The Product Management IQ (PMIQ) of your organization refers to the cross-organizational discipline required to be a market driven product company, not just on a product by product basis, but across all products and all factions including marketing, sales, finance and product development, to name a few.
Why is an organization’s PMIQ important?
It can reveal operational imbalances and misalignments that may otherwise go unnoticed and negatively impact revenue and profitability. The higher an organization’s PMIQ, the greater the operational balance and alignment across all disciplines to a common set of market-driven objectives.
Measure the PMIQ of your organization by answering 10 simple questions.
- Ideas for New Products/New Markets
- a. If it sounds good and people get excited about it, we chase it (“shiny new thing” syndrome).
- b. We have a process for evaluating new initiatives and they must meet certain quantitative and qualitative criteria before resources are committed.
- Assessing /Analyzing Markets
- a. Each product line evaluates markets for its own products even though multiple product lines serve the same markets. Sales and marketing may differ further.
- b. We evaluate markets at a corporate level to determine which segments are most conducive to meeting our revenue, profitability and market share goals before making product and marketing investment decisions.
- a. Every department/product line has its own strategy that rolls up to form the corporate strategy.
- b. Corporate strategy and goals are largely based on market opportunities and all departments/product lines collectively align and prioritize initiatives to support the strategy.
- Product Plans & Roadmaps
- a. Each product line has its own plans and roadmaps.
- b. We have a strategic product roadmap that’s rationalized with all product lines and key market segments to dictate R&D priorities.
- Defining Market, Customer & User Needs
- a. Market, customer and user needs are written in a way that makes sense only if you understand our products.
- b. Market, customer and user needs are written in a way that almost anyone can understand internalize, and repeat them. Product knowledge not required.
- Product Usability
- a. There is little/no focus or dedicated resources for product usability
- b. We have dedicated user interaction designers and usability experts and see it as a way to differentiate from the competition
- Product Development
- a. Most of our product development initiatives and resources are allocated to customer specific needs or contractual obligations made in prior sales.
- b. Most of our product development initiatives and resources are allocated to strategic growth goals and objectives.
- Product Rollouts (Major Upgrade or New Product)
- a. When development of a product is complete, it’s deemed ready to roll out.
- b. Our rollout process emphasizes knowledge transfer, training and cross functional readiness to ensure we can successfully market, sell and support customers on day one.
- Positioning & Messaging
- a. The bold headings, graphics and other things that stand out in our marketing literature are mostly about product features or benefits.
- b. The bold headings, graphics and other things that stand out in our marketing literature are about issues or situations experienced by our target customers.
- Product Management & Product Marketing
- a. Both roles are combined.
- b. We have separate roles for each.
Total the number of questions where “answer b” more accurately describes your organization, then use the following guide to determine your PMIQ.
- PMIQ of 9 -10
You’re in the product management genius category and probably have the revenue and profitability numbers to back it! Tell us who you are and we’ll publish your company name here. The product world could use more like you.
- PMIQ of 7-8
Superior product management intelligence. Market leadership is a chip shot away.
- PMIQ of 5-6
Average product management intelligence. Greater market focus and stronger execution will improve your PMIQ quickly.
- PMIQ of 1-4
There’s a lack of understanding of product management/product marketing and its criticality to the overall success of the company or a lack of commitment to it. Alternatively, your organization may have corporate attention deficit disorder.
Our framework goes beyond merely creating market-driven products and managing them. It’s a model for creating market driven product companies and growing them by determining the market segments most conducive to growing the company as a whole, creating a strategy to penetrate those markets then delivering the best mix of products, marketing messages and sales tools to execute the strategy. This approach ensures a consistent focus across all disciplines and eliminates competing silos that unnecessarily consume resources. It’s simple and practical.
Market leadership begins in product management and product marketing.