As we move into 2024, the world of product management is set to continue to develop very rapidly. This is likely to be driven by three trends that will continue to shape the industry in the coming year.
Trend 1: Greater Integration of Artificial Intelligence and Machine Learning Technologies
Artificial Intelligence (LLMs) has been a part of the product management landscape for at least a couple of quarters now. It’s not hard to predict that the integration of AI into the way we work, as well as the products we build, is only going to accelerate. This, however, doesn’t mean that all companies will manage to successfully employ these technologies to better satisfy customer needs and drive product success. Some companies will find success with it and double, even triple down, but many will realize that they have ridden a hype train and created expensive but meaningless additions to their products for the sake of trying to keep up.
Trend 2: Companies Will Work Towards Becoming Product-Led
The concept of using the product as the primary driver of growth is not new, but has encountered significant friction in many organisations resistant to organise themselves around their product. In 2024, more companies will use product-led tactics to lower their costs and streamline the sales cycle. This will involve a shift in focus and actual corporate structure from sales and marketing to product development and customer experience. Companies will need to prioritize creating excellent customer experiences to thrive in 2024, and embrace strategies like the MOAT framework to turn their organisations into product-led success stories.
Trend 3: The Importance of Product Analytics for Decision-Making is Likely to Increase Even Further
Product analytics has been a critical component of product management for years. In 2024, product analytics for decision-making is likely to become even more central, with analysts and data scientists moving into the product team rather than acting as external service providers. We should also see growth in the use of sophisticated approaches such as predictive analytics, to model alternatives and forecast user behavior trends. Product teams will have to use both quantitative and qualitative customer feedback to fully understand customer needs and wants.
It’s Still Product Management, Just Better
My bet for the big 3 trends in product management for 2024 are greater integration of AI and ML technologies, companies working towards becoming product-led, and the growing importance and integration of product analytics for decision-making.
The product management profession won’t change dramatically: we exist to solve customer problems in ways that they love, and work brilliantly for the business. The ways in which we do that will evolve, taking advantage of new technology and more successful strategies.
Product remains the most interesting profession in the world, one that is all about teamwork, collaboration and making people happy. In 2024 we get to do it even better!
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