GetUpside CEO on The Business of Product Management (Part 3)
At their core, product management teams are responsible for figuring out ways to deliver value for users. Similarly, these teams also have a huge opportunity to do the same for the business that they represent. This point is often missed when it comes to the value that product teams can bring to driving results for an organization.
Fourteen years ago at Google, I got my first exposure to seeing how users and businesses can benefit from product innovation. Specifically, I worked with the advertising team to put together the framework for the Google Ads product that is used by virtually every business today.
In the early days of advertising, businesses didn’t have the ability to connect with their consumers in real time. Simply put, traditional print media doesn’t give you a direct line to your users. However, Google enabled advertisers to interact with their users in real-time at a massive scale. As I mentioned earlier, data analysis plays a critical role in making new ideas come to life.
With Google Ads, this product is the definition of a solution that uses data to empower interactions between users and businesses.
Ultimately, this data is the driving force behind the level of personalization that we see online today. Furthermore, it’s easy to take for granted how much this plays a role in our day-to-day. For example, cookies on every site provide users with content and offerings that are most relevant to their preferences. Most importantly, this experience applies to every experience as you move through online platforms.
Now, it’s easy to think that these personalized interactions would solely benefit the user. However, when you look at this from a product management perspective – this model also benefits the providers who are serving content. For example, businesses can evaluate user data that increases their purchasing power. In other words, you’re not flying blind when it comes to guessing what is going to drive a purchase. Instead, you can deliver products that align with their preferences. Simultaneously, merchants are able to maximize profitability by increasing their conversion rate.
In the end, product management teams can optimize user experiences to drive complete societal value. Said differently, you’re not just building for one side of a transaction. Instead, the ability to leverage personalization through interactions will enable businesses to provide users with recommendations that immediately connect with them. And don’t forget, this is also helpful for the bottom line too…