Stakeholders, Leadership, and the Company

Working with stakeholders, leadership, and the company involves understanding and managing the expectations and interests of various individuals and groups within and outside the organization. These stakeholders include executives, board members, investors, team members, and even partners. Each stakeholder group has its own set of priorities, expectations, and ways of working, and it's crucial for a Product Manager to effectively communicate and collaborate with these different groups to ensure the product's success.

Example

Imagine you're a Product Manager at a fitness app company like Fitbit. You're working on a new feature that provides personalized workout recommendations based on the user's fitness level, goals, and preferences. This feature involves various stakeholders, including the engineering team, design team, marketing team, sales team, customer support team, and the company's leadership.

The engineering team is interested in the feature's technical feasibility and implementation details. They want to understand what the feature should do and why, but they should not be told how to build it. They also appreciate regular check-ins and updates but don't want to feel micromanaged.

The design team wants to understand the user experience aspects of the feature. They want to know how the feature fits into the overall user journey and how it can provide value to the users.

The marketing team is interested in how the feature can be marketed to attract new users and retain existing ones. They want to understand the unique selling points of the feature and how it compares to similar features in competing apps.

The sales team is focused on how the feature can help them sell more subscriptions. They want to know how the feature can address potential customers' needs and pain points.

The customer support team wants to understand how the feature works so they can assist users and address any issues or concerns. They also want to provide feedback on the feature based on the issues and questions they receive from users.

The company's leadership, including executives and board members, is interested in how the feature aligns with its strategic goals and contributes to its bottom line. They want to see how the feature can drive user growth, increase user engagement, and generate revenue.

As a Product Manager, you must communicate effectively with these stakeholders, considering their unique interests and concerns. You need to provide clear and concise updates, be open to feedback and suggestions, and ensure that everyone is aligned on the goals and direction of the feature.

Pain Points

Managing stakeholders can be challenging as it involves balancing different interests and expectations. It requires excellent communication and diplomacy skills and the ability to manage conflicts and build consensus. It's also important to manage the information flow to ensure that all stakeholders are kept informed without overwhelming them with too much detail.

Practical Exercise

Think about a product or feature you're familiar with. Identify the different stakeholders involved and think about their unique interests and concerns. How would you communicate with these stakeholders? What information would you share with them, and how would you manage their expectations?

Related Research Topics

• Stakeholder management strategies [ Google | Perplexity ]

• Communication skills [ Google | Perplexity ]

• Managing conflicts [ Google | Perplexity ]

• Building consensus [ Google | Perplexity ]