Education

Building the Right Skill Set for Digital Product Management

Gearing up for the Digital Age

A digital product manager connects the business, the product, the marketing process as well as the sales outcome. With the influx of modern technology and the setting in of Industry 4.0, the market has become more competitive than ever before. Amidst this, companies that are prioritizing customer experience are outperforming in the market by over 107.5 %. Thus, for planning out a successful digital product launch campaign and staying ahead in the market, individuals need to be equipped with the skills fit for the digital age.

Keeping Up with Technology- In the Machine First world, for efficient digital product management, the ability to manage and streamline data is critical. A creative vision backed with the technical know-how of Business 4.0 models and modern product management methods would help individuals stay up to date with the market.

Knowing the History- Understanding why digital platforms like Groupon, MySpace and Yahoo faded at warp speed, how Apple became the most valuable company, how Korean companies like LG and Samsung took over the mobile phone manufacturing market, and Google and Facebook continued to reign, can help digital product managers understand the digital space better. With in-depth study into the past, they can gather valuable insights, learn from errors and prevent repeating them.

Understanding the Customer- Access to a readily available huge trove of data which provides deeper insights about the customer’s requirements, expectations, and experiences, can aid in effective digital product management. Managers, therefore, need to identify the testable customer outcomes and create the actionable focus areas around them. By building customer empathy and interpreting usage metrics accurately individuals can manage data effectively and create unique experiences for customers, specific to their tastes and preferences. Building relationships is the key to customer loyalty for the long run.

Identifying all the Outcomes of Decision– It is imperative that a digital product manager analyzes the growth, the engagement a well as the monetization potential using both qualitative and quantitative methods. Only with a proper understanding of all the facets can an accurate decision and strategy be reached at.

Maintaining product relevance- Digital product management in the competitive market demands individuals to keep track of their products as well as maintain a close watch on the functioning of the products of the competitors. To create valuable outcomes and keep a product relevant one needs to create a road map for the future and coordinate with multiple teams to gather and implement feedback frequently.

The widespread impact of globalization and the digital age has given rise to the need for learned professionals who are backed with conceptual knowledge as well as are up to date with the current trends. Only by investing in oneself and enhancing the role specific skill set and technological know-how, can one effectively succeed in the digital product management field.

We look forward to your comments and encourage you to contact us if you would like to discuss more.