6 ESSENTIAL Skills to get into Product Management (in 6 months)

Summary

In this video, the host discusses essential skills for aspiring product managers, drawing from their extensive experience in consulting and product management. Key skills highlighted include design thinking, innovation, ruthless prioritization, leadership, communication, and measurability. The host also touches on ethical considerations in product development and provides practical examples, such as building a funnel for an e-commerce platform and creating an AI tool for case interview preparation. The video aims to guide viewers on how to excel in product management roles and interviews.

Takeaways

• 😀 The video discusses six essential skills for becoming a successful product manager.
• 🔍 Design thinking is crucial, emphasizing first principles and keeping the consumer at the center of product development.
• 💡 Innovation is key; top product managers aim to create unique solutions rather than simply copying existing features.
• ✂️ Ruthless prioritization is necessary to manage conflicting opinions and limited resources effectively.
• 🗣️ Strong leadership skills, including decision-making and the ability to say no, are vital for maintaining consumer interests and product vision.
• 📢 Effective communication is critical for articulating ideas and managing expectations with various stakeholders.
• 📏 Measurability is important to track outcomes and ensure the product aligns with its intended goals.
• 💼 The video suggests that a background in management consulting can be beneficial for a transition into product management due to the strategic mindset developed.
• 💰 The script hints at the importance of ethical considerations in product features, especially in the era of social media and instant gratification.
• 💼 The video offers insights into the product management interview process, including questions on KPIs and pricing strategies.

Q & A

What are the six skills needed to become a successful product manager?

The six skills needed are design thinking, innovation, ruthless prioritization, leadership, communication, and measurability.

Why are product managers sometimes referred to as 'mini CEOs'?

Product managers are called 'mini CEOs' because they have a comprehensive view of the business and are responsible for making strategic decisions that align with the consumer's needs.

What is the essence of design thinking in product management?

Design thinking in product management is about first principles thinking, keeping the consumer at the center of the problem, and building products around their needs rather than organizational or leadership egos.

How does the concept of a 'funnel' relate to product management?

In product management, a 'funnel' refers to the consumer journey on an e-commerce website, where product managers aim to understand and reduce drop-offs at each step, from landing on the site to making a purchase.

What is the importance of innovation in the role of a product manager?

Innovation is crucial for product managers as it involves creating unique features and solutions that are not just copies of existing ones, aiming to build products that the world hasn't seen before.

Why is ruthless prioritization a necessary skill for product managers?

Ruthless prioritization is necessary because product managers must manage conflicting opinions and priorities within limited time and resources, ensuring that the most critical features and consumer needs are addressed first.

How does leadership play a role in product management?

Leadership in product management involves the ability to make decisions and say no when necessary, ensuring that the product aligns with consumer interests and the company's vision.

What does effective communication entail for a product manager?

Effective communication for a product manager means being able to articulate thoughts clearly, both in writing and verbally, to ensure that all stakeholders understand and execute the product vision correctly.

Why is measurability important in product management?

Measurability is important because it allows product managers to monitor the outcomes of their decisions, ensuring that the product is meeting its intended goals and delivering value to the consumers.

What is the significance of ethical considerations in product management?

Ethical considerations are significant in product management because they guide the creation of features and products that are beneficial to consumers without compromising their well-being or societal values.

How does the speaker's experience in management consulting and strategy contribute to their perspective on product management?

The speaker's experience in management consulting and strategy contributes by providing a 360-degree problem analysis approach, which is valuable for product managers to understand and solve complex business challenges.

Outlines

00:00

🔍 Introduction to Product Management Skills

The speaker introduces the video's focus on the six essential skills needed to become a successful product manager. They share their background in consulting and strategy, highlighting their experience in product management roles and interviews with leading unicorns. The speaker encourages viewers to subscribe and engage with the content, mentioning their past video comparing management consulting and product management careers. They also invite viewers to request videos on specific topics, such as finance or public policy careers, and promise to delve into the first skill, design thinking, in the next segment.

05:00

🎯 The Core of Design Thinking in Product Management

The speaker emphasizes the importance of design thinking in product management, explaining it as a consumer-centric approach to problem-solving that avoids benchmarking solutions. They provide examples from their own experience, such as optimizing the consumer journey in e-commerce and the ethical considerations of feature design. The speaker also discusses the complexity of search functionality as an example of design thinking in action. They conclude by connecting design thinking to the next skill, innovation, which is crucial for product managers to create unique and valuable products.

