Traditional product management used to religiously follow the four P’s—and, for a while, that worked. But things have changed. Standing out from the crowd requires providing not only a great customer experience but also a personalized experience. And to create a personalized experience, product managers need to focus on understanding their customers. They should research their desired target market and develop persona profiles that best describe customers’ needs, motivations, demographics and other key traits.
The customer journey starts well before a sale is made, and it doesn’t end with the transaction. Previously, product managers wouldn’t dream of involving customers in testing prototypes. Today, many companies are doing just that to help inform designs and generate early interest. Similarly, product managers didn’t get too involved with what happened after a product had gone to market. They seldom collaborated with process owners on ordering, billing and care. Now, that involvement is essential to delivering the best possible personalized experience, which means a personalized customer experience.
Product management success is no longer measured solely by sales, revenue and profit. It must also account for customer engagement—which can engender customer loyalty. That’s why Verizon product managers set customer-centric metrics for every stage of the customer journey. We’re collecting customer data at every touch point to map the whole journey and to design customer personas to create a more personalized customer experience.