Product management has come a long way in the past few years. In the past, it was about creating products and getting them to market as quickly as possible. But now, product managers are beginning to take on an entirely different role—they’re becoming more like business strategists and less like traditional product managers.
In fact, there are several trends that are likely to shape the way product managers work in 2023. Here are six trends that you should keep an eye on:
Emphasis on customer-centricity:
Customer-centricity is a key trend for product management in the future, because it means taking into account what customers want and need before creating a product. While this may sound like common sense at first glance (and isn’t too much of a stretch), it’s still new territory for many companies—and it can be hard to put into practice until you actually start doing it.
Increased use of data and analytics:
As companies continue to gather more information about their customers’ behaviors and needs, they’ll be able to make better decisions about which products they should develop—and how those products should be designed.
Use of Artificial Intelligence and Machine Learning:
Product managers will use AI and ML to automate repetitive tasks, and to make more informed decisions about product development and marketing
Focus on innovation:
Companies are always looking for ways to differentiate themselves from their competitors. Product managers will need to be able to come up with new and innovative ideas that will set their products apart. According to a survey by Accenture, 78% of companies believe that innovation is key to their success.
Product managers will need to work closely with other teams, including development, design, and marketing. This means having strong communication and collaboration skills, and being able to effectively manage cross-functional teams. According to a survey by Deloitte, 72% of companies believe that cross-functional collaboration is important to their success.
Emphasis on sustainability:
Consumers are becoming increasingly concerned about the environmental impact of products. Product managers will need to take this into consideration when developing new products, by looking for ways to make them more sustainable. According to a survey by Accenture, 72% of companies believe that sustainability is important to their success.
Overall, product management is becoming an increasingly important and strategic role within companies. Product managers will need to be able to think strategically, work cross-functionally, and be data-driven in order to succeed. By keeping an eye on these trends, product managers can position themselves for success in 2023 and beyond.