Category: Product Management

In product development, involving stakeholders is often seen as a given. However, simply keeping them informed is not enough. It’s crucial that stakeholders have a vested interest—what we call “skin in the game”—in the success of the product. One effective way to achieve this is by directly linking the product’s performance to their Key Performance Indicators (KPIs) and outcomes. When stakeholders realise that their own success depends on the product’s performance, they become more engaged and committed. Here’s why this approach can make a significant difference.

1. Shared Accountability and Ownership

When stakeholders have a tangible investment in the product’s success, they are more likely to share accountability. This shared ownership helps to align everyone’s focus on the same outcomes, reducing the risk of conflicting priorities. By tying their KPIs to product performance, stakeholders are more inclined to contribute meaningful input based on their domain expertise. This prevents potential roadblocks and ensures that the product not only meets market needs but also supports the organisation’s strategic objectives.

2. Building Trust and Transparency

Involving stakeholders in the product journey fosters trust and transparency. Regular updates and inclusive decision-making processes ensure that all parties are well-informed about the product’s direction and any challenges encountered. When they can see how the product impacts their KPIs, it creates a stronger alignment between their goals and the product’s success, further enhancing trust and collaborative problem-solving.

3. Better Decision-Making and Risk Mitigation

Having stakeholders actively engaged allows for more informed decision-making. When key stakeholders understand the product’s journey and the reasoning behind pivotal decisions, they are more likely to support those decisions. If their KPIs are tied to the product’s performance, they have an added incentive to identify and address potential risks early on, using their unique perspectives to help guide the team towards effective solutions.

4. Enhancing Product Relevance and Market Fit

Stakeholders often represent different facets of the business, from customer service to sales to finance. By linking product performance to their KPIs – such as customer satisfaction, sales targets, or operational efficiency – they are more motivated to ensure the product is developed with a comprehensive understanding of market needs and business objectives. This holistic view can prevent the product from deviating from its intended value proposition, thus enhancing its relevance and market fit.

5. Improving Team Morale and Engagement

When stakeholders show that they are genuinely invested in the product and that their performance is directly influenced by its success, it can have a positive impact on the product team’s morale. Knowing that their work is valued and supported at higher levels can drive team members to put in that extra effort to deliver outstanding results. This shared sense of purpose across the organisation creates a more collaborative environment, making it easier to overcome challenges together.

6. Streamlined Product Development and Faster Time to Market

Active stakeholder involvement often translates to quicker decision-making and fewer iterations, as potential issues are addressed early on. When stakeholders see the link between their KPIs and the product’s success, they are more likely to advocate for efficient processes and resource allocation. This alignment allows the team to focus on building and refining the product, leading to a more efficient development process and faster time to market.

How to Involve Stakeholders Effectively

1. Early Engagement: Involve stakeholders right from the initial discovery phase. This ensures their input is considered in shaping the product vision and strategy.
2. Align Product Goals with KPIs: Map out how the product’s success impacts each stakeholder’s KPIs. This could mean tying a new feature to the sales team’s conversion targets or aligning a platform upgrade with the customer support team’s efficiency metrics.
3. Clear Communication: Keep stakeholders updated through regular meetings and transparent reporting on progress, challenges, and changes in direction. Use these opportunities to reinforce how the product’s performance will impact their KPIs.
4. Feedback Loops: Establish mechanisms for stakeholders to provide feedback throughout the product lifecycle. This could include prototype demonstrations, user testing sessions, and regular review meetings. Incorporating their feedback can directly influence the product’s ability to meet their KPI goals.
5. Shared Metrics for Success: Define success metrics that resonate with both the product team and stakeholders. This alignment helps in maintaining focus on shared goals and strengthens the connection between product outcomes and stakeholder performance.
6. Celebrate Milestones Together: Acknowledge and celebrate key achievements with all stakeholders involved. This reinforces their connection to the product’s success and maintains high levels of engagement.

Conclusion

Involving stakeholders throughout the product journey is more than just a best practice – it’s a strategic approach that ensures alignment, mitigates risks, and enhances the product’s success in the market. By linking product performance to their KPIs, you create a strong incentive for them to be actively engaged, resulting in more collaborative efforts and better outcomes. This way, you not only build successful products but also strengthen the overall organisational commitment to achieving shared goals.

When you start in product management, it’s tempting to believe that following the advice from best-selling books will lead to success. The reality is quite different. While books offer frameworks and methodologies, the day-to-day of a product manager is far more nuanced and unpredictable.

1. It’s All About People, Not Just Processes

Books often highlight the importance of frameworks like Agile or Lean, and while these are useful, they rarely address the biggest variable: people. Every team member, stakeholder, and customer brings their own perspectives and motivations. Navigating these relationships requires a blend of empathy, negotiation, and sometimes sheer patience—skills that are hard to learn from a book.

In my experience working with over 30 companies, from fintech to retail, I’ve found that understanding what drives people and fostering an environment of trust and psychological safety is crucial. It’s not just about delivering features; it’s about getting the whole team aligned on why those features matter .

2. The Myth of the Perfect Roadmap

A product roadmap is often presented as a blueprint for success. But in reality, it’s more of a hypothesis that needs constant testing and adjustment. Market conditions change, customer needs evolve, and technical challenges arise. A rigid roadmap can lead to missed opportunities and unnecessary stress.

