“Product Management in Practice” by Matt LeMay is a comprehensive guide to the field of product management, aimed at both experienced product managers and those new to the field. The book covers a wide range of topics, including product vision and strategy, market research, user research, product roadmapping, and product launch. It also includes real-world examples and case studies to illustrate key concepts and best practices.
One of the key strengths of the book is its focus on the practical aspects of product management. LeMay emphasizes the importance of understanding your customers and the market, and provides detailed guidance on how to conduct user research and market research to inform product decisions. He also covers the various tools and techniques that product managers use to plan and execute product launches, including product roadmaps and go-to-market strategies.
Another important aspect of the book is its emphasis on the role of the product manager as a leader and communicator. LeMay covers the skills that product managers need to effectively communicate with stakeholders, including customers, development teams, and executives. He also covers the importance of building a strong product team, and provides guidance on how to hire and manage product team members.
Overall, “Product Management in Practice” is an essential guide for anyone involved in product management, including product managers, CPOs, and entrepreneurs. It provides a thorough introduction to the field, and offers practical guidance and real-world examples that can help product managers develop the skills they need to be successful in their roles.
Product manager
According to the book “Product Management in Practice” by Matt Lemay, a product manager is responsible for leading the development and success of a product. The product manager is the leader of the product team, and is responsible for creating and communicating a clear vision for the product and driving the product strategy. The product manager’s mission is to understand the customer needs, define and develop the product, and deliver it to the market in a way that meets those needs and achieves the company’s goals.
The product manager’s scope includes a wide range of responsibilities, including:
- Understanding the target market and customer needs: The product manager conducts market research, user research, and competitive analysis to understand the target market, customer needs and pain points, and market trends.
- Defining and communicating the product vision and strategy: The product manager creates a clear vision for the product and communicates it to the team, stakeholders and customers.
- Building and leading the product team: The product manager leads the cross-functional product team, which includes representatives from different departments such as engineering, design, marketing, and sales.
- Prioritizing and managing the product backlog: The product manager prioritizes the product backlog, which is a list of features, enhancements and bug fixes that need to be developed, based on customer needs and the company’s goals.
- Making data-driven decisions: The product manager uses data and analytics to make decisions about the product, such as what features to develop, when to launch, and how to price the product.
- Launching and marketing the product: The product manager is responsible for launching the product, creating and executing a go-to-market strategy, and working with the marketing team to promote the product.
- Monitoring and analyzing product performance: The product manager tracks and analyzes the product’s performance and makes adjustments as needed to ensure the product is meeting customer needs and achieving the company’s goals.
Product vision and strategy
In the book “Product Management in Practice,” Matt LeMay defines product vision as a clear and inspiring statement that defines what the product or company aspires to become. It serves as a guiding principle for the product team and helps to align the team around a shared goal. A product strategy, on the other hand, is a plan for how the product vision will be achieved. It outlines the steps that the product team will take to build and market the product.
To build a product vision and strategy, LeMay suggests the following steps:
- Understand your customers and their needs: This step involves conducting market and user research to gain a deep understanding of the customers you are trying to serve, their pain points, and their goals.
Real life examples:
- A company that makes baby products conducts surveys and focus groups with new parents to understand their needs and pain points when it comes to caring for their babies.
- A fitness app conducts user interviews to understand the different types of people who use fitness apps, and what motivates them to stay active.
- A fashion retailer sends out surveys to its customers to understand their preferences and what they look for when they shop for clothes.
What can happen when this step is avoided:
- A company that makes pet food decides to launch a new line of dog food without conducting any research on what dog owners want in a pet food. They end up launching a line of dog food made with ingredients that dogs are allergic to, and it doesn’t sell well.
- Develop a product vision statement: This step involves crafting a clear and inspiring statement that communicates what the product aspires to become and how it will meet the needs of the customers.
Real life examples:
- A company that makes an online project management tool creates a vision statement that reads: “To empower teams to work together more efficiently and effectively, no matter where they are in the world.”
- A company that creates a meal planning app develops a vision statement that reads: “To make meal planning and grocery shopping simple, stress-free, and enjoyable for busy families.”
- A company that makes a mindfulness app creates a vision statement that reads: “To help people lead more peaceful and fulfilling lives through mindfulness and meditation practices.”
What can happen when this step is avoided:
- A company that makes an app for finding parking spots in the city just creates a product without a vision statement and the team doesn’t have any idea of what the app supposed to do or how to market it.
