportunities for networking in Bangalore, Hyderabad and all the other major tech. centers in India. You must go to these get-togethers (a few of them are listed in the resources section of the blog). It can be a lonely job, working as a product manager, with no outbound teams near you. Connecting with other people in similar situations is a good way to understand the challenges of an offshore product management role, and the different ways in which people are coping.
A product management role, even offshore, can be incredibly rewarding, but only if you take care of your first few years on the job. It is not for everyone, and you should make sure that you are still interested in it at the end of your first year. Else, as an MBA, it will be easy to find something else.