Product management involves not only developing products that better meet customer needs but also ensuring that a company's product development and innovation processes position it for future success. At Bain we recognize that product management is critical to increasing and sustaining revenue growth.
Our approach doesn't entail just a onetime product fix; we also work to improve the ongoing product-development process. We focus on breaking down barriers to innovation. A Bain survey showed that while 80 percent of CEOs rate "becoming more innovative" in their top three priorities, two-thirds were not satisfied with their company's level of innovation. We help clients bridge that gap.
We set up two main work streams: one for creating the product itself, and one for improving the product development process. Our approach focuses on addressing four common development problems: vague objectives with no link to customer needs, weak decisions, too many minor projects and resources spread too thinly.