Product Management Best Practices You Need To Follow in 2023

Product Management best practices have evolved over time. In the early days, the Product Managers focused on defining features and user stories. Today, they also work on marketing campaigns, customer support improvement, sales, data analytics, research and operations and they need to know a handful of product management best practices to cope with so many tasks.

Great product management is all about balancing risk and reward. You need to manage your time and keep your team motivated. Also, you need to continually test new ideas without falling into the trap of “lesser good” thinking. It’s a role that requires you to be on top of everything at once, which can feel overwhelming at first glance. 

However, once you get into the rhythm of things, it’s not as difficult as you may think. To succeed in your role as a product manager, you need to have some essential characteristics. These product management best practices are in mind at all times. 

Get Better at Continuous, Iterative Planning of Work

The way you plan for your team’s work and track your progress is the backbone of your product management best practices. It will dictate how the rest of the team operates, and how the organization can measure its success. 

Unrealistic expectations will put you and your development team in a tight spot. Planning doesn’t have to be complicated. It just needs to be thorough and precise. 

You will need to account for everything, from key milestones to interdependencies. Make it easy enough to be accessible to multiple teams.

Switch on continuous product discovery and delivery

If you follow the agile approach in addition to continuous delivery, it is also worth planning for continuous product discovery. Continuous product discovery keeps Product Managers in tune with customers and their needs and fosters a culture of continuous innovation.

Schedule regular customer interviews

User interviews can help you capture customer ideas and build a good product roadmap. Then, you can set a product strategy with user testing to help follow the business objectives.

Internal teams can then work on understanding and solving problems using an internal scoring system with objective metrics. They can rank potential features according to customer experience, and deliver products that customers love.

Know Your Data and Metrics (And Your Competitors’)

Take time to learn about the product data and improve your data analysis skills. Better still, keep an eye on your competitors and keep your knowledge up to date. Everything changes fast; it’s important to be able to adapt quickly.

The best product managers need to be on top of all their data and metrics. They also need to understand their competitors’ data and metrics, so they can stay ahead of the curve with new initiatives.

The product builders need to be aware of the business’ so-called key performance indicators (KPIs). The product manager needs to determine what these KPIs are, and prioritize them strategically.

Product KPIs may include things like customer retention, conversion rates, average basket size, total revenue, retention rates, customer satisfaction, etc. When you understand the metrics the company cares about, you can make suggestions and prioritize your efforts. 

Time Management and Prioritization Are Crucial

PMs usually work under time pressure, so it is important that you have effective tools to make informed decisions.

Product managers need to be able to manage their time effectively to ensure they are staying on top of all their tasks. Especially in the early stages when you’re trying to prove yourself to your team and earn the trust of your colleagues. 

You will have many different tasks to complete each week. You need to know how to prioritize and manage your time effectively.  That is important when meeting with internal stakeholders and getting your team on the same page.

It’s easy to get distracted and fall into the trap of putting too much on your plate and not being able to get anything done. Having a good time management system in place will help you stay focused on what’s important and get your tasks done on time.

Level Up Your PM Skills

As a product manager, you need to have the skills, knowledge, and abilities to handle any situation that comes up. No matter how challenging. This will come from having the right product management skills and experience. 

These skills will help you contribute to the team’s overall productivity, as well as your own, significantly. You can learn these essential skills by reading books, blogs, and articles. You can also participate in conferences and webinars held on product management best practices – if you have the chance. 

Improve Your Remote Product Management Skills

In the New Normal, remote work is a very real possibility. You may be working with a remote team. In this case, you need to be able to adapt your leadership and product management skills to a remote environment to still achieve the business goals.

It’s not as easy as it would be if everyone was in the same office. To succeed in a remote environment, you need to develop a somewhat different set of skills.

As a remote product manager, you need to:

  • be comfortable giving feedback over written communication
  • master your prioritization and time management skills
  • be ready to have even less face-to-face communication than you would have in an office setting
  • be comfortable with this change if you find yourself in this position

Empower Your Team

Great product managers empower their product teams to be successful. This means being comfortable with giving criticism when it’s due. Also, provide your sales team members with the resources they need to succeed.

Sharing your knowledge with your team members will help them become better employees.

Imagine if someone had done that when you were first starting. If a business executive had given you the shortcuts and the I-wish-I-knew. How those few tips would help you make strategic decisions, and help you focus on developing the best course for your future.

As a product manager, you need to have a full understanding of what it takes to succeed in your role. And when you do – share it. But don’t try to control everything, as micromanagement can be seen as a negative trait.

But the most effective way to empower your product team is to respect their free time. Their time off is off limits for job tasks, and it is your job to respect that. If your coworkers are happy, they will do a better job.

Try to be replaceable, don’t want to control everything. You are a human and need to have relaxed weekends and peaceful holidays, so be confident and share your knowledge and all the data with your team.

Discover New Product Management Tools

Don’t stick to your usual tools and their usual functions to the end. Most tools are constantly evolving, so it’s worth taking the time to try out new features. Like the StoriesOnBoard roadmap or the feedback management features.

Such as the StoriesOnBoard roadmap, or the feedback gathering and management capabilities that make the tool more than just a story mapping tool, but an end-to-end product management platform.

Product Management Best Practices: Summing Up

Product managers are in a unique position to set the tone for the rest of the organization. They decide what products to develop, and what features to prioritize. They can even influence the culture of the company. If you set your mind to becoming a great product manager, you can get there with these product management best practices.