Vice President of Product – 15 Challenges and Solutions

Vice President of Product Top Challenges:

1. Product Management is a relatively new area of expertise in most organizations.

2. The process of setting up a new product management function is time-consuming and requires a lot of investment.

3. The most difficult part is to bring together the right mix of skills and domain expertise, as well as finding a leader who can manage and lead a cross-functional, multi-cultural product management team.

4. It is not easy to change the company’s culture and establish an effective product management function from scratch.

5. Establishing a strong product management function in an organization requires strong leadership and a continuous effort from all stakeholders.

6. Setting up a new product management team often requires technical skills which are not developed in-house, so organizations may need to find external consultants or freelancers for setting up their product management functions.

7. Establishing new processes and procedures takes time, so it is important to focus on the right areas initially, instead of setting up too many processes and procedures for the product management team at the beginning.

8. It is not easy to change the company’s culture and establish an effective product management function from scratch.

9. The new VP of Product may find it difficult to balance work with his/her other responsibilities, especially if he/she does not have a deep understanding of the business, market dynamics, competitive landscape, technology trends and customer insights.

10. Getting the right talent: It is not easy to find the right talent in today’s market because there are not many candidates with good domain expertise, as well as experience in leading a cross-functional team of software developers, marketing professionals, etc.

11. Establishing a strong product management function in an organization requires strong leadership and a continuous effort from all stakeholders.

12. Setting up a new product management team often requires technical skills which are not developed in-house, so organizations may need to find external consultants or freelancers for setting up their product management functions.

13. Establishing new processes and procedures takes time, so it is important to focus on the right areas initially, instead of setting up too many processes and procedures for the product management team at the beginning.

14. It is not easy to change the company’s culture and establish an effective product management function from scratch.

15. The new VP of Product may find it difficult to balance work with his/her other responsibilities, especially if he/she does not have a deep understanding of the business, market dynamics, competitive landscape, technology trends and customer insights.

Solutions:

1. The first step to establishing a product management function is to make the executive team understand the importance of establishing a solid product management function. The best way to do this is by presenting them with a clear business case which clearly defines the benefits of establishing a product management function. The business case should focus on the following key areas:

a. Customer Insights: 

b. Product Strategy: 

c. Product Roadmap: 

d. Product Backlog: 

e. Product Delivery: 

2. The next step is to develop a detailed business case which will focus on finding the right talent for the product management function. The business case should focus on the following key areas:

a. Finding the Right Talent: 

b. Finding the Right Leader: 

3. The third step is to find the right leader for the product management team who can drive the product strategy and innovation process for the organization, as well as build a strong team of product managers with great domain expertise and execution skills. The business case should focus on finding the right VP of Product who can bring in product management expertise and drive the product innovation process at enterprise level.

4. Once you have found the right VP of Product, it is important to get his/her hands dirty in product management and drive the innovation process for the company. The new VP of Product will need to build a strong product management team with great domain expertise and execution skills. The best way to achieve this would be to get his/her hands dirty in product management and build a strong team of PMs who can deliver great products for the organization.

5. It is important to bring together all these different cultures into one single unit and ensure that all stakeholders are working towards one single goal – delivering great products for the organization. The best way would be by visualizing long term plans through a strategic roadmap which will clearly define how the company plans to achieve its vision, mission & values, along with their short term targets and goals for the upcoming year(s).

6. When building a new product, it is important to get the right domain expertise from all the product areas and also bring in the technical skills required to deliver new products. The VP of Product can achieve this by having a deep operational background in the company’s core business, as well as by collaborating with other domain experts across different departments and units.

7. A VP of Product can only drive a product innovation process if he/she can collaborate with other executives who are key decision makers in driving new initiatives in the company. The VP of Product will be required to deliver an enterprise-wide innovation process which can only be achieved by collaborating with other executives like CIO, COO, CFO, etc.

8. A VP of Product will need to provide strategic direction and leadership to his/her product management team by clearly communicating the company’s vision, mission & values, as well as their goals and objectives for the upcoming period. The best way would be by visualizing long term plans through a strategic roadmap which will clearly define how the company plans to achieve its vision, mission & values along with their short term targets and goals for the upcoming period.