Afternoon: Strategic planning and thinking

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The afternoon is the most dynamic part of a product manager’s day. During this period, they spend time planning and developing ideas. That’s why you’ll find them:

Track figures reported by sales and marketing teams and conduct a thorough SWOT analysis of the product
Review recurring issues rich people database reported in customer support tickets and use them to identify areas where the product needs to be refined
Study market conditions by researching industry trends, credible news and reports, expert analyses, competitor strategies, blog posts and other materials
Recalibrate various product strategies based on market conditions, customer demands and issues with current strategies
Analyze product usage data using various product management metrics like active users, retention rate, session duration, user engagement, etc.
Conduct competitive analysis to establish benchmarks on how your product stacks up against competitors, identify opportunities to differentiate the product and gain competitive advantage, and replicate successful strategies to accelerate product growth
Ensure collaboration and communication between team members, teams and departments, and resolve issues or conflicts that arise during the process
Test the product or its prototypes to ensure that they meet the required design and use standards
Track the project Track the progress of the project against the action plan project schedule and note areas that need to be adjusted. Change aspects such as resource allocation, risk mitigation, change management, etc. to keep everything on track
Communicate with product owners and keep them informed about product status, anticipated challenges, feature tradeoffs, budget and schedule, etc.