10:02

🚀 Innovation and Prioritization in Product Development

The speaker discusses the second skill of innovation, explaining that top product managers are always seeking to create new and unique solutions rather than simply copying existing ones. They also touch on the importance of practicality in innovation, balancing short-term feasibility with long-term aspirations. The third skill, ruthless prioritization, is introduced as a necessity for managing conflicting opinions and limited resources. The speaker stresses the importance of prioritizing features and resources effectively to ensure the best consumer outcomes.

15:02

💬 Leadership, Communication, and Measurability in Product Management

Leadership is the fourth skill highlighted, with a focus on the ability to make decisions and say no when necessary, aligning with consumer interests and ethical considerations. The speaker also emphasizes the importance of communication in dealing with various stakeholders within an organization. The fifth skill, measurability, is discussed in the context of monitoring outcomes and key performance indicators (KPIs) to ensure the product's success. The speaker shares a personal anecdote about a pricing case from a friend's interview, underscoring the relevance of mathematical skills in product management. The video concludes with a summary of the skills needed for a successful product management career and a call to action for viewers to engage with the speaker's education venture.

👋 Closing Remarks

The final paragraph is a brief closing remark from the speaker, signaling the end of the video.

Keywords

💡Product Manager

A product manager is a professional responsible for guiding the development of a product from its inception to its market launch and beyond. They oversee the product's vision, strategy, roadmap, and features, ensuring alignment with customer needs and business goals. In the video, the role is emphasized as a 'mini CEO' due to the holistic view and leadership required, which is crucial for making strategic decisions and balancing various stakeholders' interests.

💡Design Thinking

Design thinking is a problem-solving approach that focuses on the user's needs and experiences to create innovative solutions. It involves empathizing with users, defining problems, ideating, prototyping, and testing. The video underscores design thinking as a foundational skill for product managers, as it enables them to develop products centered around consumer needs rather than organizational biases or market trends.

💡Innovation

Innovation refers to the process of translating an idea or invention into a good or service that creates value or for which customers will pay. In the context of the video, innovation is a key skill for product managers as it drives the creation of new features, products, or services that are not mere copies of existing solutions but offer unique value to consumers.

💡Ruthless Prioritization

Ruthless prioritization is the act of making tough decisions to focus on the most critical tasks or features in product development. It involves setting clear priorities and aligning resources accordingly. The video mentions this as an essential skill for product managers because they must manage competing demands and limited resources to deliver the most impactful features to consumers.

💡Leadership

Leadership in the video is discussed in two aspects: the ability to make decisions and the ability to say no. Product managers need strong leadership skills to guide the product's direction, align teams, and make tough calls. They must also be able to reject ideas or features that do not align with the product's vision or consumer interests, showcasing ethical and principled leadership.

💡Communication

Communication is the ability to articulate thoughts and ideas effectively, both in writing and verbally. For product managers, as highlighted in the video, this skill is vital for conveying the product vision, managing stakeholder expectations, and ensuring that the team understands and executes on the product strategy. Effective communication helps in aligning diverse teams and preventing misinterpretations.

💡Measurability

Measurability refers to the ability to quantify the success or impact of a product through key performance indicators (KPIs). The video emphasizes that product managers should monitor outcomes, not just outputs, to ensure that the product is meeting its intended goals and delivering value to consumers. This skill is crucial for demonstrating the product's success and for making data-driven decisions.

💡Consumer-Centric

Consumer-centricity is the approach of designing and developing products with the end-user's needs, preferences, and experiences at the core. The video stresses that successful product managers keep the consumer at the heart of their decision-making process, ensuring that the product solves real problems and provides value from the user's perspective.

💡Ethicality

Ethicality in the context of the video pertains to the moral principles guiding product development. It involves considering the long-term impact of a product on users and society, ensuring that the product does not exploit users or lead to negative consequences. The video suggests that product managers should question the ethical implications of their products, especially in an era where digital products can have addictive qualities.

