Unlocking the Power of Product Strategy: Insights from a Seasoned Pro
In the world of product management, few individuals have made a lasting impact like Mike Ohanian, Vice President of Product Management at TravelNet Solutions. With a wealth of experience under his belt, Mike has mastered the art of crafting product strategies that drive growth, innovation, and customer satisfaction. In this exclusive conversation, Mike shares his insights on the evolution of product strategy, balancing innovation with revenue generation, and fostering a culture of collaboration and action.
From Sales-Driven to Product-Strategic: The Shift in Focus
Mike’s approach to product strategy is centered around the concept of “pulling from the front.” This means empowering the product team to drive innovation and improvement, rather than relying solely on sales feedback. By doing so, companies can stay ahead of the curve, identify market gaps, and build strategically. Mike notes that this approach is particularly effective in mature companies, where the focus shifts from mere survival to scaling and growth.
Balancing Innovation with Revenue Generation: The Art of Prioritization
As companies grow, they face the daunting task of balancing innovation with revenue generation. Mike emphasizes the importance of focusing on outcomes rather than outputs. By prioritizing global features that solve real customer problems, companies can reduce churn and increase revenue. He illustrates this point with TravelNet’s experience, where the introduction of a unified inbox feature significantly impacted revenue and customer satisfaction.
Gathering Feedback and Prioritizing Features: The Art of Product Aggressiveness
Mike is a strong advocate for product aggressiveness, where product managers are encouraged to gather feedback, engage with customers, and prioritize features based on market analysis. He believes that product management is an art, not a science, and that there is no magic formula for prioritization. Instead, product managers must define their strategy, identify key themes, and compare projects to those themes to determine priorities.
Creating a Culture of Action and Collaboration
Mike stresses the importance of creating a culture of action and collaboration within organizations. By bringing product management to the forefront, companies can foster a sense of ownership and accountability among team members. He shares his experience of turning around a struggling product team by creating a sense of community and educating the company about the role of product management.
Learning and Growing as a Product Manager
Finally, Mike offers valuable advice to product managers in their first 30, 60, and 90 days. He emphasizes the importance of learning quickly, pushing back when necessary, and maintaining a vested interest in the product and its users. By doing so, product managers can create meaningful experiences, drive growth, and build a fulfilling career.