- Develop a product strategy: This step involves outlining the steps that the product team will take to build and market the product, and how they will measure success.
Real life examples:
- A company that makes an e-commerce platform creates a product strategy that includes building a mobile app, integrating with popular payment systems, and offering same-day delivery.
- A company that creates an education platform develops a product strategy that includes creating a wide range of courses, offering certification, and building a community of users who can share resources and support each other.
- A company that makes a productivity app creates a product strategy that includes adding new features like calendar integration, creating a Pro version with more features, and offering a 30-day free trial.
What can happen when this step is avoided:
- A company that makes a productivity app, doesn’t develop a product strategy, so the team is not sure how to market the app or how to measure success. The team ends up just adding new features randomly, and the app doesn’t gain any traction.
It’s worth noting that these are general steps, and the actual process of building a product vision and strategy can vary depending on the specific product and company. Additionally, the process of building a product vision and strategy is not a one-time event, but rather an ongoing process of iteration and adaptation as the product and market evolve.
It is important to note that the book “Product Management in Practice” provides a more detailed and comprehensive guidance on how to build a product vision and strategy, including tips and best practices. The book also covers other important aspects of product management such as product roadmapping, user research and product launch. This book is a great resource for anyone involved in product management, it offers practical guidance and real-world examples that can help product managers develop the skills they need to be successful in their roles.
User research and market research
User research and market research are both important aspects of product development, but they serve different purposes and involve different methods.
User research is focused on understanding the needs, behaviors, and attitudes of the people who will be using the product. It helps product teams gain insights into what users want and need from a product, and how they will interact with it. Steps to conduct user research are:
- Define the research objectives: This step involves identifying the specific questions or areas of inquiry that the research is meant to address.
Real life examples:
- A company that makes a fitness app wants to understand why users are not using the app regularly, so they define the research objective as “to understand the reasons why users are not using the app regularly.”
- A company that makes an online project management tool wants to understand how users collaborate on projects, so they define the research objective as “to understand how users collaborate on projects.”
- A company that makes a mindfulness app wants to understand how users use the app to reduce stress, so they define the research objective as “to understand how users use the app to reduce stress.”
Funny example of what happens when this step is avoided:
- A company that makes a productivity app does not define any research objectives, so the team conducts interviews with users without any specific questions or areas of inquiry in mind. As a result, the team ends up with a lot of information that is not useful or actionable.
- Identify the target population: This step involves determining who the research will be conducted with.
Real life examples:
- A company that makes a meal planning app identifies the target population as busy families who use meal planning apps.
- A company that makes an e-commerce platform identifies the target population as people who shop online for clothing and accessories.
- A company that makes an education platform identifies the target population as professionals looking to learn new skills.
Funny example of what happens when this step is avoided:
- A company that makes a social media app does not identify a target population, so the team conducts user research with a random group of people. As a result, the team ends up with a lot of information that is not relevant to the app’s intended user base.
- Conduct the research: This step involves actually conducting the research. This could involve methods such as user interviews, surveys, usability testing, or diary studies.
Real life examples:
- A company that makes a fitness app conducts user interviews to understand why users are not using the app regularly.
- A company that makes an online project management tool conducts surveys to understand how users collaborate on projects.
- A company that makes a mindfulness app conducts diary studies to understand how users use the app to reduce stress.
Funny example of what happens when this step is avoided:
- A company that makes a productivity app does not conduct any user research, so the team has no idea what users want or need from the app. As a result, the app does not meet user needs and does not gain any traction.
Market research, on the other hand, is focused on understanding the larger market and industry context in which the product will be sold. It helps product teams gain insights into trends, competitors, and the overall market demand for the product. Steps to conduct market research are:
- Define the research objectives: This step involves identifying the specific questions or areas of inquiry that the research is meant to address.
Real life examples:
- A company that makes a meal planning app wants to understand the size and growth of the meal planning app market, so they define the research objective as “to understand the size and growth of the meal planning app market.”
- A company that makes an e-commerce platform wants to understand the competition in the online clothing and accessories market, so they define the research objective as “to understand the competition in the online clothing and accessories market.”
- A company that makes an education platform wants to understand the trends in the online learning market, so they define the research objective as “to understand the trends in the online learning market.”
Funny example of what happens when this step is avoided:
- A company that makes a social media app does not define any research objectives, so the team conducts market research without any specific questions or areas of inquiry in mind. As a result, the team ends up with a lot of information that is not useful or actionable.
- Identify the target market: This step involves determining which market or industry the research will be conducted in.
