These are exciting—and challenging—times for anyone who is responsible for developing, managing, and innovating consumer products. Why? Because digital technology is disrupting everything—the way we communicate with each other; the way we access, store, and share information; the way we purchase and interact with the products and services we use every day; and yes—even the way in which we actually pay for those products and services. Whether you like it or not, digital disruption is happening everywhere, it’s happening fast, and it’s accelerating.
Consumer product strategists hold a wide variety of job titles: product manager, product development manager, services manager, or a variation of general manager, vice president, or even, sometimes, CEO or other C-level title. Despite these varying titles, many of you share a great number of job responsibilities with one another.
We recently fielded our Q4 Global Consumer Product Strategy Research Panel Online Survey to 256 consumer product strategy professionals from a wide variety of industries. Why do this? One reason was to better understand the job responsibilities that you, in your role, take on every day. But the other reason was to help you succeed: By benchmarking yourself against peers, you can identify new job responsibilities for growth, improve your effectiveness, and ultimately advance your career.
What did we find out? The bottom line is that consumer product strategy jobs are pretty tough. We found a wide range of skills are required to do the job well, since consumer product strategists are expected to:
Drive innovation. Consumer product strategists are front-and-center in driving innovation, which ideally suffuses the entire product life cycle. Being innovative is a tall task, but all of you are expected to be leaders here.
Think strategically... You've got to have a strategic view of your markets, identifying new concepts and business models and taking a long-term view of tomorrow's products.
...but execute as a business person. While thinking strategically, you generally have to execute tactically as well. You're business unit owners. At the senior-most levels, you hold the P&L for the product or portfolio of products.