💡First Principles Thinking

First principles thinking is a method of reasoning that breaks down complex problems into their fundamental truths and then rebuilds them from the ground up. The video mentions this as a core aspect of design thinking, where product managers start with the basic consumer problem and work towards a solution without relying on traditional benchmarks or industry norms.

💡Stakeholder Management

Stakeholder management involves coordinating and balancing the interests of various parties involved in the product development process. The video highlights the importance of this skill for product managers, as they must navigate conflicting opinions and priorities from coders, business heads, and other partners to ensure that the product aligns with the consumer's best interests.

Highlights

Introduction to the six skills needed to become a product manager.

Importance of having a big picture view or bird's eye view for product management.

Design thinking as the core of product management, focusing on the consumer at the center of the problem.

Example of funnel building in e-commerce to illustrate design thinking.

Discussion on the ethical considerations in product management.

The necessity for product managers to innovate and think from first principles.

Ruthless prioritization as a key skill for managing conflicting priorities.

Leadership in product management, including the ability to make decisions and say no.

Communication skills as a critical component of stakeholder management.

Measurability and the importance of monitoring outcomes in product management.

The role of pricing in product management and its impact on decision-making.

Practical advice for aspiring product managers on developing the necessary skills.

Encouragement to subscribe for more content on management consulting, careers, and MBA.

The significance of product managers having a background in management consulting.

How to handle the challenge of drop-offs in the consumer journey on e-commerce platforms.

The importance of aligning product features with consumer needs rather than organizational interests.

The role of artificial intelligence in product management, exemplified by the Schrodinger tool.

The impact of social media on product design and the ethical dilemmas it presents.

The significance of saying no to features that do not align with the product's core value proposition.

The importance of clear and effective communication in product management.

The significance of KPIs and how they are used in product management interviews.

How to approach pricing questions in product management interviews.

Transcripts

[Music]

do you want to know what are the six

skills that are needed to become a

product manager then hi welcome to my

channel i'm on a chai break and whenever

i'm on a chai break i'm shooting really

cool videos for all of you as i've spent

last 10 years working in consulting and

strategy and on my channel i talk about

all things management consulting all

things careers and all things mba so

feel free to hit on the subscribe and

the notification button so that you are

notified whenever i'm putting out

content for all of you

and

of course of it it's been a pretty uh

pretty daily

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[Music]

