A few months back I wrote a post about the best-selling book The New Rules of Marketing and PR by David Meerman Scott. David is a thought leadership and viral marketing strategist. He has written several ebooks that have been downloaded hundreds of thousands of times. He teaches people how to get noticed online through creating information yourself and spreading the ideas or concepts to the world.
Yesterday I had the singular opportunity of participating in a podcast with David Meerman Scott. The podcast is part of Dr. Paul’s series called Live on Purpose Radio. We had a great conversation about the old rules of marketing, the New Rules of marketing, thought leadership, viral marketing and other important concepts such as making valuable content available for free. It was fun to participate and a great opportunity for me to ask questions and learn from the thought leader in viral marketing. Thank you David!
I encourage you to listen to the podcast and leave your comments about your successes with the New Rules of Marketing. You can download the podcast on iTunes or listen to it here:
I’ve stated before that product managers have to be leaders (in the true sense of the word) because they have the responsibility on their shoulders to get products out the door on time, with high quality and under budget. The kicker – and the reason they must be leaders – is the people they rely on to get the job done do not (usually) report them. Their success depends on their ability to build consensus and inspire the team members to do great things.
I have identified five factors that, if understood and applied, will improve the leadership role of product managers:
People are assets: In any company or organization, the real assets are the people. Their intellect—along with personality, skills, knowledge, character, integrity, and other things collectively referred to as “human life value”—create the true value in any organization. When product managers see the people on the team as the true assets, and treat them accordingly, they will command the respect of a leader.
Trust is vital: Those who value their team members build trust. The trust goes both ways: product managers need to carry out their tasks in such a way that the team members can trust them. They (the PMs) also need to trust that the team members will do what they have committed to do.
Knowledge is power: Truthfully, knowledge is potential power; only when it’s applied does it become true power. It’s vitally important for product managers to be learners. Many resources exist for learning: books, trade magazines, blogs, analyst reports, etc. As they take in knowledge and put it into action, their success will increase.
Paradigm provides focus: The way in which product managers see their world – their ‘paradigm’ – influences their effectiveness as a leader. They can take the ‘victim’ approach or the ‘agent/hero’ approach. If they blame others and wonder why the world (or their team, or their customers) is against them they are taking the victim approach. If they take accountability for their actions and do whatever it takes to succeed, they become agents of positive change. They become heroes to those whom they lead. Not ‘hero’ in the sense of super heroes, but in the sense of someone who does more than they are expected (and probably paid) to do.
Decisions determine future: Leaders make decisions regularly. Successful product managers understand their markets and make difficult decisions that are not always accepted by team members or customers. They do not make decisions carelessly or in cavalier style, but they also do not cower from the responsibility to make a judgment call. They make choices and stand behind them. Ultimately they make decisions that lead their teams and their products to succeed.
These factors apply to many other disciplines and aspects of business. The focus on product management stems – as mentioned – from product managers needing to lead without having management authority over the people responsible for their success. I am confident that product managers who understand and apply these factors will become effective leaders. I am equally confident that anyone – in any field – who applies these factors will find success.
Please leave a comment and let me know whether this resonates with your experience in product management or any other discipline.
One last note: I have been invited to speak at the Software Management Perspectives conference next week where I will examine the Five Factors in more detail. If you attend please stop by and introduce yourself.
Do you ever find it difficult to make decisions? I certainly do. In fact, my wife recently observed that I sometimes put off making decisions about things as long as I can. I’ve observed that when I put off making decisions it’s usually because I’m not ready to let go of the alternatives.
I found a great post from Mark Sanborn that takes a look at decisions from the perspective of making things happen vs. letting them happen; active vs. passive. The act of making decisions usually has a positive effect:
Making an important decision can be just the dramatic event you need to change course. Committing to a new course of action needs to be dramatic to get off the undesired course you’re on. Going through the discomfort or pain of changing a negative behavior is dramatic but might just save your life.
Take the active approach and make things happen that will benefit your life.
I just finished watching the end of an NBA playoff game. The home team was ahead but the losing ground. I watched the leader of the team (a point guard) take over, make the plays and win the game. He made a few mistakes (missed two free throws) but ultimately did what he needed to lead his team to the win.
Product managers share a few things in common with leaders on sports teams. They have the responsibility for the success of the product much like the franchise player has responsibility to win games. Product managers speak on behalf of the product at trade shows, in press interviews and company meeting. The star of the sports team is usually the person interviewed after the game. (Have you noticed the press only interview the star player from the winning team?) Product managers usually don’t have authority over the people on the team they rely on to succeed. Their success hinges on their ability to gain the trust of the team. Great athletes who lead their teams to success find ways to bring out the best in other players. They (usually) do not have much say in who’s on the team but they always find ways to succeed with the talent on the team.
When the game is on the line it’s the leader who steps up. As a product manager you may not have thousands of fans screaming for you, but as the leader of the team you have the opportunity to make the decisions (‘plays’) that will lead your team to success.
What have you done (or seen others do) to lead your team to succeed?
Time value of money is a widely understood and accepted concept. At its most basic level the time value of money demonstrates that, all things being equal, it is better to have a fixed amount of money today, rather than an equal amount in the future. The concepts get more complex with topics such as compounding interest, present value of annuities, future value of growing annuities, etc. (Check out Wikipedia for a detailed description.) Receiving a fixed amount of money today, rather than waiting, is valuable because you can put the money to work doing things to build wealth and prepare for the future.