Instead, a flexible approach that prioritises outcomes over outputs is far more effective. I’ve seen teams flourish when they shift their focus from delivering a predefined set of features to solving real customer problems as they emerge .

3. The ‘MVP’ Trap

Minimum Viable Products (MVPs) are often misunderstood. They’re not just a pared-down version of a product, but a tool to test assumptions. However, many teams fall into the trap of thinking an MVP is a quick way to get a product to market, leading to a ‘Phase 1’ release rather than a genuine experiment.

For instance, the MVP for Uber wasn’t an app with all the features we know today; it was a simple test to see if people would use a mobile app to hail a ride from their phones. This light-touch approach allowed them to validate their core assumption before investing heavily in development .

4. Data is Important, but So is Context

While data can tell you what is happening, it rarely tells you why. I’ve worked with companies drowning in metrics—page views, user clicks, conversion rates—but struggling to connect these to real user behaviour. It’s crucial to balance quantitative data with qualitative insights from user research and customer feedback.

In one of my previous roles, I implemented a system to prioritise customer feedback alongside our analytics. This approach provided a clearer picture of our users’ needs and helped us make more informed decisions .

5. The Reality of Leadership and Stakeholder Management

Product management is not just about managing the product; it’s about managing expectations. Stakeholders often want certainty—a list of features to be delivered by a specific date. But in a dynamic environment, this is rarely possible. It’s essential to communicate the benefits of flexibility and focus on outcomes rather than a fixed set of deliverables.

I’ve led teams through successful transformations by keeping the focus on business value and aligning stakeholders around shared goals, rather than rigid timelines and outputs.

Conclusion: Embrace the Chaos

Product management in the real world is messy, unpredictable, and rarely goes according to plan. But that’s what makes it exciting. The books offer a foundation, but they can’t teach you how to navigate the complexities of people, changing markets, and unexpected challenges.

If you’re finding that product management isn’t matching up to the textbooks, don’t be disheartened. Embrace the chaos, stay flexible, and remember that it’s not about following a process perfectly—it’s about delivering real value to your customers.

Product management is often seen as a mystical role where a single individual holds the key to unlocking the success of a product. However, reality paints a very different picture. Many myths surround this role, often perpetuated by popular books and articles that oversimplify the complexities involved. Here, I aim to debunk the top ten myths that most resources gloss over, sharing insights from years of real-world experience.

1. Myth: The Product Manager Is the CEO of the Product

Reality: While this metaphor sounds grand, it’s far from the truth. Unlike a CEO, a product manager doesn’t have direct control over most resources, including budget, people, and technical direction. Instead, they influence without authority, aligning cross-functional teams towards a common goal. The real skill lies in negotiation and persuasion rather than command and control.

2. Myth: You Need to Know Everything about Technology

Reality: Understanding technology helps, but you don’t need to be an ex-developer to succeed as a product manager. What’s crucial is being able to speak the language of your engineers, appreciate the constraints they work within, and bridge the gap between technical and non-technical stakeholders.

3. Myth: All Product Managers Have a Defined Roadmap

Reality: While a roadmap provides a sense of direction, it’s rarely set in stone. Real-world product management involves constant adaptation to changing customer needs, market shifts, and stakeholder feedback. Success lies in managing these changes without losing sight of the overall vision.

4. Myth: Every Decision Is Based on Data

Reality: Although data-driven decision-making is ideal, it’s not always possible. Many decisions are made with incomplete data or involve balancing conflicting interests. Experience, intuition, and stakeholder input often fill the gaps where data is lacking.

5. Myth: You Need to Be an Expert in Your Industry

Reality: Industry knowledge can accelerate your learning curve, but adaptability and a strong understanding of core product principles are far more valuable. Each product and customer base is unique, and applying a fixed industry playbook can be limiting.

6. Myth: The Customer Is Always Right

Reality: While listening to customers is vital, they often describe solutions rather than the problems they face. A skilled product manager digs deeper to understand the root issues and crafts solutions that customers may not have envisioned.

7. Myth: Agile Is the Best Methodology for Every Product Team

Reality: Agile is widely adopted, but it’s not a one-size-fits-all solution. The effectiveness of agile depends on the team’s maturity, the organisation’s culture, and the nature of the product. In some cases, hybrid approaches or even traditional methods may be more appropriate.

8. Myth: Product Managers Must Say ‘No’ Often

Reality: While focus is key, being the “No” person can erode trust and collaboration. Effective product managers learn to prioritise through context and trade-offs, presenting alternative paths rather than outright rejection.

9. Myth: The Best Ideas Always Win

Reality: Politics, timing, and organisational dynamics can heavily influence which ideas are prioritised. A good product manager understands these dynamics and champions ideas in a way that resonates with both the team and leadership.

10. Myth: The Product Manager’s Job Is Done Once the Product Is Launched

Reality: Launching a product is just the beginning. Continuous monitoring, collecting user feedback, iterating, and ensuring the product evolves with changing needs is where the real work begins. Post-launch, the product manager’s role in driving adoption and addressing new challenges is crucial.

Conclusion

Product management is far more nuanced than most textbooks suggest. It’s not about being a mini-CEO or a technical guru, but about balancing multiple perspectives and navigating complex situations with finesse. Recognising and understanding these myths can help aspiring product managers better prepare for the realities of the role.