The term “software product management” (SPM) describes the process of planning, developing, and managing the software development cycle of a product from conception to release.
SPM aims to ensure that the software product meets the needs of the customer or client, fits the purpose, and is delivered on time and within budget.
SPM is a critical function in any organization that develops software products. It connects the technical and business worlds and ensures that the product meets the customer’s needs.
If you’re interested in software product management, keep reading to learn more about it here!
What is Software Product Management?
Software product management is a discipline that involves developing, deploying, and overseeing software or other digital products while taking into mind the audience and numerous lifecycle factors.
Establishing the connection between the business strategy and the issues and requirements of clients utilizing the software product is the responsibility of this function. Software product management must address client problems and needs while assisting the business in achieving its strategic goals.
When we investigate the definition of Software Product Management, it drives home three critical points.
Software product management is a discipline that involves developing, deploying, and overseeing software products while taking into mind the individual requirements of the different lifecycle stages.
The Importance of Software Product Management
Any business that wants to develop, sell, and support a software product needs product management as a core function. Why? Because to be successful, the product needs to solve a market problem, and the company needs to understand its market and identify the opportunity. And finally, an appropriate piece of software needs to be developed and marketed. All of this requires product management.
Nowadays, even hardware and physical product companies need software product management because software and digital systems are often part of the delivery. For example, when providing operating systems or supporting the physical product or software embedded in a device. Therefore, regardless of the type of company, software product management is essential for any business that wants to succeed in today’s digital world.
Product management is essential for developing high-quality software. Product managers oversee all aspects of the software development process, from inception to completion. They work closely with developers to create a product that meets the target market’s needs and provides a positive user experience. Product management also involves planning for the future evolution of the product.
As technology evolves and new markets emerge, product managers must adapt their strategy to ensure that the product remains competitive. By understanding all aspects of the product life cycle, product managers can ensure that the software they develop is of the highest quality and meets users’ needs.
Stages of Software Product Management
Software product management covers all steps from inception of a product to its end of life. It consists of five major stages in the product life cycle, namely: strategy, development, release, maintenance, and retirement.
Software product management covers all steps from inception of a product to its end of life. It consists of five major stages in the product life cycle, namely: strategy, development, release, maintenance, and retirement.
In the “strategy” stage, the product manager defines the overall vision and direction for the product. This includes identifying the target market, setting business goals, and defining the features and functionality of the product.
In the “development” stage, the product manager works with the development team to build and test the product.
In the “release” stage, the product manager prepares the product for launch, including creating marketing materials and coordinating with sales and support.
In the “maintenance” stage, the product manager provides ongoing support and updates for the product. Finally, in the “retirement” stage, the product manager plans for how to end support for the product.
As any product manager knows, a product has a lifecycle—it is born, grows, matures, and eventually dies. While this may seem like a pessimistic way to think about products, understanding the stages of a product’s life can help you map out a successful strategy for each stage.
There are four key stages in a product’s lifecycle: the launch stage, the growth stage, the maturity stage, and the decline stage. Each stage has its own challenges and opportunities, and your roadmap and marketing strategy will need to be tailored to meet the needs of each stage. By understanding the product life cycle stages, you can ensure that your product thrives at every stage.
Connecting the Needs of the Users and the Company’s Goals
Being a successful product manager is all about finding the right balance between the users’ needs and the company’s goals. On the one hand, you need to understand the real problem that your users are facing and what their major needs are.
On the other hand, you need to be aware of the company’s goals and objectives and how your product can help to achieve them. Finding this balance is not always easy, but it is essential if you want to develop successful software products.
Therefore, modern methodologies like agile focus so much on requirements verification and product validation. By constantly testing and refining your product, you can be sure that it meets the needs of your users and your company.
It may sound simple in theory. But the reality is product management is a lot of work as it is not always easy to reconcile the company’s goals with the needs or problems of a client.
For example, the product may address the problems of its users but, in some cases, may not be profitable for the company. Therefore, it is the product manager’s role to find a way to satisfy the stakeholders without affecting the users.
Aside from looking over these two aspects—problems and needs of clients and company strategic goals—there is a third aspect that the product manager must look over, and the most important one—is the technology.
It must create the right technology to solve customer needs or problems while meeting the company’s strategic goals.
The Right Ingredients for Product Success
Three main ingredients are needed to make the software product successful. It must be viable, desirable, and feasible.
These three properties match essential functions: the designer, product manager, and developer. And looking into their roles, they make up the core team in product development.
Viability – the ability to sustain the business.
The two key duties of product managers are evaluating the product’s potential and defining the goods that will be created. Next, they begin figuring out exactly how it should be (together with the core team), including the essential features, the user experience, and the criteria for launching it, after analyzing and determining if producing the product pays its worth.
Additionally, it is in their hands to choose the business model that will be used and to relay the message with every other department of the firm to set up legal issues, accounting, finance, marketing, distribution, and other details.
Desirability – answers to what people need.
The User Experience (UX) enters the picture here. The interface designers are one of several jobs on a UX team, but they collaborate closely with the product manager. They are in charge of gaining a thorough understanding of users, learning about their motivations, behaviors, and skills; contributing to the definition of requirements; and designing an interface that makes user interaction with the product as simple and effective as possible, all the while keeping in mind the business objectives.
Feasibility – defining the product and clarifying if it’s possible to build
Effective product development is the responsibility of the software engineers or developers. They play a crucial part in defining the product, defining what can be accomplished, assessing the costs of various ideas, and assisting in selecting the most practical solutions. In addition, they are responsible for selecting the best architecture and technologies for creating a high-quality product.
Conclusion
Organizations that create software products must have a sound product management strategy to succeed. There are many factors to consider when developing a product management strategy, including the product life cycle, target market, and product features. ArtiQuare can help you create a customized product management strategy that will assist you in achieving your specific goals.
