Here mentioned the top 10 product manager frameworks and methodologies: A detailed guide
To develop a new product in the market product management is essential for any organization. Based on needs and requirements every company has its methods of the product of management. product management methods lead to creating great products and ensuring customer satisfaction and overall profitability to the company. A product managing framework is designed to help reduce management overhead, speed development and deliver successful products.
A Product Manager is set the steps that a company follows during the product creation process to optimize the time it takes to develop a quality product. Its framework helps companies build on previous successful products and apply the same methods to create another potentially successful product and help companies create great products. product manager gives teams a repeatable way to improve upon and build their products consistently. So here gave a list of the top 10 frameworks.
Here mentioned the some of top 10 frameworks of the product manager:
Story Telling: Story Telling is the oldest way to deliver a message following the path product manager use story Telling to introduce a product. It is a standard method. In this framework what should keep in mind is what is a story about, whom you targeting, what is the pinpoint of the product. Then you can expect market share and better results.
REAN: The REAN model, popularised by Steve Jackson helps product managers target customers. It’s exclusively for digital marketing. To reach the highest number of people, engage with the people through campaigns, competitions, etc., having regular communication with customers.
CIRCLES: The CIRCLES framework on what makes a complete, thoughtful response to any product design. It’s an aid that prevents us from forgetting a step. that aims to act as an exhaustive guide to approach product management. Those are:
Understand the environment that leads to a requirement for the product.
Identifying the Customers and reasons behind product need for them.
Estimating product position in the market.
List out the solutions behind the product problem.
understanding customers’ priorities and designing the product accordingly.
Metrics AARRR: The AARRR framed by Dave McClure. It stands for Acquisition, Activation, Retention, Revenue, Referral.
Acquisition: Make a plan for how you will acquire new users.
Activation: How do the customers get a great initial experience?
Retention: Strategize how the users come back and re-visit over time?
Revenue: Understand how you will make money from your customers.
Referral: Design the product that users also refer to others.
5 Cs of pricing: The 5 Cs of product pricing allow you to determine the price your consumers would be willing to pay for your product or service. those are cost, compatibility, customers, competitor, channel.
Cost: should know about the product costs details
Compatibility: The pricing approach is compatible with the overall pricing and sales objectives of the company.
Customer: The value the product delivers must correspond to its price.
Competitor: How much do other similar products in the market cost and buyers view?
Channel: How much does the transportation and distribution channel in flat product cost?
4 Ps of Marketing: 4 P’s framework helps in putting the right product at the right price in the right place at the right time. The 4 Ps of marketing are:
Product: This is a complete summary of all the features of the product, from its need and its design to its branding.it unique is a matter of success in the market.
Price: The price of the product is crucial for the customer. The list price, discounts, and depreciation overtime may be considered here. Price determinations will impact profit margins, supply, demand, and marketing strategy.
Place: The supply chain of the product, such as where it will be stored, how it will be transported, and in which markets it will be sold.
Promotion: Public relations, online promotions, and offline campaigns are maximize return on investment.
Prioritization: The Prioritization framework is not a single framework, but one designed by your product team based on your priorities. Even T-shirt sizing of “small” “medium” and “large” will be helpful sometimes.
5 Whys: Every product is created as a response to a problem or an issue. 5 Why’s framework method helps product managers to get to the root cause easier.
HEART: The HEART framework was designed by Kerry Rodden, Hilary Hutchinson, and Xin Fu, from Google’s research team. Those are:
Happiness measures the attitude of the user.
Engagement with users use about product every time?
Adoption measures the number of new users that you continue to gain.
Retention about users that how many are coming back?
Task Success, Among the tasks assigned to the user, how many have been completed?
4 Quadrants of Time Management: Here divide tasks into four parts as a quadrant where one axis indicates the time urgency – as urgent and not urgent -, and the other indicates the task importance – as important and not important. The four quadrants will be:
Urgent tasks of high importance
Urgent tasks of low importance
Not urgent tasks of high importance
Not urgent tasks of low importance