Product Management – Money Talks!

by Sean Boyce
woman pulling money out of brown leather wallet

Most people are under the assumption that a product manager’s job is to manage a product.  In reality, their primary responsibility is to hone in on the customer’s needs. Regardless of how wonderful your product is, or how well-run your production and distribution departments are, if customers aren’t buying your product you don’t have a viable business.  There’s only one benchmark that can be used to judge a customer’s interest in your product, and that’s whether or not it sells.

Talk is cheap

Your product may have garnered buzz in the market, with glowing reviews from the media and bloggers, but if your product isn’t selling all that great, press and praise is worthless.  There is little benefit derived from prospective clients saying they love your product if they won’t buy. For various reasons, they see no value in paying for it.

Show me the money

The only true measurement of the market’s interest in your product is sales.  The Chevrolet Camaro was once an iconic muscle car, but it has fallen to last place in the ever increasingly competitive muscle car wars, so it has been slated to be discontinued by 2023.  Simply put, customers were not impressed with their latest revisions and sales have fallen off completely. Sales matter.

Follow the money

Every purchase made by a consumer involves a trade-off.  The customer needs to be willing to exchange their money for more time, convenience, an ability to perform a task better, or some other quantifiable commodity that the buyer deems valuable.  Product managers who understand their market also understand that the only way to improve an existing product is by adding features and functionality that people are willing to pay for. 

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What potential clients say about your product is certainly important and useful feedback.  But the only way to truly know that they like it is if they buy it. 

Nxt Step’s Product Launch System can help you develop a successful, profitable product that solves customers’ problems.  Visit our website at NxtStep.io for more information on how we can help you refine your product’s value proposition, or contact us at hello@NxtStep.io.  Subscribe to our YouTube channel, for more insights on product marketing.

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