For companies whose primary job is to develop new products, whether tangible or intangible, Product Management is essential. Every company has a different method of product management that suits its needs and requirements. It is important that the company’s product management methods lead to creating great products and ensuring customer satisfaction and overall profitability.
The aforementioned methods that help companies create great products are known as a product management framework. A Product Management Framework is a set of steps that a company follows during the product creation process to optimize the time it takes to develop a quality product. A Product Management Framework helps companies build on previous successful products and apply the same methods to create another potentially successful product.
This article will introduce you to 15 of the top frameworks that have traditionally been used by some of the largest companies that have ever existed. These frameworks consider several different factors, such as the number of employees, product management time, resources and access to them, etc. We will cover the following Product Management frameworks in the article.
The Storytelling framework is the most basic; it is a standard method. Just as a story has a beginning, body, and end, you can divide this framework similarly. In the Storytelling framework, you first need to decide who the story is about – who is your target customer? Next, you need to pinpoint the need for the product and then search for alternatives that can act as a solution. Once you find a solution, you need to put it into practice. The end of the story is primarily the results you get from the activity and can be categorized as your result parameters, such as increased market share, better returns, etc.
The CIRCLES method is a comprehensive set of steps that aims to act as an exhaustive guide to how you must approach product management. These are the steps of this framework:
The AARRR is an Agile Product Management Framework that includes the following steps.
The HEART product management framework was designed by members of the Google Research Team – Xin Fu, Hilary Hutchinson, and Kerry Rodden. The HEART framework is a matrix in which the rows are the steps, and the columns are parameters. The steps are:
The parameters are:
This is an easy-to-implement framework that you can use for any product. You can divide your 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:
Every product is created as a response to a problem or an issue. You can analyze and potentially solve all problems by asking the same question 5 times. Start by listing down the problem. Ask – why did this problem occur? If the answer you receive seems to have another underlying issue, ask again – why did this occur? In total, asking this question 5 times should be able to help you reach the main issue.
The Prioritization framework is not a single framework, but one designed by your product team based on your priorities. You can rate your content based on the parameters that matter to you, and prioritization enables you to consider one or more parameters. You can weigh parameters as per their relative importance, get a total score, create a graph of two parameters, or utilize the Kano model.
The 4 Ps of marketing allow you to conduct a comprehensive analysis for not just the product’s design but all the steps until its release. The 4 Ps of marketing are:
The 5 Cs of product pricing allow you to determine the price your consumers would be willing to pay for your product or service. The 5 Cs are:
The REAN framework is meant exclusively as a model for digital marketing. REAN stands for the following.
The AIDA(R) model helps in marketing your product to the highest number of people possible. The following are the components of this model.
The RFM model is one that is particularly popular in the e-commerce industry. It is primarily based on the behavior of consumers when interacting with a brand. Consumers are segmented into three groups according to the recency, frequency, and margin of their transactions. The three questions asked are – how recently, how many, and how much. If the answer to all these questions is large enough, that translates into the ideal, profitable customer.
Porter’s 5 Forces model allows you to understand how competitive your product will be when it enters the market. Your strategy should be based on the impact of the following five market forces:
DIGS is very similar to the Storytelling type of framework model and recommends the following four steps to develop a strategy:
The 5 Es framework attempts to simulate the experience of the user while using your product. It attempts to understand the behaviour of the user and create a strategy that best matches that behaviour, enabling the user to do what is required in the easiest possible manner. The 5 Es are:
Market leaders widely use the product management frameworks listed here to develop their products. Each framework can work well with one or more types of products. However, what is essential is a concrete plan to do well in the free market.
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