That brings me to the time value of experience. What if you were to look at life experiences as if they were money? They bring value and provide you with the knowledge and skills you need to move forward and progress through your life. Experiences provide a type of life currency. Therefore, it’s in your best interest to experience things today rather than to postpone them to a later date. They will be more valuable to you now than in the future. Granted, there are many experiences you cannot control. However, for the things you can control, the sooner you have the experiences the quicker you can invest them to improving your life and to helping others. Since leadership is largely based on experience, it makes sense to acquire as much experience as soon as possible.
Take advantage of every opportunity to do things that you know you want to as soon as you can. Think about something you’ve wanted to do for a long time, but for whatever reason you’ve postponed. Commit to yourself that you will do it. Having that experience today will most likely be more valuable than having the same experience in the future.
Though the role of product manager differs from one company to the next, most product managers I know believe they drive the strategy for their products. I suppose in most cases they do. Strategic product managers spend time understanding the market and directing product activities toward meeting those activities. CEOs and other executives don’t always (or often) understand this. Therefore, part of the product manager’s job becomes educating executives on the strategic importance of understanding the market.
I found a great new resource for educating people on the strategic role of product management. Yesterday Steve Johnson released an ebook called The Strategic Role of Product Management. He answers several questions such as who needs product management, what is marketing, and where does product management belong in an organization. It’s written in an easy-to-read format, in Steve’s unique and witty style, with stories that drive home key points. It’s replete with facts and statistics based on the many years of research carried out by Pragmatic Marketing. One of the key takeaways for me is the focus on helping people in other roles understand why product management is strategic. The following quote provides some insight on this:
Instead of talking about the company and its products, the successful product manager talks about customers and their problems. A product manager is the voice of the market full of customers.
One last thought about the importance of leadership. I found a quote by Dee Hock (founder of Visa) that provides good advice for product managers who need help convincing executives of their strategic role:
Control is not leadership; management is not leadership; leadership is leadership. If you seek to lead, invest at least 50% of your time in leading yourself—your own purpose, ethics, principles, motivation, conduct. Invest at least 20% leading those with authority over you and 15% leading your peers.
When we are faced with a difficult situation we usually respond in one of two ways: we either face the problem or we run from it. Which is more productive? The answer depends on the situation. If we are hiking a trail in the woods and a bear jumps out in front of us, perhaps running is the best option. If we have a big presentation looming ahead of us (that for some reason scares us) we should face it, work through our fears and move beyond. The longer we postpone or put off the things we fear – the things we know we have to face – the bigger they become.
I recently listened to a great podcast by Dr Paul about the topic of facing our fears. He interviews Ken Baker, the author of Brave Little Monster: Helping Kids Face Fears. Though the book was written primarily for children, their podcast discussion covers the topic in a way that is valuable for adults and also includes pertinent principles for leaders and managers. I recommend you take a few minutes and listen to the podcast. I’ve posted a direct link below:
Almost every organization has managers; people who are responsible for maintaining the structure of the organization and who focus on the bottom line. They are typically responsible for the day-to-day efforts and errands, and keep things moving along. Having great managers is critical to the success of any organization.
Most organizations also have leaders. They are often the founders of the company or are in positions of high visibility. They are the innovators and the people who are up on stage at conferences talking about new ideas and new ways of doing things. They have a long-range perspective.
Can the manager and the leader be the same person? I found a post by George Ambler that discusses the topic of leaders vs. managers…are they different? George has compiled a compelling list of ideas and information that helps to clarify leadership and management.
In most organizations the word “asset” is linked to their technology IP, products or other items that end up on the balance sheet. The traditional accounting equation drives this mindset. So it’s no wonder that when organizations plan their investments they focus on improving their traditional assets and their bottom line.
In my recent article published in The Pragmatic Marketer I assert that in any company or organization, the real assets are the people. Their intellect—along with personality, skills, knowledge, character, integrity, and other things collectively referred to as “human life value”—create the true value in any organization.
When it comes to investing in the company or organization, it makes sense to invest in the real assets – the people. For most organizations, investing in people requires a change in mindset. Norman Wolfe wrote a great post called The Challenge of Investing in People. He says:
In every business, at the end of the day it is the people who produce results (I have yet to see a machine or a process produce anything without people). While it is easy to see expenditures in the “feel good stuff” as wasting resources, the real challenge lies in the difficulty to determine if the investment will produce the result. The proof is in the results, but how do I know that my investments will in the end improve results.
What examples have you seen where organizations invest in their people? What results have you observed?
Does the number of pairs of sneakers you own improve the likelihood that you are/will become a leader? According to a Mindset Media study, people who buy more than three pairs of sneakers a year are far more likely to be a leadership type than the population at large. They surveyed 7,500 people and found those who purchase three or more pairs of athletic shoes per year are 61% more likely to have ideas and vision, and leadership qualities such as decisiveness and assertiveness. Their poll found these to be true regardless of age, income, or gender.
There’s a lot of buzz around this topic and various theories as to why owning sneakers makes a person more likely to be a leader. I’m no expert on shoes, but it seems reasonable to me that people who own sneakers are more likely to put them on and go and do something in them. I refer to this as “rolling up your sleeves and getting to work.” It’s not owning the sneakers (or any shoes) that makes you a leader; it’s what you do when you’re wearing them that really makes the difference.
A few months back I wrote a post about the best-selling book The New Rules of Marketing and PR by David Meerman Scott. David is a thought leadership and viral marketing strategist. He has written several ebooks that have been downloaded hundreds of thousands of times. He teaches people how to get noticed online through creating information yourself and spreading the ideas or concepts to the world.
Time value of money is a widely understood and accepted concept. At its most basic level the time value of money demonstrates that, all things being equal, it is better to have a fixed amount of money today, rather than an equal amount in the future. The concepts get more complex with topics such as compounding interest, present value of annuities, future value of growing annuities, etc. (Check out 
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