7 Stages every Start-up Should Complete in Product Management Process
What is the Product Management Process?
Every product development process is guided by a plan known as the product management process. Making assumptions, carrying out trials, perfecting the experience, taking feedback into account, and then eventually developing an actual product are all part of this ongoing loop.
The 7 -Step Product Management Process
Let us see how a standard 7 step product management process helps in creating an ideal framework for product development-
Stage 1 – Idea Sourcing
Simply creating code when an idea comes to mind is insufficient. There is a possibility that the concept has previously been used. You should initially spend time coming up with original concepts as the proprietor of a start-up services business. You may do this by -
Research- It's crucial to invest the time necessary to carry out your study before attempting to identify the trends, goods, and sectors that are deserving of your attention.
Brainstorming- The first stage, without any criticism, is to establish a welcoming and happy environment. For the greatest outcomes, assemble a diverse team—a combination of individuals from various professional fields and backgrounds—often referred to as a cross-functional team.
Stage 2 - Develop a Vision for your Product
To get your product team on the same page, communicate your vision for how to solve problems. This will assist direct the creation of your product and guarantee that everyone is striving for the same end result. In the long term, your product will be stronger and more successful if you have a clear vision from the beginning.
Stage 3- Market & User Research
Lack of a market need for the startup company's product is the main factor in their failure. In order to succeed as a product manager, it is essential to research the market's current competitors and determine where the white space lies.
Before developing a product, it is important to determine two crucial factors in addition to product management marketing strategies:
What services do they need?
What services do they desire?
Stage 4 - Strategy Development
A useful technique for product managers to assess their planning abilities is to develop a product strategy. While customer development and market research contribute to the product's vision, strategy outlines the measures you intend to follow over time to realise your product vision. You can prevent issues and position your product for success by taking the time to develop a product strategy.
Stage 5- Prioritize Product features
Put your strategic objectives first when choosing which features to prioritise. Saying no to features that your stakeholders desire may be necessary, but it's more crucial to concentrate on the features that will have the most influence on the success of your business and meet the demands of your customers.
Stage 6- Testing & Gathering Feedback
Set up a feedback mechanism as soon as the MVP is available so you can monitor user behaviour and see where your product needs to be improved. To do this, convey product needs to your team while keeping an eye on user behaviour and gathering feedback. Changes should then be made and tested. Throughout the process of developing a product, this cycle should be repeated frequently.
Stage 7 - Ongoing Product Improvement
Although the software product management process is not yet complete, the emphasis today is on efficiency and optimization. In order to reduce costs and maximise efficiency, project managers need now consider scalability, operational enhancements, business results, and maintenance.
Be clear about your motivations or "why" before making any decisions.
Consider the risks associated with each possible outcome.Â
Predict the best- and worst-case outcomes for each choice.
Strive for a solution that calls for a win-win scenario.
At Boppo Technologies, we do start-up consulting for the product management process. Book a call with us to know more about how you can capitalise multi-fold by taking our service.
