Traditionally Product Managers for companies had a limited job of managing an existing product for a company and ensure that the product in question was running smoothly and was receiving the latest updates to services the company’s clients better. With the new wave of Growth Managers being sought out by both small and large companies across the globe, the role of Product Managers has greatly expanded.
Growth Management is associated with handling the growth of the company through customer acquisition and retention. There are a number of techniques growth managers employ to ensure the company they work for is on a continuous upward trajectory. These techniques are usually not found in books or other traditional sources of information, as the growth marketing arena is continuously changing and evolving to accommodate the ever-changing business landscape.
A Growth Manager is a perfect person to compliment your Product Manager in a work environment because the Growth Manager keeps their finger on the pulse of the market and foresees future market demand by analyzing trends and the Product Manager develops and manages your existing products. The Growth Manager, in this case, can provide your Product Manger with valuable inputs that will ensure the products you create are appealing to your target market and your clients are being serviced well.
One of the ways to get ahead in today’s highly competitive market is to anticipate what your customers will need before even they know it. A Growth Manager’s role involves a lot of predictive analysis and demand prediction, these insights provided to a Product Manager can make sure your clients are always satisfied and coming back for more. Let’s take a look at why you would need both a Product Manager and a Growth Manager to create products that the market needs.
Reasons to Hire a Product Manager
Monitor Product Performance
A Product Manager’s primary role is to ensure all the features within your product are functioning as they are supposed to and your clients are being serviced in a timely manner. They work closely with you technical teams to ensure all updates and bug fixes are being rolled out on time.
Ideate for Future Updates
Since the Product Manager works closely with the technical department to develop the product they also ensure that updates to your product are created as planned and rolled out in a timely fashion.
Customer Service
Since the Product Manager is the single point of contact for all details regarding your product any customer queries or complaints will need to go through them. They have the most comprehensive data relating to your product and will be able to answer most of your customer’s queries.
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Product Development
A Product Manager is a key resource when it comes to developing a new product. If you decide to develop a new product to release your technical product manager is the go-to person to contact to get information regarding whether your product will be viable and whether you have the resources to develop it, as they have an intimate understanding of the technical resources available to you.
Growth Managers
Revenue growth is something that every function of a business needs to contribute towards but to streamline this and make it a more focused activity within companies they have started to adopt a new role in the form of Growth Managers. Companies have started viewing product development and marketing as integrated functions and not separate verticals within a company, this is where a Growth Manager steps in. Even though a Product Manager and Growth Manager share a lot of the same roles, they do have distinct characteristics that define their roles.
Reasons to Hire a Growth Manager
Monitor the Company’s Growth Trajectory
Unlike a Product Manager, the Growth Manager or Growth Hacker for a company monitors the company’s overall trajectory and recommends adjustments to all functions of the company to maintain an upward growth trajectory. This can involve cost-cutting as well as the implementation of new strategies across company functions.
Monitor the Target Market
The Growth Manager of a company keeps a close watch on the target market of the company and ensures the company and its products are efficiently penetrating the market. The Growth Manager will analyze market data and develop efficient marketing strategies for the company’s products.
Reputation Management
Reputation management is a crucial function of any company. When your company begins to earn a bad reputation or a negative perception among its users it is the role of the Growth Manager to step in and nip it in the bud by locating and addressing the problem. A growth negative perception of the company can lead it to earning an overall bad reputation which can easily lead to the end of the company’s lifecycle.
Predictive Analytics
A large portion of the Growth Manager’s role is predicting market trends. This allows companies to develop and modify products to cater to future markets, this edge can be massively beneficial to companies and can save them a lot of time and money.
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Objective Focused Product R&D
Companies spend a lot of time on research and development on their products and it is crucial to know if there’s an existing or future market for them. A Growth Manager analyses market data to determine what customers are looking for and what the market is lacking. This allows your Growth Manager to communicate crucial product development information to your Product Manager to ensure you are not wasting your time and money on products that customers do not necessarily need.
Even though the roles of both Product Managers and Growth Managers overlap at a lot of points they are two distinct roles that crucial for companies these days. Both these roles complement each other very well and can allow you to develop products that are impactful and required by the market.
