2022 is lining as much as be a record-breaking yr for the product administration business. In 2021, end-users internationally spent $145.5 billion on Software program-as-a-Service (SaaS) merchandise. That quantity is projected to develop 18% to $171.9 billion in 2022.

Product managers (PMs) are positive to face elevated competitors for his or her merchandise because the SaaS market turns into extra saturated. Through the use of our listing of 10 product administration greatest practices, PMs can put together for an additional yr of fast-paced change in 2022.

10 product administration greatest practices for 2022

1. Get higher at steady discovery

Product discovery is carried out forward of improvement to reply why a product ought to exist and who’s going to make use of it. These questions are sometimes answered by buyer and competitor analysis, which informs a product’s design and helps product groups construct a product that really solves issues for purchasers.

Steady discovery retains PMs aligned with prospects and their wants and fosters a tradition of ongoing innovation. Famend product discovery advisor Teresa Torres means that steady discovery ought to embody weekly touchpoints with prospects by the product staff. This retains the staff centered on offering fixes, updates, and new options which might be rooted within the buyer downside.

2. Get comfy with buyer interviews

Steady discovery can’t be carried out with out buyer interviews—in any case, PMs work together with extra than simply their inner groups. The important thing to constructing a product that prospects love is to grasp the issue(s) your buyer is dealing with and the way your product addresses that downside. Doing so requires PMs to talk instantly and routinely with those that are, or will likely be utilizing the product.

Buyer interviews ought to be fruitful for each the PM and the client. Listed below are a number of tips about getting essentially the most out of buyer interviews:

Have a technique for recording and/or transcribing the interview. PMs will want notes to seek advice from for post-interview evaluation. Nevertheless, the majority of the interview ought to be spent listening to the client, not taking notes.
Comply with the 90/10 rule for talking. The interviewer ought to solely converse 10% of the time and the interviewee 90%. PMs ought to make sure the interview stays on observe, however the insights come from the client, not the one asking the questions.
Ask the correct questions. PMs undoubtedly have particular forms of solutions they’re looking for, but it surely’s vital to let the client information the dialog. PMs ought to keep away from main questions and gently information the dialog to concentrate on the client’s objectives, not particular options.

3. Develop into well-versed in product analytics

PMs can keep away from evaluation paralysis by leaning into product analytics. Product managers must sift via huge quantities of information to make strategic choices. And 2022 brings a rise in automation, AI, and analytics tooling, leading to much more information to think about when making choices.

Fortunately, PMs don’t must depend on instinct to find out technique. They’ll leverage behavioral analytics—information that displays the motivations, needs, and patterns of their customers—to construct and improve their merchandise.

It’s vital to seize granular information about what customers are doing inside the product, then flip that information into insights round key moments or milestones within the person journey. Zeroing in on person behaviors will lead to much less time spent on irrelevant information, and extra time specializing in constructing higher merchandise and yielding happy prospects.

4. Assemble a various, cross-functional staff

PMs can generally fall prey to an “If I need it finished proper, I’ll do it myself” mindset. In addition they juggle many duties and is likely to be liable for any variety of direct stories. Taking up an excessive amount of can have the other impact, forcing pivotal motion gadgets to slide via the cracks. Moreover, a “one-person staff” method stifles the creation and circulate of concepts.

A PM should set up a staff they’ll depend on. This isn’t to imply each member of a product staff ought to agree on every little thing. Numerous opinions and approaches encourage new methods of considering. Product groups exist in an environment of ideation and experimentation, so any thought will be examined for validity. Finally, a PM must work alongside teammates they belief and who push one another to innovate and discover.

Moreover, a product will grow to be extra profitable if it receives the complete consideration of myriad viewpoints, together with entrepreneurs, UX designers, engineers, and copywriters. In keeping with Mayank Yadav, Product Lead at Fb, “In case you don’t have the correct ability set, it’s more than likely that your product, initiative, or effort will fail. That’s why we’ve got to arrange the staff for achievement …” In different phrases, groups want quite a lot of cross-functional ability units to see their merchandise succeed.

5. Democratize information all through the group

The NewVantage Companions govt survey stories that solely 24% of respondents mentioned their firm has “created a data-driven group.” If nearly all of firms aren’t utilizing information to information their core methods, you possibly can solely assume they’re counting on intuition or earlier success fashions.

Corporations can’t afford to disregard the significance of information, particularly as competitors reaches an all-time excessive. Product managers stay on the intersection of enterprise, tech, and management. This makes them completely positioned to redefine the corporate’s information tradition by displaying the worth of an accessible, unified information set to these in management roles.

