140 / Money Talks: Aligning Product Strategy + Business Goals, with Rich Mironov

What’s the best way to align product strategy with business goals? How can product managers communicate product value to the go-to-market side of the house? Rich Mironov, a 40-year veteran of product management and author of The Art of Product Management 2d, joins Product Momentum to address these and other vexing challenges in the world of product management.

Rich remains a good friend of ITX; he delivered a workshop and keynote at the 2023 ITX Product + Design Conference, and this episode marks his second visit to the podcast — his first visit coming 4 years ago.

Know Your Audience: Speaking the Language of Business

“Anytime I talk to business folks about something that doesn’t have currency symbols in it, I’m pretty much assuming they’re not listening,” Rich jokes. So it’s important for product managers to back up whatever you’re saying with economics. Explain why the company cares, instead of why the product team cares. “It’s a basic ‘know your audience’ thing,” Rich says.

Translating Use Cases into Financial Cases

Folks in product, engineering, and design could talk for hours about how we build stuff: the features and workflows, the algorithms and sequence, the code deployments and backlogs, Rich says. “But the go-to-market folks don’t really care what happens in the kitchen. They just want to get their meal on time and have it be hot and tasty.”

What they care about is the outcome of all that work. Will it lead to more customers, lower churn, and opening new markets? And then, of course, will it lead to more money?

Someone Has To Lead This Dance

Even in the absence of a company strategy, product teams can still build a really good product. But if it doesn’t fit the market we’re in or doesn’t meet the needs of our users, it just wanders out there.

Rich provides guidance on how to manage product strategy when there isn’t a clear company strategy from above. “The company strategy is bigger than the product strategy,” Rich observes. “But if nobody else is pushing, then I’m pushing so that everyone around the table can see the options we have. Someone has to lead this dance.”

You can also watch our conversation with Rich Mironov on the Product Momentum YouTube channel!

In July 2024, Rich Mironov is offering a class for product managers wondering about how to move up the management ladder. Rich is also speaking and conducting workshop events in the Fall 2024 in Hamburg and Lisbon. Learn more.

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