The Product Management Triangle

What is the product management triangle? In this article, we will discuss more information in this title. Read this article so you can have knowledge of this study.

What is The Product Management Triangle?

The product management triangle is up of the three key areas of a product: the problem it solves, the person it solves it for, and the person who pays for it.

The Product Management Triangle is a useful tool to help you manage your product or service. It is also referred to as the Problem-Person-Payment triangle.

The three key areas of the triangle are:

• Problem: The problem that your product or service aims to solve. If there is no problem to be solved, then there is no need for a product or service.
• Person: The particular type of person who needs the solution to the problem. This can be one particular industry or many different industries.
• Payment: The payment model of your product or service. This could be a yearly subscription, monthly payment, lump-sum payment, etc.

Why is it Important?

The product management triangle is a very important tool for product managers to use when planning and developing a new product. If any area of the triangle is missing, then there is no suitable product for you to develop.

There are two parts to the product management triangle: problem and solution.

Problem: 

The need or issue that your product aims to solve. For example, if your problem is that you want a way to monitor cash flow for your business. 

Then you could develop a new software application that helps businesses with their cash flow issues.

Solution: 

The actual solution that you have developed to solve the problem is in the Problem section above. For example, you develop a new software application that monitors cash flow for businesses.

Problem Person Payment

Product management triangles can be to identify the product strategy, decide on the product development process, and evaluate the product. The balance of each element is critical to having a successful product. 

The product manager will identify the target market, the goals (or purpose), and the problem that needs.

The problem can be identifying the customer (who will buy the product) and how they will pay (the payment model). When this information is gathered, it provides a clear direction for development. 

Once the customer has been identified, they must be with a sales pitch or advertising message. If all three elements are effective, the value of that product or service is by the customer’s payment. 

Criteria for Success: 

Use the Product Management Triangle to clarify whether you have a viable product or not. If you answer yes to any of the following questions, then you have a viable product:

Is there a problem? (If no problem exists, then there is no need for a product)

Is it clear who the customer is? (The problem must be clearly defined and the target customer must be identified)

Is there a payment model? (The user needs to be willing to pay for your product or service)

Conclusion

The product management triangle is a useful tool for product managers to use when planning and developing a new product. 

It is important to answer the questions of each area of the triangle to have a successful product or service.