so very excited to now talk about this

video so almost a month ago i had made a

comparison video between the careers in

management consulting and product

management i will put a screenshot

somewhere here so if you want fifi to

check that out and a lot of you had

actually commented that you want to

delve deeper into the product management

video especially and for context if you

are new here on my channel or you didn't

get a chance to watch that video i have

done product management twice and i have

been able to crack product management

interviews with the leading unicorns of

course in terms of experience i did

product management very briefly in

groupon india and then of course as a

co-ceo today i lead the product division

where i'm largely responsible for

building non-tech and tech products both

of them and of course we seem to have a

good product market fit and in terms of

the interviews i had i was able to crack

a product manager interview in a leading

unicorn in this country after my bcg

after i decided to leave bcg but then

it's another ball game altogether i

decided to not take up any of the job

offers that were coming my way back then

and if you're interested for me to make

separate video on

deep type topics for example i'm going

to make a separate video around finance

if it's already out we will put up a

screenshot here and if you need for me

to make separate videos around careers

in public policy careers in social

impact how what are the skills please

let me know about them in the comment

section and if there are ample number of

you talking about similar sectors i will

be more than happy to consider making a

video so all right let's directly jump

into the six skills or the traits that

are of a successful product manager

because of which you can make a career

in product management and stay tuned

till the end if you also want to know

about the salaries of product manager in

india so first and foremost when you

talk of product manager we need to

understand there's a reason they are

called mini ceos largely because

they get a very good big picture view or

a bird's eye view and that is one of the

primary reasons that for example

management consultants are a very hot

property or make a good exit into

product manager role as well because

largely when you work as a consultant

you get a very good bird's eye view or

you develop that mindset in terms of how

do you analyze a problem at a 360 degree

level and in this video when i talk

about the first skill it has to be

design thinking i know and i'm aware

that a lot of people talk about design

thinking it has become this buzzword but

at the heart of it what is really design

thinking

design thinking basically is first

principles thinking which is that you do

not benchmark the solution you have a

problem you go to a consumer consumer

problem is at the heart of everything

and then keeping the consumer at the

center of everything not the

organizational pnl not the egos of of

leadership in the organization not

anything else not even the shareholders

right you keep the consumer at the heart

of the problem and then you build

products around it so that's largely

around design thinking and if i were to

give few examples to you let's for

example first talk about funnel building

a funnel um i have a friend she's been

working in a leading e-commerce in india

after her isp mba and they were actually

solving for a funnel right as the final

shape is right if you were let me

actually walk you through a consumer

journey on ecommerce website when you

land on the website when you land on the

website that's step number one step

number two is you're exploring some

certain category it could be retail it

could be electronics it could be

hardware right and then step number

three is you're on a particular product

step number four is you're adding that

product on the cart and step number five

is you are now trying to purchase it now

each of these five steps there could be

drop-offs that can happen and leading

product managers in e-commerce try to

understand the root cause behind those

uh behind those drop-offs and try to

build in features through which they can

solve for those drop-offs as well now

this is a very interesting view towards

this entire thing

and that's my personal view and i have

heard that from the leaders of top

organization as they have taught at my

education venture

we are we are living in a generation

where we are getting consumed by

instagram and tick tocks of the world

right and more and more features are

being built on these products so that

more and more people are hooked on them

they are spending their time on it and

what not

but a lot of leading organization are

now questioning the ethicality of it or

morality of it right

that hey is this the kind of product do

we want our next generation to have or

is this the kind of product that we

should leave for our future generations

and a lot of leading organizations do

check for that implicitly or through

certain subtle questions in your

interviews so you need to be mindful

what kind of features or what kind of

talks do you end up happening in the

name of solving a problem of a consumer

which brings me towards for example

another example example example sorry my

bad another example that we can take of

design thinking search search is a

classic

product tool or rather i would say the

dream product that a product manager

wants to build largely because it's very

technically complex think of search on

amazon if not on google think of all the

permutation combinations that can come

your way there could be so many typos

that can exist there can be so many uh

permutation combination of writing just

pants women pants women pants without

pockets women pants with pockets and

whatnot and not just that think of the

solutions or the answers that will come

after the search has taken place right

so many combination of products could

come in if you are visualizing what

product is you what is the user really

trying to figure out and then you have

to rank order them in a certain manner

so that it is useful for the consumer

not just useful for a lot of retailers

right so that is design thinking these

are the interesting projects that are

solved if i were to give you another

example i am a huge believer of giving

examples that help other person

visualize and allow them to think what

kind of problems they would be solving

so for example at my education venture i

am very well aware that getting access

to a mentor is a very rare privileged

resource from consulting mckinsey bc and

bain and we built an artificial

intelligence tool is called schrodinger

and through schrodinger at your own time

at your own pace at 12 in the midnight

or at 4 four a.m in the morning you

could do case solving or case interview

preparation with a live feedback and

that is the machine that we have built

and it's huge success within the

beneficiaries or within or within ggins

at my education venture

so that is what design thinking it is

putting consumer at the heart of the

problem and then figuring out solutions

which brings me towards the second skill

which is flowing from point number one

which is largely around innovation

product managers are not just creating

copy pasted features or just copy

pasting solutions many do that but the

