Here it is! Welcome to the final installment in our 5-part product management blog, brought to you by our expert Rob Beachy. We hope you enjoyed our last post about essential qualities 7 through 9 of a successful product manager. Today, we’ll walk you through qualities 10 through 12.
Insight to Success #10: Be a Trusted, Respected and Responsible Leader
Makes sense, right? Here’s the thing, though. As a product manager, you have to shift how you see your role. Treat yourself as the de facto ‘president’ of the product line, who must have these qualities in order to maintain and grow the business.
Remember that like all the best leaders (or best presidents, to extend the analogy) share credit when things are going well, and take the blame when they aren’t. Learn to give others accolades for the successes and take responsibility yourself for the failures. The best in the industry train, promote and protect their people regardless of whether they are direct reports, peers or collaborative team members.
Best Practices, Tools and Processes:
- Leadership Training
- Training in the psychology of managing people (usually taught at major universities, with classes focusing on communicating and motivating different personality types)
Insight to Success #11: Financially, Technically and Operationally Competent
Getting an MBA is a great way to jump-start your product management career. Regardless of what your MBA specialization is, a versatility in various disciplines drives multi-functional team success and sound financial decisions.
Product managers schooled in management accounting (not GAAP, and sometimes referred to as cost accounting) have a decided advantage over most people, including those with MBA’s. Skills involving financial analysis tasks—like management accounting, product and process costing, inventory management, financial statements and balance sheets, and ROI/NPV analysis—are all invaluable tools to have in your belt.
Best Practices Tools and Processes:
- Training (executive programs for specific financial, operational and technical topics)
- MBA or specialized financial training (management or cost accounting are important tools for managing P&L)
- Hiring (more specifically, skill matching)
Insight to Success #12: “Heart of a Warrior”
Product managers are fierce competitors with a passion for the market and for winning. The best ‘champion’ their products, their people, and their peers. As a product manager, you’re the face of the product and the individuals that are a part of it. Like any team leader, you have to be a fiery and passionate trailblazer in order to make everyone else feel inspired too.
The best product managers relish the challenges of managing products, developing people, and maintaining an effective climate and culture for continuous innovation, productivity and success. We call them leaders, because they embody all the preceding qualities, and the very best product managers prize achievement over monetary rewards.
That’s it! Thanks for reading! As always, if you’re interested in learning more or need training in product management, contact Rob at rbeachy@axiomcom.com.