The Future Trends of Product Management

The future of product management – what’s in the cards?

There are three main product management trends underlined in the report. While that number might seem low, all of them are of the utmost importance, capable of completely changing the way product management is perceived. So, without further ado, here are the factors that will drive product management in the future, according to Product School:

The focus on quality

Customers nowadays are not driven by low prices nor freebies. They mainly pursue high-quality, perfect experiences. Companies who desire to remain competitive need to adjust to this trend, including in their product management processes.

Acquiring new customers requires excessive resources – both time and money. The only way to avoid that, or at least minimize its effects, is through high customer retention and loyalty. It can, on the other hand, be achieved by creating high-quality products. If a company offers items or services which are mediocre, it will not fulfill the needs of its customers. As a consequence, they will begin to search for new providers, usually among the business’ competitors. This underlines the importance of creating top-notch products, but what does this trend mean exactly for product management teams?

The answer to this question is: they become the center of each company. Even businesses operating in sales-led industries must become product-led. Otherwise, they will struggle to keep their customers on board and fall behind their competitors.

Product as the linking point between teams

Since the product will be driving the work of the whole business, it will also become the element which aligns all the teams. Marketing, finance, sales and product development – all of them will be connected while working on various aspects revolving around the product.

Customer-centricity is a widely visible product development trend that will become even more crucial in the future. Teams will exchange data and ideas on how to create the best product for a particular customer, ensuring that they remain loyal to the brand. This will also call for an expansion of current development teams, with the role of product strategists rising.

The struggle to keep talents on-board

With the growing importance of product management teams, it is much more difficult to keep talented employees in a company. Social awareness is growing, meaning that financial benefits are no longer a crucial factor when choosing the workplace. In order to keep their talented product developers on board, businesses have to focus on aspects such as work-life balance or their mission.

The future of product management will be defined by better working conditions. Employees strive for opportunities to develop their skills even further, to work with exciting projects and experienced teams, to have a proper work-life balance. Businesses have to adapt to that, otherwise they will lose their most talented product developers to rival companies and struggle to find proper replacements.

This is caused by the huge demand on the market. The competition for the most skilled professionals in product development is already high, yet it will grow even further. Thus, every business will need to stand out with their job offers, propose an exciting mission which does not require putting one’s private life on the line.

What do our experts have to say about these product development trends?

This is just an overview of The Future of Product Management. We encourage you to read the whole report and to check out the comments made by our team members. As a product development company, we are affected by these trends on a daily basis, therefore we would like to provide you with our own insights into what’s actually happening in the industry.

We asked Karla Sutil, our product strategist, to give us her comments regarding the report. Here’s what she thinks about it:

“As expected, the report on the future of product management heavily emphasizes a product-centric approach. The prevailing viewpoint highlights the significance of the product in every aspect. However, amidst this emphasis, we must not lose sight of the fundamental “why” behind building these products. Understanding “why” we are creating them, “for whom” they are intended, and “where” they fit into the market should remain at the core of our product development process.

In envisioning the future of product management, I see a more cohesive and collaborative ecosystem, where product teams are truly cross-functional. This means that software developers, designers, and other stakeholders would actively participate in the ideation process, engage with users, and comprehend the business constraints. The ideal product manager of the future should be a hands-on, business-focused product builder with diverse skills and deep domain knowledge. This person would eagerly explore problems and propose optimal solutions.

In essence, while the product undoubtedly holds a central role, we should not neglect the essential context of “why,” “for whom,” and “where.” Moving forward, fostering a culture of collaboration and shared understanding among product builders and other stakeholders will shape a successful and impactful future for product management.”

Conclusions

Companies will need to switch to a product-led approach, with a high focus on customer experience and satisfaction. The quality of products will be the main argument used to retain customers, so the role of product development teams will become central. Yet, as a result, it is going to be much more difficult to retain product talents in the workplace. Businesses will not only have to focus on increasing salaries, but also on providing employee training, work-life balance, flexible vacations, and the opportunity to participate in thrilling projects.