Knowledge democratization empowers initiatives past the product staff. As an illustration, a gross sales staff with entry to behavioral information might establish crucial moments inside the person journey that make them extra prone to buy extra options or renew a subscription. With the correct analytics answer like Amplitude Analytics, the gross sales staff might pull this info with out counting on product or engineering to offer it. This self-serve agility additional allows and empowers departments which might be typically fast-paced and require speedy outcomes.

6. Degree up your writing abilities

The power to pen clear, centered communications has at all times been an vital ability for product managers. Additional, good writing has grow to be extra very important than ever with distant work changing into the norm. An estimated 45% of workers within the U.S. now earn a living from home, that means many communications that had been as soon as face-to-face at the moment are being delivered through e mail, Slack, or Groups.

Face-to-face conversations are extra forgiving as a result of contributors can right themselves, reply questions, or pivot in real-time. Written communication isn’t almost as adaptable, which suggests getting an e mail or memo proper the primary time is crucial for maximizing effectivity and minimizing errors. Messaging apps like Slack or Microsoft Groups permit groups to react sooner to new info, however PMs are already typically juggling a number of duties without delay. This makes the power to jot down concise, readable, and correct content material a useful asset.

Fortunately, PMs don’t must look far to seek out strategies for enhancing their skilled writing abilities. Assets for writing enchancment embody:

7. Put together for the sudden

Product managers are sometimes on the tip of the spear with regards to tech innovation. Latest choices have essentially modified how firms do enterprise in a really brief time. Fb rebranded to Meta as the corporate set its sights on dominating the brand new metaverse. NFTs and crypto applied sciences are being heralded as societal gamechangers. Augmented and digital realities that had been as soon as a distinct segment within the gaming group at the moment are being launched into workplaces and houses. PMs should consistently assess whether or not or not their merchandise are helpful and related because the market adopts new applied sciences and methods of doing enterprise.

The power to assume massive and huge will grow to be extra integral to the position of a PM because the sudden surfaces in 2022. Matt Resman, Senior Product Supervisor at Meta, affords a number of phrases of recommendation to PMs desirous about touchdown a profession on the firm previously often called Fb. “Creativity, innovation, and skill to assume outdoors the field are at all times key … at all times be enthusiastic about the broader image …”

8. Search out real-world recommendation

Generally one of the simplest ways for PMs to enhance is to study greatest practices from the very best. The brightest minds in all issues product are sometimes solely a observe away on websites like LinkedIn and Twitter. Product administration specialists like John Cutler or Josh Elman can present contemporary views for PMs 280 characters at a time. Former Stripe, Google, and Yahoo PM Shreyas Doshi affords unique insights to Twitter followers who “tremendous observe” his Twitter account.

It’s 2022. Product administration isn’t a distinct segment idea anymore. This makes it simpler for PMs to observe or be a part of on-line communities of likeminded people eager to share their product triumphs and challenges. For instance, subscribers to Lenny’s Publication get priceless product administration articles delivered on to their inboxes on a weekly foundation. The Product Stack is a web-based group devoted to discussing SaaS product administration greatest practices.

9. Be taught a brand new ability in 2022

Upskilling is a process that may simply be neglected by busy PMs. Managing a staff, investigating information, creating long-term methods, and testing new options take up a big portion of a PM’s time. PMs are more and more changing into invaluable to firms as time goes on. Their capability to exhibit mastery throughout a rising variety of disciplines will proceed to push them additional up the chain of command in 2022.

PMs should attempt to study as a lot as attainable, particularly for newcomers to the position. Diego Granados, Product Supervisor at Microsoft, affords some clever phrases: “… you need to concentrate on constructing at the very least one core ability whereas delivering outcomes and creating wonderful merchandise that clear up your buyer issues.”

A number of very important product administration abilities to study or enhance upon embody:

UX and design experience
Market analysis practices
Time administration
Coding
Interpersonal communication

10. Know your price

There have been 10.93 million job openings within the US at first of 2022, which suggests there’s by no means been a greater time to buy the job market. Corporations are racing towards one another to supply higher salaries and advantages to draw the very best candidates. Whether or not desirous about discovering a brand new place or not, new and seasoned PMs alike ought to put their CVs out into the world to get a way of the out there alternatives. For newcomers to the sphere, try our publish on Find out how to Get into Product Administration in 2022.

Fielding periodic job interviews helps PMs preserve their abilities sharp. For one, extra interviews are going down remotely than ever earlier than. There’s a unique tone and cadence that comes with a distant interview, and working towards getting comfy in entrance of a webcam will pay dividends for future job alternatives.

Moreover, the final two years of distant working, pivoting, and grinding all through the pandemic have had detrimental impacts on many job-seekers. It’s onerous sufficient to work successfully when exhausted, however burnout additionally adversely impacts the standard of an interview. Routinely looking for out or taking interviews permits a PM to audit any points to allow them to carry out at their highest stage as soon as the correct job alternative comes alongside.