What is Lean Product Management?
Wondering what Lean Product Management is? You got to the right place. We have plenty of articles about Lean Product Management and a guide you can download below.
Introduction to Lean Product Management
Lean Product Management is an evolution as well as a need.
It is an evolution of many years of digital product development, since the concept of Brand Manager was first used by Procter & Gamble in 1931, through the years of technical Product Management in combination with Lean, Agile and Lean Startup methodologies.
It is also a need, because apparently still after so many years of learning to develop products the success rate is pretty low. We know that 90% of startups fail and between 40% and 70% of new products fail to achieve a significant market traction.
This means we are doing something wrong. We are using the wrong organizational structures, processes and people.
Agile Doesn’t Have a Brain
Product Owner, are you tired of writing user stories and managing a meaningless backlog? Do you think your team is a feature factory? Are you developing features that are not used or projects/products that are canceled? Do you think you could provide much more value?
Agile, as implemented by many organizations today, does not have a mechanism to determine if your business model is viable, if you are creating the right functionality, if that implementation is well designed, or if it is worth improving.
Agile helps us to execute correctly, but to execute the right ideas and projects we need Lean Startup.
In most companies that adopt Agile, the role of the Product Owner (PO) is a myth. The PO is just an administrator of the backlog, who is receiving orders from other business units, departments and stakeholders.
Most agile teams are nothing more than feature factories.
However, things are changing, as digitization and technology advance, we see how organizations adopt a truly customer-focused Lean approach with real product teams led by a modern Product Manager. The separation between Product Managers and Product Owners is blurring.
The role of Product Owner was invented by Scrum to close the gap between business and technology. When that eventually closes, the role of the Product Owner will rise to be a Product Manager.
Lean Product Management
Lean Product Management is the management of the complete life cycle of a product applying the principles and practices of Lean Startup, Lean, Customer Development, Business Modelling and Financial Viability, Outcome-driven Innovation, Behavioral Economics and Strategy.
It is about doing the right thing, in the right measure, at the right time. For this, we must be very clear about our business model, our objectives and how we are going to know that we are making progress.
Lean Product Management connects company’s strategy with development.
And, what topics does Lean Product Management methodology cover?
- Business Models
- Customer Development
- Validated Learning
- Build – Measure – Learn
- Innovation Accounting
- Minimum Viable Product (MVP)
- Sensing the environment
- Prioritizing ideas
Exploration (Problem-Solution Fit)
- Identifying your target customers
- Understand real customer needs
- Validate problem/need
- Value Proposition
- Market Opportunity and Market Segmentation
- Business Model Canvas / Lean Canvas
Validation (Product-Market Fit)
- The first MVP
- User Testing
- Lean Analytics
- The Product Team
- Lean Product Roadmap
- Outcome-based product development
- Prioritization techniques
- Hypothesis-driven Development
- Lean Analytics
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