Real life examples:
- A company that makes a meal planning app identifies the target market as the meal planning app market.
- A company that makes an e-commerce platform identifies the target market as the online clothing and accessories market.
- A company that makes an education platform identifies the target market as the online learning market.
Funny example of what happens when this step is avoided:
- A company that makes a social media app does not identify a target market, so the team conducts market research in a completely unrelated market. As a result, the team ends up with a lot of information that is not relevant to the app’s intended market.
- Conduct the research: This step involves actually conducting the research. This could involve methods such as market size analysis, competitive analysis, and trend analysis.
Real life examples:
- A company that makes a meal planning app conducts a market size analysis to understand the size and growth of the meal planning app market.
- A company that makes an e-commerce platform conducts a competitive analysis to understand the competition in the online clothing and accessories market.
- A company that makes an education platform conducts a trend analysis to understand the trends in the online learning market.
Funny example of what happens when this step is avoided:
- A company that makes a productivity app does not conduct any market research, so the team has no idea what the market looks like or what the competition is. As a result, the app is not well-positioned to compete in the market.
In summary, User research and market research are both important aspects of product development, user research help product teams gain insights into what users want and need from a product, and how they will interact with it, market research helps product teams gain insights into trends, competitors, and the overall market demand for the product. Both are important for building a successful product.
Tools and techniques product managers use to plan and execute product launches
- Product Roadmap: A product roadmap is a visual representation of a product’s development plan, outlining the high-level goals and objectives, key features, and milestones. It helps product managers align the team on the product vision and strategy, and communicate the plan to stakeholders.
Real life examples of how to execute:
- A company that makes a project management app creates a product roadmap outlining the key features and milestones for the next quarter.
- A company that makes a fitness app creates a product roadmap outlining the key features and milestones for the next 6 months.
- A company that makes a learning management system creates a product roadmap outlining the key features and milestones for the next year.
Funny examples of what happens when the tool is not used:
- A company that makes a task management app doesn’t use a product roadmap, so the team is constantly shifting priorities and nobody is sure what the final product will look like.
- A company that makes a meal planning app doesn’t use a product roadmap, so they end up developing features that are not aligned with the overall product vision and strategy.
- Product Backlog: A product backlog is a prioritized list of features and requirements that need to be developed for the product. It helps product managers prioritize the work to be done and ensure the team is focused on the most important items.
Real life examples of how to execute:
- A company that makes a project management app creates a product backlog, prioritizing features such as task assignment, time tracking and project timelines.
- A company that makes a fitness app creates a product backlog, prioritizing features such as personalized workout plans, progress tracking, and social sharing.
- A company that makes a learning management system creates a product backlog, prioritizing features such as course creation, student progress tracking, and integration with other learning tools.
Funny examples of what happens when the tool is not used:
- A company that makes a task management app doesn’t use a product backlog, so the team ends up working on features that are not aligned with the overall product vision and strategy.
- A company that makes a meal planning app doesn’t use a product backlog, so they end up developing features that are not aligned with the overall product vision and strategy.
- Market research: Market research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face.
Real life examples of how to execute:
- A company that makes a project management app conduct market research to understand the competition in the project management space.
- A company that makes a fitness app conduct market research to understand the trends in the fitness industry.
- A company that makes a learning management system conduct market research to understand the competition and trends in the e-learning space.
Funny examples of what happens when the tool is not used:
- A company that makes a task management app doesn’t conduct market research, so the team has no idea what the market looks like or what the competition is.
- A company that makes a meal planning app doesn’t conduct market research, so they end up creating a product that is not aligned with the overall market trends and demands.
In summary, Product managers use various tools and techniques to plan and execute product launches, such as a product roadmap, product backlog and market research. These tools help product managers align the team on the product vision and strategy, prioritize work, and understand the market and competition. It is important for product managers to use these tools and techniques to ensure a successful product launch. However, if these tools and techniques are not used, it can lead to confusion among the team, misaligned priorities and a product that does not align with market trends and demands. It is important for product managers to conduct market research, create a product roadmap and backlog, and continuously evaluate and adjust their product strategy to ensure a successful product launch.
Matt Lemay
Matt Lemay is the author of the book “Product Management in Practice.” He is a product management expert and consultant with over 15 years of experience in the field. He has worked as a product manager at companies such as Google, Microsoft and Shopify. He is also a mentor and advisor to startups and early-stage companies. He frequently writes and speaks about product management, and is a well-respected thought leader in the industry.
