The manager analyzes the market to determine how to improve the product and how this will affect business development.
The specialist studied popular applications, not limited to competitors, but also considered services of various focus areas: entertainment, financial, gaming. The product manager found that such programs often include short videos or stories that carry informational or entertainment value. The product manager suggested that including such content could increase the time users spend in the application, and ultimately contribute to sales growth.
At this stage, the specialist made calculations showing that the implementation of such an idea, costing about 500,000 ₽ and taking 3 months to implement, could increase the company’s income by 50%.
Different employees in the company business owner data package can generate ideas, but only the product manager is required to conduct preliminary market research and then bears full responsibility for the development, implementation and analysis of the effectiveness of innovations.
Case: VT-metall
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Creation and implementation
After analyzing the market, the product manager formulates a product idea and sets tasks for the development team, aiming for efficient and cost-effective integration of the new feature.
Let's turn to our example with an online store. At this stage, the product specialist's task is to adapt the story. It should attract the attention of customers. The product manager decided that the stories will feature recipes and ideas for table setting. He decides to place a block with new content not only on the main page of the application, like competitors, but also in the product categories. According to the specialist, this way users will pay more attention to the stories, will spend more time in the sections of the application, and not on the main screen.
The product manager then distributes tasks among team members and coordinates the development process. At the same time, he or she interacts with the project manager, ensuring that the budget and deadlines for implementing the idea are met.
Creation and implementation of a job description for a product manager
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Testing and analysis
At this step, the product manager evaluates the effectiveness of the implemented function and its practical value. After launching stories in the application, key indicators should be analyzed: growth of new users, increase in time spent by the user in the program, sales growth.
Let's say that in our example, stories had a positive impact on user interest - people spent more time in the app, sales of products from recipes increased by 50%.
Improvement
If the outcome is successful, the product manager thinks about further improving the feature, starting a new cycle: research, create, test (hypothesis testing cycle).
The specialist decides to improve the stories by adding a tool that suggests products used in recipes for purchase right after viewing the story. This allows users to easily add the necessary ingredients to the cart, which leads to an additional 50% increase in sales. If the results do not meet expectations, the product analyzes what can be improved or completely stops development, taking into account that not all ideas are successful, and this is a common occurrence.