TEI 318: The focus of product management—building right products or building products right? – with Narasimha Krishnakumar

How product managers can understand and solve their customers’ problems This podcast is getting a new name to better align with its purpose of helping product managers become product masters. That new name is Product Masters Now.  You don’t need to do anything to keep listening, but I want you to know the name change is coming in a few weeks, and it will show in your podcast player not as The Everyday Innovator™ but as Product Masters Now.  Today is a discussion with a listener who contacted me after hearing episode 304. I sent an email to listeners who are subscribed to receive the show notes in their email box that said, “If you thought your job as a product manager was building products right, think again. In this discussion, Ken Sandy shares why the job of a product manager is not building products right but building the right products.” I admit, I did phrase that to be intentionally thought-provoking. A Chief Product Officer of a global company responded to that message and we began discussing the responsibilities of building the right product and building it right. It’s such an important topic, which is why I invited the CPO to this episode. His name is Narasimha Krishnakumar, and he is the Global CPO for Wind River, a cloud-based IoT company, and he is also an advisor and a product consultant to startups and new ventures.  Summary of some concepts discussed for product managers [3:16] What are your responsibilities as a Global CPO? At Wind River, we focus on software and tech for edge devices. I oversee product planning, product roadmap, vision, and strategy for our products. We look at the landscape of devices in the market and create innovative solutions for our customers. [4:42] Where do your ideas come from? We look at technology that has already been developed to know what our capabilities are. Ideas come from looking at our customers’ problems and finding ways to solve problems that we aren’t already solving. We consider how market dynamics and changing technology are relevant to our products and the problems we’re solving. We look at what our competitors are doing and understand what our value is and why customers like or don’t like us. It’s also important to think about how solving a problem will affect the business—how will we scale and grow through the products we’ve introduced? [6:56] In the many product management roles you’ve had, what is one of the most important lessons you’ve learned about product management? Product management is all about reducing the number of variables when you’re building a product. Product management begins with the customer problem—Who is the customer? What are you trying to accomplish for them? Why will it benefit them? After you’ve answered these questions, you must figure out how you will build the products. As you make decisions about building the product, make sure that your variables are easy to manage so you can meet the time to market requirements for the product. I was in a situation where we picked brand-new technologies for building a product, and we ended up facing an extreme delay because the technology was not mature. When we drive a product idea through execution, we have to make the right bets about technology choices. Product leaders must assess the risk and make the number of variables manageable. [10:20] What should our focus be—building the right product and/or building products right? We need both—building the right product and building products right. Building the right product starts with looking at your customer problem, market opportunity, and competitive dynamics, and using that information to create a product definition that has a fair chance of successfully solving the customers’ problem. Building the product right means making decisions to solve the customerss&#...