What is Product Service Management?
Product service management (PSM) is the process of developing, launching, and managing products and services to meet the needs of customers and achieve the goals of the business.
Oct 12, 2023
What is Product Service Management?
Product service management (PSM) is the process of developing, launching, and managing products and services to meet the needs of customers and achieve the goals of the business. PSM professionals are responsible for the entire product lifecycle, from ideation to retirement. They work closely with cross-functional teams to ensure that products and services are aligned with the company's strategy, meet customer needs, and are profitable.
PSM is a critical function for any business that wants to develop and sell successful products or services. By understanding the needs of customers and the market, PSM professionals can help businesses to create products and services that are valuable, profitable, and sustainable.
The Role of a Product Service Manager?
PSMs must always keep the customer at the center of their decisions. This means understanding customer needs, pain points, and expectations. It also means being able to anticipate customer needs and develop products and services that meet those needs.
There are a number of ways to ensure that PSMs are focused on the customer. One way is to collect customer feedback on a regular basis. This feedback can be collected through surveys, interviews, focus groups, and social media monitoring. PSMs should also use customer support tickets and product usage data to understand customer needs and pain points.
Another way to ensure that PSMs are focused on the customer is to involve them in the product development process. PSMs can do this by inviting customers to participate in user testing, beta testing, and customer advisory boards.
Finally, PSMs should make sure that they are constantly learning about the customer. This means reading industry publications, attending conferences, and networking with other PSMs and product professionals.
Tools for Product Service Managers
Product roadmapping tools: These tools help PSMs to create and manage product roadmaps, which are high-level plans that outline the features and functionality that will be added to a product over time. Some popular product roadmapping tools include Aha!, ProductPlan, and Productboard.
Interactive demo tools: These tools help product service managers track product adoption. With interactive demos PSM's can create onboarding experiences that provide a superior experiences for customers and ensure they leverage your product's capabilities. Check out Driveway to start building demos today!
Customer feedback tools: These tools help PSMs to collect and analyze customer feedback from a variety of sources, such as surveys, interviews, and social media. Some popular customer feedback tools include SurveyMonkey, Typeform, and Qualaroo.
Project management tools: These tools help PSMs to plan, track, and manage product development projects. Some popular project management tools include Jira, Trello, and Asana.
Product analytics tools: These tools help PSMs to analyze product usage data in order to understand how customers are using their products and what features they are using most frequently. Some popular product analytics tools include Amplitude, Pendo, and Mixpanel.
Collaboration tools: These tools help PSMs to collaborate with other stakeholders, such as product managers, engineers, designers, and marketing professionals. Some popular collaboration tools include Slack, Microsoft Teams, and Google Workspace.
The role of data and analytics?
PSMs rely heavily on data and analytics to make informed decisions. This data can come from a variety of sources, such as customer surveys, product usage data, and market research. PSMs use this data to understand customer behavior, identify trends, and measure the success of their products and services.
Some of the specific ways that PSMs use data and analytics include:
Customer segmentation: PSMs use data to segment customers into different groups based on their needs, behaviors, and preferences. This segmentation allows PSMs to develop targeted products and services for each group of customers.
Customer journey mapping: PSMs use data to map the customer journey, which is the process that customers go through when interacting with a product or service. This mapping helps PSMs to identify areas where the customer experience can be improved.
Product analytics: PSMs use data to analyze product usage data in order to understand how customers are using their products and what features they are using most frequently. This information can be used to improve the product and develop new features.
Market research: PSMs use market research to understand the competitive landscape and identify new opportunities.
The importance of collaboration!
PSMs must work closely with a variety of stakeholders, including product managers, engineers, designers, and marketing professionals. This collaboration is essential for developing and delivering products and services that meet the needs of both customers and the business.
PSMs can collaborate with other stakeholders in a number of ways. One way is to hold regular meetings to discuss product strategy, development plans, and customer feedback. PSMs can also collaborate with other stakeholders through email, instant messaging, and video conferencing.
Another way to promote collaboration is to create a cross-functional team that includes representatives from different departments. This team can work together on all aspects of the product development process, from ideation to launch.
The importance of continuous learning
The product service landscape is constantly changing. PSMs must stay up-to-date on the latest trends and technologies in order to be effective. They should also be open to new ideas and approaches.
PSM is a complex and challenging field, but it is also incredibly rewarding. PSM professionals have the opportunity to make a real difference in the world by creating products and services that people love. If you are interested in a career in PSM, I encourage you to learn more about the field and check out Driveway as a tool to help your product goals!