top product managers are always trying

to innovate and innovation automatically

happens when you do a lot of first

principle thinking of course within the

realm of innovation you do not

you are being little practical about the

execution as well right you may want to

have certain features that are practical

within the short term and could be

dreamy within the long term as well but

you almost always try to create a dream

product or something that the world has

never ever seen before at least there

should be a step number one if you will

ever want to be a product manager and

your day one will be starting from the

point that hey let me copy paste

someone's solution i don't really think

then you are sorry to say you're bound

to be a product manager that anyone can

do product manager require a lot of

thinking a lot of innovation and a lot

of creative designing as well right by

creative design i don't mean ui ux i

mean that you need to have that appetite

for innovation which brings us towards

the third skill which is largely around

i would say ruthless prioritization

as a product manager

you will be talking to your coders to

your consumers to the business head to

the other partner staff of the

organization everyone will have

conflicting opinions and conflicting

priorities and when everyone has

conflicting priorities and the time is

limited in your hand and you have

limited features that you can deliver

within the tech staff you have that

means that as the product owner who is

having his or her fiduciary duty to make

sure that the consumer's benefit is at

the best interest then you make sure

that you prioritize ruthlessly in terms

of timeline in terms of resources in

terms of the features and that

prioritization if you are someone who

wants to do 100 things at one point of

time then it may be little tricky right

if you are someone who is very good with

prioritization if you know that you have

to do 100 things but you know that i

can't do all 100 things in the month of

july which is when i'm shooting this

video right i will have to stack things

for later on then product manager can

management role can definitely be for

you which brings us towards the fourth

skill which is again my favorite which

is largely around leadership and mind

you these three traits are not just

theoretical traits whatever will be

asked to you in the interview for a

product manager in some shape of a mat

at the back of the interviewer's mind

they will want to be understanding that

is this person ready or not ready with

respect to the product management

mindset but coming back to the fourth

skill which is largely around leadership

leadership is basically

two things i would say

4a and 4b

your ability to take decisions and your

ability to say no once again i bring

back the point around morality and

ethicality your ability to say that hey

this is what i stand for and of course

you do that smartly and not just burning

bridges that i am saying no because this

is not at the heart of consumers

interest that is what i signed up for

when everyone is just looking for their

own incentives in economics you learn

about the power of incentives and how

misaligned incentives can lead to a

disaster a product manager played a very

pivotal role in terms of making sure

that the consumer's interest is at the

heart of innovation is at the heart of

design thinking and is at the heart of

adding features to the product

which brings me towards four b point

which is largely around saying no which

is in some shape of a mat related to

four a as well there will be times in

fact not just will be most of the times

you are saying no to a lot of features

because you have a certain vision

if you will just try to add a lot of

features right then it might just become

messy in product management

it is actually fine that your product

solves one problem but solves it

beautifully well there is there should

be ideally no other product on this

planet which solves that particular

problem as good as you do right rather

than adding 10 features and try to solve

10 problems mediocrely you try to solve

one problem and you solve that really

beautifully well which brings us towards

the fifth point in the skills that are

needed for product management which is

communication and a lot of these skills

if you would notice are interlinked

right from leadership to prioritizing

ruthlessly design thinking to of course

now communication because you're dealing

with a lot of stakeholders you and even

the product management is not really an

external role that you're dealing with

clients you're dealing with your

organization's employees and if you do

not know how to articulate your thoughts

well if you do not know how to write

emails well then it is going to be a

really big problem because you might

want to say x and the other person is

understanding why and he or she is then

executing that stuff so then

communication becomes really important

that do you know what do you want to say

and can you put that into words both in

writing and both verbally and verbally

as well so that is the fifth hack

the sixth secret which is again my

favorite from and in fact this is very

important from interview standpoint as

well that wait a second i need to grab

my joy

too much speaking my mouth was drying up

so chai is

it should have been water but anyhow

coming back which is around

measurability when you start a product

right

keep every keeping everything aside the

features the impact the stakeholder

management you would have started with a

reason right and

you monitor that outcome not just output

for example at my education venture in

education one-on-one there is a kpi it's

called learning outcomes so what we do

is after six months of the graduation of

every person we check with them that hey

were you looking for a job if you were

looking for a job are you able to pivot

into a dream sector if yes what that

organization is etc etc and then we

eventually are currently standing at a

number of 88 percentage but coming back

you always have that mindset that you

need to monitor the outcome and the

reason i say so is because kpi key

performance indicator is a very popular

question that is very often asked in

product management interviews now

talking of measurability i want to share

one more secret

pricing questions are also very often

asked pricing i know is not directly

related to outcome or kpi but i still

wanted to share that so that all of you

get to learn i have a dear friend she's

working in paypal in san francisco she's

a graduate from harvard business school

and in her interview she was actually

given a pricing case so to synthesize we

are basically saying for you to crack

into product management you need to have

fantastic design thinking you need to

have a capability to innovate you need

to be a ruthless prioritizer you need to

have leadership qualities you need to

have fantastic communication and last

but not the least you need to have

measurability and mathematical skills as

well with that if you need more help to

become a product manager feel free to

check out impact fellowship program at

my education venture global governance

initiative.org with that please take

care smile a lot and

just spread a lot of smile and happiness

in this world i'll see you very much

soon cheers bye

[Music]

you