Technomanagers

What are target customer segments and explain using a target customer group example? Digital Product Management - 4 In this article, we will learn about the target customer segments. We will see a sample example of the target customer segment with the help of the customer persona. This is the S econd element of Product Strategy. In the last article, Digital Product Management - 3 , we learnt about elements of Product Strategy and discussed the first element which is product vision. What is Customer target Segmentation? (2nd Element of Product Strategy) Customer target segmentation is the process of segmenting the target customer based on different characteristics like geography, Demography, Psychography and Behavior. These characteristics help us to identify what is the exact customer we want to target. This helps us to provide the correct value proposition to the customer. The four major segments are as follows: Demographic The demographic is one of the major characteristics that def

How to create a Product Vision Board template?   Digital Product Management - 3 In this article, we will learn about the Product vision Board and what is the importance of the Product Vision Board. At the end of the article, you will have an example template for the Product Vision Board. We will also discuss the Strategic Landscape of a Product Based Company. These include different elements of Product Strategy. We will deep dive into 1 element of Product strategy which is Product vision. In the previous article Digital Product Management - 2 , we learnt about the following things: Evolution of Product Management What tools are usually used by Product Managers? What does a Product Org Structure look like? Who are the different stakeholders of Product Managers? Subscribe to our Youtube Channel What is a Product Strategy? Product strategy is a high-level plan created by a company that lays out the development plan, business and marketing strategy of a product. It starts with defining the

What tools are usually used by a Product Manager? Digital Product Management - 2 In the previous article Digital Product Management - 1 , we learnt about the following things: What does it mean by Digital Product? What does it mean by Digital Product Management? What is the role of a Digital Product Manager? What are some common myths about Product Managers? What are some of the key skills of a Product Manager? How much does a Product Manager earn? In this article, we will learn about the evolution of the Product Manager Role, How does a Product Management Structure look like etc. Subscribe to our Youtube Channel When did product management start? In the 1930s, P&G started the role of "Brand Men". The vision of the role was to have someone who is an end-to-end product owner and voice of customers. In the Early 2000s, the role of Scrum Product Owner emerged which was inspired by Toyota. Then soon the lean methodology started in Software product development which has given

Digital Product Management - 1 Digital Product Management is the process of managing a digital product to provide a great customer experience. It involves correctly identifying the problem, ideating the solution, defining the key success of the solution and finally delivering to the customer to provide a great customer experience in addition to solid business results. What does it mean by Digital Product? A digital product is an entity or service which is using technology to provide value to customers. Mobile apps like Whatsapp, and Linkedin and Desktop apps like Chrome etc are examples of Digital Products. These products can be classified into different categories based on their industry, customer type etc. For example, a digital product which is B2B (Business to Business) will be very different in terms of information architecture, value proposition and other dimensions than a product which is B2C (Business to Customer). The product manager skills for B2B and B2C can also be very dif

Chat GPT for Product Managers In the previous article , we discussed Chat GPT and its advantages, limitations, and negative implications. You would have definitely heard the noise on how Chat GPT can change the role of a Product Manager(PM). A lot of articles & tweets have been there out on social media, both welcoming and condemning the same. Subscribe to our Youtube Channel  Let us try to answer some of the questions and put to rest some doubts: Can Chat GPT replace Product Managers? A Reddit user posted what Chat GPT has to say about this here . Chat GPT believes that while AI can help PMs by automating redundant tasks, it cannot take over the human element of the Product Manager’s role. Product Management requires understanding customers' needs and relating them to real-life experiences. Skills like stakeholder management, rigorous prioritization, and market understanding are must-haves. All these skills are not possible without human judgment, and hence the role of a human

Product Development Lifecycle In the previous article , we discussed Product Lifecycle. While you might think that Product Lifecycle and Product Development Lifecycle are one and the same thing, it's not true. Let's try to find the fundamental differences and understand what Product Development Life Cycle is. What is a Product Development Life Cycle? The Product Development Lifecycle is the end-to-end process of taking a product from brainstorming to MVP to final release. Even after the final release, there is a constant improvement done through user feedback. Let's try to deep dive into the different stages of the Product Development Lifecycle: Product Development Lifecycle Stage 1: Ideation During this stage, the team brainstorms different product ideas to determine which of them actually solves users' pain points. Often competitor analysis, market research, etc. are carried out to identify the gaps and understand the opportunities that exist. Stage 2: Validation At t

Product Life Cycle Explained Subscribe to our Youtube Channel Whenever a product is built, it goes through a lifecycle. For the product to become successful, the firm must understand the lifecycle of the product. What is a Product Life Cycle? Product Life Cycle describes how a product goes from the initial state of being introduced to the final state of being discontinued. Understanding the product lifecycle helps a business to gauge whether the product is a fit for the market or does it require a new direction.     Why is it important to understand the lifecycle of a product? A product life cycle helps the business in the following ways: Expansion Strategy: The product life cycle helps a company to understand how each product sits with the company’s portfolio. For a product in the decline stage, the company will either create a strategy to revamp or revoke it. Resource allocation: A company decides how much resources - Manpower and Capital to allocate to a product depending on where