The most critical role within an organization that makes or breaks the future of the organization is Product Management. The Podcast: Masters of Scale, in discussion with Marissa Mayer she covers how at Google she had led the organization to create the role of APM (Associate Product Manager) and onboard people to induct within the function. Today the industry is facing a big challenge to get products to its maturity because of a lack of great Product Managers. A product manager is almost like a General in an army who has to hold strategy, define the plan, understand customer needs, a futurist, and get individuals rally around a path in maybe a decentralized and chaotic future.
Product management can be daunting for many individuals, and the critical role per me is to define the roadmap. Defining the roadmap is based on the broad vision and mission the product is trying to focus on. The key here is "FOCUS," and I have personally seen products failing is due to misalignment in focus. In the early and mid-stages, the misalignment happens when customers or your internal teams would like to shape the product or the features unique to their needs. Ideally, a product in today's age has to have 80% out of box features and 20% customizable features. If the percentages are imbalanced: less than 80% out of box features, then it is not a product; if less than 20% or in single-digit customized features, then it is not a successful product. The focus also requires to be more targeted to an industry or a specific consumer group. This focus should be aligned not in the initial stages but a must in the mid-stages of the products. It is critical to find the niche and scale rapidly as you would face competition if you are entering a crowded space or product is gaining attention.
The focus also shifts if the executives or other stakeholders apply undue pressure and focus on the revenue or some other KPIs, then the "Fear Of Missing Out" (FOMO) automatically creeps in. This #FOMO mindset destroys the future of the product and wastes many precious resources along the way. The critical avoidance of such a phenomenon must be driven by the Product Managers to ensure and reiterate/remind the goals and path of the products. The Product Manager is the torchbearer to see the success of the product.
Avoiding a #FOMO mindset doesn't mean that you neglect the evolving needs of the customers or internal stakeholder feedback. The key here is to chart on the path which is defined, recognize the feedback or deviations, evaluate them to see if it makes sense to step up, and or park them for future considerations.
If you are a Product Manager and have experienced #FOMO then I would like to hear from you. Chao..