Product Management is one of the fastest-growing fields today driving the company’s exponential growth. In a Pandemic hit world, companies are focusing on developing user friendly products. In these extraordinary times, if you are a Product Manager, you must stay updated with the top 5 Product Management Trends 2021 that are likely to gain prominence in the times to come.
Let’s dive right into it!
- Chief Product Officers Taking Over
Till now most product companies like Google, Facebook, and Microsoft had Chief Product Officers. We now see that more and more companies beyond the top tech giants are also recruiting, making Product Management a priority, and hiring for Chief Product Officers at the senior-most level.
Check: Top 4 Product Management Tools in 2021
According to the 2021 Product Manager Hiring Report by Amplitude, companies with product leaders are likely to register YoY revenue growth of more than 25%. Even service companies that didn’t even have the CPO’s designation are now headhunting for CPOs in an attempt to make world-class products and reduce the dependency only on services.
- Design Taking the Center Stage in Product Management
With the growing amount of time we spend at our homes, our interaction with digital products and software grows by the minute too. Apps like Zoom, Google Meet, and Skype are no longer just work tools and are being used by everyone for everyday communication. Emerging as an ideal product for pandemic, Zoom witnessed an YoY increase of 317% in its revenue in 2020.
People are using products they actually enjoy using because life is already dull and difficult currently. For this exact reason, Product Managers need to be well versed with user-focused and user-friendly design now more than ever.
Research by InvisionApp, a digital product design platform, states the relevance of the product’s design to only increase in 2021. This research suggests that design is reshaping “products, portfolios and industry standards” at over 70% of companies. Design is now becoming a primary consideration for the majority of companies.
- Product Managers Finding Creative Comfort in Remote Work
Jim Semick, the founder of ProductPlan, a roadmap platform, anticipates that
“Remote work—will become a permanent part of the culture for millions of organizations” and rightfully so. It’s not a hidden fact that more and more companies are adopting a hybrid approach to office work by combining it with remote work. Unlike traditional recruiting structures that limit the hiring process to a specific region, working remotely offers companies the fluidity and flexibility to find the best product people anywhere in the world.
As per the report by Amplitude, 33% of product professionals believe after the pandemic, remote working will continue while 41% expect a mix of WFH and office. This trend hence focuses on businesses and Product Managers both catching up to this new hybrid model of working remotely.
- Product Managers Adapting to Changing Digital Landscape
The pandemic has accelerated the demand for digital products. Because of this companies are now looking for unconventional Product Managers who will help them solve customer problems even beyond the immediate scope of the company’s work. Being able to foresee situations and adapt accordingly is one of the most important abilities of a Product Manager now.
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For example, think of leading companies like Twitter which have developed a product/feature called ‘Find COVID resources near you’. This has contributed to creating an impact with a relevant product and ensuring the stability of the company. Similarly, food delivery apps such as Zomato introduced grocery delivery features to stay relevant during lockdown.
As we see unprecedented social and economic scenarios that COVID-19 has presented, companies are now looking for PMs who take charge, identifying the opportunities emerging and going after them, rather than just following what they have been told.
- Increasing Expertise in Product Management Roles
There is a steep rise in the number of jobs in Product Management and companies hiring. This means that now there will be enough opportunities for Product Managers from specific industries to fill in these spaces.
Also read: 20 most commonly asked questions in a Product Management interview.
Companies are interested in checking whether you are a B2C or a B2B Product Manager, a mobile-focused or a Web-focused PM, or a growth product manager or an analytics product manager. So, keeping this trend in mind, your job as a Product Manager is to find your niche and utilize it to grow in your specific area so when you meet with the reps, they see your expertise and hire you.
If you’re an aspiring Product Manager, a certification in Product Management can give you a head start. Checkout our Product Management courses.