Product management has gained importance in many industries, including tech, telecom, travel, professional services, etc. As more businesses look to adopt the best management practices, the demand for project management consultants has risen as well. In this article, we’ll look at the ways in which consultants help small and large companies with their product strategy.

The Role of A Product Management Consultant

Product management consultants help organisations develop business strategies, discover new products, and upskill their product managers. 

Product Strategy

Product management consultants help companies set their vision and strategy. Their work focuses on understanding the market competitors, buyer personas, company strengths and weaknesses, etc. 

After helping set the vision, their focus shifts to product goals and initiatives. The consultants help establish the metrics related to the product and the timeline. 

Based on the product goals, the experts set the product initiatives, such as breaking into new industries, improving customer satisfaction, reducing churn, etc.

Product Coaching

Product coaches are experienced professionals with deep knowledge of product management for their target industry.

A product coach works directly with the product managers. The coach usually starts by observing the strengths and weaknesses of the manager. They may also consult other people within the company for their opinion of the manager.

The product coach breaks down the challenges the manager is facing by getting involved in their daily work. They give feedback after every session, and the 1-on-1 usually continues for a few weeks.

Managers are just one type of professional that coaches help. They also work with executive leadership, the agile development team, product discovery experts, etc.

Implementing A Product-Led Approach

Startups and established businesses hire product experts to develop and implement a product-led growth strategy. The product-based approach is different from a sales-led approach. 

In a sales strategy for software, the customer gets to experience the product after the sales team closes the deal with them. 

In a product-led approach, the customer gets to experience the product – through a trial, for example – before signing up. Therefore, the product-led approach banks on convincing the customer about the product to the point that they need it.

A product-led approach requires a change in the mindset and strategy of the business. The project management consultancy helps educate developers and executives about customer acquisition and engagement. 

Experts help with everything from assembling and training product growth teams to choosing between various product-led models (freemium, demo, etc.) and product management tools. 

Custom Product Development

Some product consultants combine business strategy, coaching, and upskilling with software development services. They develop the software and train the in-house team to take over future development and upscaling. 

Benefits of Hiring A Product Management Consultant

Consultants help companies in the following ways:

• Brainstorm, test, and refine product ideas
• Communicate with the client, top management, and the product team
• Apply software development methodologies (DevOps, Agile, Kanban, Lean, etc.)
• Apply the Design Thinking approach (Clarify, Ideate, Develop, and Implement).
• Use product prioritisation frameworks (RICE, Kano Model, Product Tree, etc.)
• How to Become an emotionally-intelligent product manager

Product management has taken centre stage not only in the tech and tech-related industries but also in almost all industries. A product management consultant can help you transition to a more product-centric approach.