Growth Product Management refers to increasing an existing product’s value and user base. Unlike traditional product management, which focuses on managing all activities required to bring a profitable product to market, Growth Product Management aims to help an existing product become more successful.
Growth Product Managers typically focus on specific metrics related to a product’s success, such as acquiring new users, increasing retention rates, finding new ways to monetize a product to boost revenue, or encouraging existing users to refer newcomers. Testing and experimentation are essential to validate new additions.
As part of effective Growth Product Management, managers may discover that certain functions or features require revision to maximize value. Finding new ways to help users get more out of a product they’re paying for should bolster retention and cultivate an increase in referrals. After all, if a product’s new features make the user’s life easier, why wouldn’t they want to help a friend or colleague enjoy the same benefits as well?
However, Growth Product Managers must be willing to collaborate with teams to ensure that any changes they recommend will bring positive results. Otherwise, putting ideas and strategies into action may be harder than it should be. Regular, transparent communication is vital to ensure a harmonious and productive growth process.