Why Internal Product Managers are the Key to Successful DT Initiatives
Let’s paint you a pretty picture, shall we? You have just been appointed the Chief Digital Officer of one of the largest state-run banks in the country. The startup wunderkind that you are, the board has brought you in with a lot of hope of giving the new-age fintechs a run for their money. As a seasoned digital business leader, you realize the bank’s existing website, app, and backend platforms need a revamp. And for that, you need a team of internal product managers, so you go hiring.
But alas, you suddenly realize that it is easier said than done! No one gives you a manual on how to hire product managers. More so when you must make do with a limited budget and tight deadlines. Relax, though, you are not the only one facing such a predicament.
As the howls of the winds of digital change get louder, legacy organizations like yours are at a crossroads. They need a Product Management office or PMO, the captain at the helm of their digital transformation journey. But building a team of internal product managers from scratch can feel like scaling Mount Everest in flip-flops – expensive, time-consuming, and with a success rate that often leaves them wanting.
No wonder, then, digital leaders at such organizations have started to look deep inside their organizations. Because, more often than not, there’s a hidden treasure waiting to be unearthed: their existing workforce.
Homegrown Talent FTW
Forget the hefty price tag of external hires. Leaders need to look within their companies for individuals with a knack for gathering insights. These are the potential PM superstars!
It could be the marketing whiz who analyzes customer feedback, the sales rep who understands user needs, or the operations guru who identifies internal inefficiencies. Internal product managers can be found in any part of the org’s machinery.
These folks already possess valuable knowledge of the company’s inner workings, giving them a head start to become internal product managers.
Chasing a Common Goal with Internal Product Managers
It’s tough breaking departmental silos, but that’s what the digital doctor orders. Implementing shared Objectives and Key Results (OKRs) that encompass the entire organization is the most efficient way to do so. This ensures everyone, from product development to customer success, is working toward the same goals. Imagine Marketing’s OKR of increasing brand awareness directly linked to Sales’ OKR of acquiring new clients. That’s synergy in action!
Building a Culture
This is one of the most important things that a digital leader needs to do if they have to drive success with their homegrown band of dreamers and builders.
Own the outcome, not the output. Chase efficiency and effectiveness. Data eats opinions for breakfast. The highest-paid person in the team also needs to earn their stripes. Win and lose as a team. Learn continuously. Do the boring tirelessly, day after day. Be fearless.
These are but only a few of the commandments that the leader needs to inculcate in their teams to build a transformational culture.
Benefits of Hiring Internal Product Managers
As the proverbial saying goes, there’s a BIG pot of gold at the end of the rainbow. Trust me when I say setting up an in-house team of champions has some very tangible benefits.
- It’s Cost-Effective: Think of all the money you are saving by not spending a fortune on recruitment fees or relocation packages. More pizza parties for everyone!
- Cold Start Problem, Solved: Internal hires already understand the company culture and processes, minimizing training time. Hitting the ground running, you got it
- Repeat What’s Working: As your homegrown PM team navigates the digital landscape, they’ll create a playbook specifically tailored to your organization’s unique needs. Some best practices that can be replicated over and over – across locations and teams. Because in a digital world, setting up a Product team may not be very different from setting up a Customer Success team
Things to Remember When Promoting Internal Product Managers
1. Executive Buy-In
Have all the leaders on board. From the CEO to department heads, everyone needs to support the PM office and its goals.
Pro-tip: Create a team that is not out of bounds for any of the teams. Prepare a PM team that solves customer, partner, and employee problems with equal ease!
2. Training & Development
Invest in training your chosen team members on product management principles and agile methodologies.
Pro-tip: Be honest about skill gaps and identify individuals willing to invest in learning and adapting.
3. Empowerment and Mentorship
Give your newly-minted team the autonomy to make decisions and pair them with experienced mentors for guidance.
Pro-tip: Change management is key. Address concerns and ensure everyone understands the benefits of digital transformation.
4. Cross-Functional Collaboration
Foster open communication and collaboration between departments to ensure a holistic approach.
Pro-tip: Bring out your charming self and assure everyone that you and your team are not going to step on anyone’s toes, but rather be a force multiplier. To a PM, everyone is a customer, after all!
5. Metrics and Measurement
Track progress through data-driven metrics. Let results guide our decisions and showcase the impact of our digital efforts.
Pro-tip: Don’t collect data for the sake of it. Create actionable insight and ensure every stakeholder in your team as well as the organization at large acts on them.
6. Culture of Innovation
Encourage a culture that embraces experimentation and learning from failures. This is how you become agile and adaptable.
Pro-tip: Start small on big bets, quickly test prototypes, and scale up as successes are achieved.
This approach might not be about fancy offices, but it’s smart, budget-friendly, and fosters a sense of ownership within the organization. We can unlock the potential of our people, and build a digital future, together! This homegrown approach allows you to establish a playbook specifically tuned to our organization’s DNA, creating a lasting foundation for digital success.
NOTE: The views expressed in this article are those of the author and not of Emeritus.
