There are four types of skills needed in product management. Which are you missing?
In recent years, we’ve seen new definitions for old titles and many new titles being created. We’ve got product managers, product marketing managers, product owners, business analysts, product strategists, product line managers, and portfolio managers.
Let’s keep it simple. There are four types of skills needed to define and deliver products to market. Product leaders (by whatever title) attempt to support the team with all four types of knowledge but it’s rare to find all of these capabilities in a single person.
Business expertise is where your traditional business leader or MBA graduate brings strength. These experts know the mechanics of business and can apply that knowledge to your product. A business-oriented expert knows how to use research to determine product feasibility, can determine how the product generates profit with lots of financial analysis to back it up. Ideally these business skills need to be combined with one of the other skills or provided as a support role for the other areas of expertise.
Product expertise is about your technology. From their daily interactions, product managers pick up a deep understanding of product and technical capabilities; they achieve this by playing with the product, by discussing it with customers and developers, by reading and reading and reading. For a technology expert, the product almost becomes their personal hobby. They think of themselves as product experts.
Market expertise is a focus on geographic or vertical markets, either by country or by industry. They know how business is done in that market. They know the major players, and the jargon or colloquialisms of the market. Market experts define themselves by the market they serve: “I’m a banker” or “I support BRIC.”
Domain expertise is about the discipline your product supports, such as security, fraud detection, or education. Domain experts know (and often define) the standards for the discipline and can explain the latest thinking in that area. They understand the problems that your product endeavors to solve, regardless of the market or industry. And for a domain expert, your product is merely one way of addressing the problems of their specialty. Domain experts define themselves not by the product but by their topic area.
You can see why people often struggle in some areas and breeze through others. And it’s difficult to find one person with all four skills.
Think about the skills you have and the skills you need. Consider the requests you’re getting from development, marketing, sales, customer support, partners, and so on. This will help you determine which expertise is needed to accurately support your organization.