Is there any difference between product management and product management as a service?
This is a very common question that, surprisingly, there isn’t that much content about it on the internet. So, what are they exactly? You can read our latest article about product management for detailed information. But here, we will be discussing service management.
The main reason for such confusion is that product management as a service will not directly influence the number of sales. Service management produces non-marketing products as a result of its efforts. An example is a restaurant’s smartphone app that allows you to order your meal ahead of time. Or an analysis system that will help you understand your customers’ behavior.
Let’s not get ahead of ourselves and explain the details step by step. So if you are interested in finally finding answers to your questions, continue reading this article.
More articles about Marketing Strategies and Product Management
What Is Product Management as a Service?
Product management as a service usually entails transforming a new product strategy or vision into a fantastic client experience. These products are frequently used to promote or sell a primary business online. They exist as a result of a company’s ambition to create something useful and long-lasting.
By allowing consumers to “snap a snapshot of their check,” a banking app can remove barriers to service. A corporation can use an E-commerce site to achieve a strategic goal of selling its items online. Unlike an actual product, the primary goal is to create new and innovative solutions to meet customers’ needs.
Benefits of Product Management as a Service
Managing products and services in today’s environment includes coordinating a wide range of complicated marketing activities, including product selection and evaluation, technology testing, market analysis, trial sales, ad sales assistance, and so on.
By appropriately executing marketing tactics, you can change the company’s fate for the better. In addition, you can gain the following advantages:
- Customer Loyalty
This is a crucial aim for any business, and it’s usually accomplished through developing strong customer relationships. Product management as a service focuses on developing long-term connections with customers. It does that by providing individualized services that are tailored to their specific needs. Furthermore, it creates products that will satisfy customer quality requirements at various pricing points.
- Flexibility According to Market Changes
Your business will be more adaptable to shifting market conditions and consumer needs. Therefore, you can predict where your firm is headed in the next few years and what its objectives are. So, use service management to help you achieve them.
A corporation using product management as a service will always have something new to offer their customers while maintaining and improving existing products. It is critical for any organization to not just thrive in today’s market; they should also remain relevant in the future by constantly introducing newer solutions and improving existing ones.
Can a Product Manager Manage a Service?
Let’s go back to our first question. Is there any difference between product management in a service firm and product management in a product company? The answer has always been a NO. These are some reasons for this answer:
1. Built-In Workflow
It becomes intuitive to people once they develop the practice of cultivating, nurturing, and bringing an idea to maturity. When they face a new problem, they try to see whether there are others experiencing the same issue and if there is a method to solve most of the demands with a single solution. And that, in a nutshell, is what product management as a service is all about.
As a result, product managers can easily handle the responsibilities of a service manager and move the product management as a service forward.
2. Keen to Succeed
The heavy focus on acquiring business success is another component of product management that is strongly connected with the service’s philosophy. Any excellent product manager would say that the market perception of a product is determined by the number of customers it has. A service firm couldn’t agree with you more.
3. Same Principles
The principles apply not only to problem-solving but to any activity the company engages in. Product management requires the same level of discipline in any business as it does in a product company. This makes it easier for a product manager to settle in the service manager role as they are similar to each other.
After all these similarities, it must be said that these two roles have one difference from each other. What differs is the amount of time it takes to train hardcore service employees to think like product employees. Although, if the folks you work with are extremely knowledgeable, the learning curve would be minimal. They will grasp the role and experience the “a-ha” moment very early. The rest of the journey is smooth and collaborative.
Example of Product Management as a Service?
To finish this article, we must mention a good example of product management as a service. This can help you grasp the content very well.
There are lots of companies that provide different services for your business. It can vary from simple services like training specific tasks to more complex ones like analyzing a complete website.
In this case, we will discuss WatchThemLive (WTL) services. WTL provides multiple completely free services such as heat maps, session replay, and so on to analyze your website completely. Therefore, it’s a good example of product management as a service.
Our program provides a variety of helpful analytics. With our analytics, you can track page views, user sessions, referrers, and user segmentation. This information provides you with a thorough understanding of your target market.
If you are interested in boosting your business, click here for free registration.
As we talked through this article, we defined product management as a service. Additionally, we provided some of the many benefits that it will bring to your business and marketing strategies. Next, we answered the very first question in the article and understood that product management and service management are similar at their core.
Finally, we gave you a great example that deploys this method and helps you out.