Silicon Valley start-up veteran and software product executive expert Rich Mironov talks about the priorities of a CPO shifting from release velocity to sales velocity. Key learnings include leading strategic alignment, mastering financial fluency, initiating trade-off discussions, and nurturing an innovative culture. The podcast also discusses the changing role of an interim CPO, connecting roadmap and planning to ROI, the importance of a diverse skill set for product executives, AI adoption in businesses, and building credibility and influence in product leader roles.
Product management professionals should prioritize using the language of money when communicating with executive teams in order to gain their attention and support.
Product leaders must balance innovation and sustaining efforts, investing in the future while addressing immediate customer needs.
Deep dives
The Importance of Using the Language of Money
In order to effectively communicate with executive teams, product management professionals should prioritize using the language of money. Executives, especially those in sales-led organizations, do not care about technical jargon like agile, sprints, or story points. Instead, they focus on financial outcomes. By framing conversations in terms of money and conveying the financial impact of decisions, product leaders can gain the attention and support of executives.
The Role of Product Leadership
Product leadership roles have become more complex in recent years. In order to succeed in these roles, product executives need to navigate organizational challenges and align different departments such as sales, marketing, and engineering. They must ensure that everyone is working towards the same goals and prioritize initiatives that will drive revenue growth. Product leaders act as coaches and mentors for the executive team, guiding them towards decisions that will contribute to the overall success of the business.
Balancing Innovation and Sustaining Efforts
Product leaders face the challenge of balancing innovation and sustaining efforts. While there may be pressure to focus on delivering custom features for big enterprise customers, it is crucial to also invest in infrastructure, tech debt, and scalability. Neglecting these areas can lead to long-term issues and hinder the company's ability to scale. Product leaders should communicate the importance of investing in the future while addressing immediate customer needs.
AI Hype and Prioritizing Customer Insight
Artificial intelligence (AI) is currently experiencing a lot of hype, with many companies wanting to AI-enable their products. However, it is crucial to approach AI initiatives with caution and evaluate whether the technology truly adds value to the specific customer pain points. Instead of chasing the AI trend, product leaders should prioritize gathering customer insights through frequent customer interviews. This will help them make informed decisions, improve product offerings, and deliver features that truly matter to customers.
GTM Disrupted host Mike Smart recently got a chance to spend a few minutes with Rich Mironov, Silicon Valley start-up veteran and software product executive expert, coach, and mentor to discuss what CPOs must do to thrive in a modern software company.
Rich shares from his experience as a “smokejumper” parachuting into over 13 engagements as an interim product executive. According to Rich, the priorities of a CPO have shifted from release velocity to sales velocity. The modern product executive must play a major role in using technology and the product to drive the economics of selling.
Key learnings from this podcast include:
Lead Strategic Alignment
Master Financial Fluency
Initiate Trade-off Discussions
Nurture an Innovative Culture
Rich’s Bio:
Rich Mironov is a 40-year veteran of Silicon Valley product management, including six startups. He coaches product leaders, helps design software product organizations, and sometimes parachutes into software companies as the interim CPO or VP Products. Unofficially he's a sounding board for dozens of senior product folks. He has been blogging about software product management since 2002 and wrote "The Art of Product Management."
To learn more about Rich to go - https://www.mironov.com
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