The role of the Product Management team is to implement business strategy while also playing the role of market advocate. They must assure that ideas implemented are in alignment with the overall corporate strategy. Product Management guides the company on how to invest its limited resources to deliver competitive products that are in line with market needs and then works with other teams to better enable them to help the company reach business goals. Product Management is instrumental in achieving business goals across the product life-cycle, which includes the following stages: Pre-Development, Development, Introduction/Launch, Growth, Maturity, Decline, and End of Life.

An effective product management process is at least informed by (even if it’s not driven by) listening to customers, both in the form of qualitative and quantitative data.

A thorough understanding of what they like and don’t like about the product and why will be invaluable, and will help you accomplish many things:

It can increase the likelihood you find product/market fit.
It can increase the percentage of users who get to the proverbial “aha moment”.
It can improve retention and increase frequency of use.
It can help figure out how to grease the wheels for referral.
It can help determine how to get more users to engage in revenue generating activities.