The field of product management is constantly evolving and changing. There are always new tendencies that emerge, and it can be challenging to keep up with them. This article will explore some of the latest trends in product management for 2022. Let’s take a look!
What to expect in the market
The demand for product managers is now higher than ever. According to Forbes, it grew by 32% from August 2017 to June 2019. During the pandemic, the development of the sphere accelerated even more. This is confirmed by MarketsandMarkets’s study, which states that the global market for product management software will reach $50.6 billion by 2023.
The number of specialists in such a sought-after profession has also increased. The requirements for the position of product manager, accordingly, doubled too.
What trends have emerged in the approach
In 2022, you should pay attention to three areas, one way or another, related to data.
Data-orientedness
Product managers rely more and more on data to make decisions about their products. For example, data-driven product roadmaps are becoming increasingly popular. There are several reasons for this:
- A lot of data is available to product managers now. And the number is increasing dramatically. These new details allow them to make more informed decisions and improve the performance of their products;
- Many companies are now moving towards an agile development methodology, which requires a lot of data-based decision-making;
- Product managers can collect and analyze user data, including feedback surveys, usage patterns, and web analytics. This information helps build detailed product roadmaps that consider the organization’s business goals and the target audience’s needs. Data-oriented product managers are more likely to be successful in the long term because they can constantly track the performance of their products and make necessary adjustments to improve results.
Increased use of dual-track agile
This product development methodology assumes that the team follows two parallel directions at once — discovery and delivery. In the traditional agile methodology, the team’s activities are linear — one by one, participants accept work and contribute. In dual-track agile, discovery and delivery happen simultaneously and in close contact with key project team members. This approach has two positive features:
- It allows organizations to respond quickly to new market opportunities and changing customer needs.
- It allows teams to take a more iterative approach to product development, improving the quality of products in the long run.
Comprehensive management approach
In the traditional approach, product managers focus only on features and functions. The comprehensive process takes into account the entire customer experience. Product managers need to understand the target audience’s needs and how those needs are being met on the market. They need to identify problem areas and opportunities for improvement and work collaboratively with other departments within the organization.
Product trends
There are several critical product tendencies to watch for in 2022.
Automation tools for review analysis
Many services can help product managers automate the analysis of user reviews and feedback. For example, some agencies use natural language processing to analyze text data and identify significant trends and insights.
Other tools use machine learning algorithms to create detailed reports based on user data. Such information allows product managers to identify common pain points and opportunities for improvement and track long-term performance trends. Some of the most popular services:
- Relative Insight — review analysis tool that filters feedback and gives you an understanding of what needs to be improved in your work and how you are inferior to competitors;
- Feedier — help with the gamification of surveys. Collects data autonomously and provides it in the form of graphs and charts;
- Usabilla — provides widgets for feedback. Collects feedback from the website and application. Integrates with Zendesk, Google Analytics, Slack and other popular services. Allows sending screenshots in a message.
Overall, automation tools for review analysis can help product managers make more informed decisions about their products while saving time and effort.
Personalization
As customers become more demanding, product managers must deliver personalized experiences that meet their specific needs and preferences. This may involve integrating user data into product design and development processes and leveraging predictive analytics to provide highly targeted recommendations and upsell opportunities. Finally, many companies invest in voice technology, including voice assistants, smart speakers, and other voice-enabled devices. As a result, product managers will need to ensure that their products are effectively optimized for voice interactions.
AI
It’s time for product managers to get interested in AI and ML platforms. They will help collect and analyze data on moods, health status, and prevailing themes. Such valuable information will allow relying on more accurate data in product management.
Inclusivity
As the world becomes more connected, product managers need to design products accessible to as many people as possible – those with disabilities, different cultures, and different languages. The recent release of WCAG 3.0 is a significant step forward, providing detailed guidance on making web content more accessible. As more companies adopt WCAG 3.0, product managers must ensure that their products meet these new standards.
Environmental friendliness
Environmental friendliness is essential for regulatory authorities, investors, customers, and general reputation. Companies will increasingly be required to report on the environmental impact of their products. Reports need to be maintained throughout the life cycle of the product.
Product visibility (low-code/no-code) tools are rising
Such platforms allow the integration of a graphical user interface already at the development stage. They will make it possible to iterate on new ideas without relying on developers, speed up the process and reduce costs.
So far, low-code/no-code tools have limitations in integrating with complex programs, but there will be a solution to this problem over time.
Several different no-code/low-code tools are available on the market. Among the best:
- Visual LANSA;
- Zoho Creator;
- Bubble;
- Quickbase;
- Mendix.
Product managers will need to carefully evaluate their options to find the best tool for their specific needs. However, the benefits of these tools – such as increased speed and flexibility – make them worth considering by any product manager who wants to stay ahead of the curve.
Web3 and decentralized environment
Web3 is the next generation of web technologies, and it will have a significant impact on product management. Some features of Web3 include enhanced security and privacy, greater user control over their data, and increased interoperability between different applications.
Product managers should be aware of emerging trends in decentralized technology like decentralized applications (DApps). These apps are powered by blockchain technology and run on a decentralized network, making them more secure and efficient than traditional applications.
The importance of communication is growing
As product management becomes increasingly complex, the need for effective communication among team members and stakeholders will grow as well. One-third of the time, projects fail due to communication issues. This is evidenced by the research of the Project Management Institute.
Given all the risks, the best communication model is horizontal. A properly organized system of horizontal communications allows you to achieve positive results based on the results of the work of each member of the team. It is best suited to create a healthy, friendly, comfortable work environment.
It is also essential to communicate with investors, partners, clients, and potential users. Filling out the changelog will help with regular reporting and increase transparency. You can also use social networks or closed groups in messengers to report and maintain trust.
Conclusion
As the importance of product management continues to evolve, PMs must stay up-to-date on the latest trends and best practices in their field. Whether leveraging low-code/no-code tools to speed up development or embracing Web3 and decentralized technologies, successful product managers will always look for new ways to build better products. Ultimately, the key to success will be a combination of creativity, strategic thinking, and effective communication with team members and stakeholders. So if you’re looking to succeed in product management, it’s essential to stay engaged and continue learning.
If you are looking for an effective technical solution for your product or a team to implement ideas, don’t hesitate to contact us!
Read also: Financial Services Tech Trends for 2022
