Trends and predictions that may become significant in 2023 and beyond
The field of product management is always changing — and the next few years are shaping up to be an exciting time for product management.
As the industry continues to grow, companies need insight into what is going to happen next.
To prepare you for this changing landscape, we have compiled a list of 10 trends that will shape product management this year.
Trend 1. A Rise in Agile Development Practices
In 2023, the product management industry will face a rise in agile development practices.
The reason is that companies will need to ensure a more seamless experience for their customers.
For example, many companies are shifting from waterfall development cycles that take months or even years before they can release a product to an agile cycle that takes weeks or days — allowing the company to build things quickly and get customer feedback sooner.
Trend 2. Increase in MVPs
This year, companies will be looking to release new features faster than ever before and the result of this is an increase in MVPs (minimum viable products).
Why? Because the rise of agile development practices means that companies need to make sure they can get products out there as fast as possible — and an MVP is the best way to do this.
An MVP is a version of your product that delivers just enough value for users to engage with it.
It’s a fantastic way to release products and features faster with less waste.
By releasing an MVP, you can also get feedback from users early and often, which will help to improve the product.
Trend 3. The Use of AI-driven Customer Engagement
AI-driven customer engagement remains a key part of product management.
In 2023, we can expect to see more companies using this technology in order to create a more personalized experience for their customers.
Artificial intelligence and machine learning will be integrated into more products and services to help companies manage their operations and understand what people want.
With the help of artificial intelligence, companies will be able to better understand how customers interact with their products.
This understanding will allow for more accurate customer segmentation and a higher level of personalization.
For instance, if a customer interacts with a brand mostly to get to know how the product works, you can automatically provide product demo videos or customer onboarding videos.
Trend 4. The Rise of Design Thinking
Design thinking is another trend that will be on the rise in 2023. This approach to problem-solving focuses on understanding the user and their needs.
With design thinking, companies can create products that are not only functional but also appealing to users.
This approach will become more popular as today’s customers not only look for products that are functional but also aesthetically pleasing.
Trend 5. The Increasing Importance of Data
Data is more important than ever before and in 2023, it will be even more crucial for product managers.
As products become more complex, the need for accurate and timely data becomes greater.
In order to create successful products, product managers need to have a firm understanding of how their product is being used and what the data is telling them.
This trend also translates into an increase in the need for product managers who are skilled in data analysis.
Trend 6. The Environmental Impact on Product Requirements
With continually growing concerns about the environment, we can expect to see more companies incorporate environmental impact into their product requirements.
Companies will need to consider if a product is functional and how it impacts the world around them and whether or not this fits with company goals.
This includes energy consumption.
So, creating environmentally-friendly products is just as important as their function or performance.
Trend 7. The Increase in PMs with Cross-Functional Skills
As companies become increasingly more complex, it will be necessary for the new generation of product managers to have a wide range of skills.
In 2023, we can expect an increase of generalists who are able to work across teams and functions — from engineering and design to marketing and operations.
This type of product manager is able to see the big picture and understand how all the different parts of a company work together.
This trend will be necessary as companies continue to move towards more agile ways of working.
Having a product manager who can navigate through all these different areas will help to ensure that products are delivered on time and within budget.
Do you have any other product management trends you think will be on the rise in 2023? Feel free to drop your comments below!
Author
Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).
Twitter: @breadnbeyond | Email: andre@breadnbeyond.com| LinkedIn: Andre Oentoro
Producter is a product management tool designed to become customer-driven.
It helps you collect feedback, manage tasks, sharing product updates, creating product docs, and tracking roadmap.
