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SaaS or software-as-a-service is cloud-based software that can be accessed from any device with an internet connection. Here, all the databases, servers, and codes for the software application are held on a single platform, which can usually be accessed by the customer through a subscription.

It is different from software or a product that is on-premises and available to the customers on purchasing a license, installing them on the computers, and hosting their servers.

In the SaaS industry, product management is a function responsible for managing the products of the company from their ideation to decline. It is the center point, and the intersection of three aspects- user experience, technology, and business.

In this process, the product manager plays the most essential role by advocating what the customers want and ensuring that the resultant product or service matches the customer's needs by working with the designers and developers.

Tasks Included in SaaS Product Management

SaaS product management is a comprehensive process that includes the development, launch, marketing, and improvement of the products and services of the company throughout its lifecycle. The tasks including in the process of SaaS product management include, but are not limited to-

● Researching

Untitled design - 2022-10-17T175350.159.png Conducting research to understand the company’s product/service, market, user personas, target audience, statistics, competitors, etc.

● Product Vision

Untitled design - 2022-10-17T175405.000.png After understanding the objectives of the product, the product manager creates a product vision. This vision includes the goals, high-level discussions, and other essential information about the product. Based on the vision, they must create a plan.

● Sharing the Vision

Untitled design - 2022-10-17T175417.542.pngProduct managers work to understand market research and customer feedback to define the features and requirements of the product. They then need to share and communicate the vision with the higher-level teams to facilitate internal planning.

● Developing a Robust Plan

Untitled design - 2022-10-17T175428.410.png After creating and sharing the vision, the teams must develop a plan under the leadership of the product manager. The plan must include motives and objectives and be presented to the key stakeholders. This part involves teamwork.

● Creating a Product Maintenance Roadmap

Untitled design - 2022-10-17T175440.493.png It is essential to create a roadmap based on which the product and its plan will be maintained to lead to the success of the product.

● Working to Improve Product

Untitled design - 2022-10-17T175453.656.png After the launch of the product, the product managers monitor customer feedback and conduct data analysis to understand the plus-points and the shortcomings of the product. Based on the data, they work with the teams to improve the product by fixing any development bugs.

SaaS product management is a separate function for which the companies must have a secluded department. It is essential for an organization to have a separate product management expert, just like any other department, such as sales or marketing, etc. It is a highly strategic function that answers a plethora of questions about the product.

Who is a Product Manager?

Untitled design - 2022-10-17T175510.457.png The person on the staff who is responsible for the internal and external product vision and caters to all the activities in the process of product development is known as a product manager.

They identify and draw out customer requirements, team up with the stakeholders in the organization, and coordinate amongst multiple teams and departments to undertake the management of the SaaS product including the creation and improvement of the product.

The product manager is the person who is entrusted with taking care of all the tasks in the product lifecycle- from start to the end.

What Does a SaaS Product Manager Do?

Untitled design - 2022-10-17T175524.528.png The responsibilities of a product manager in the process of SaaS product management include ensuring that all the facets of the organization have a shared goal - the development and improvement of their products.

They work to communicate the product objectives and the current scenario and updates to the rest of the team. The key functions of a SaaS product manager can be seen below:

1. Identifying Opportunities

Untitled design - 2022-10-17T175542.290.png A product manager must identify lucrative opportunities for the product. It might include developing a new product or improving an existing one, which can be done after getting constructive feedback from the customer.

For this, the product manager must be aware of the latest trends and data along with an understanding of the market. Accordingly, they can create amazing strategies for launching a new product or an update of a pre-existing product in the market.

2. Devising a Product Strategy

Untitled design - 2022-10-17T175648.318.png To ensure a seamless launch, a SaaS product manager must have a long-term plan and strategy for the product. Creating a constructive product strategy is the first step to initiating a successful product launch.

3.Team Management

Untitled design - 2022-10-17T175724.377.png A SaaS product manager must manage multiple teams which are involved in the creation and launching of the product. This helps them ensure that all the stakeholders of the team work together to achieve the desired product.

They must facilitate communication amongst themselves to create a plan that works best for everyone. They must also know how to handle urgent requests to meet the expectations of the stakeholder and the customers.

4. Marketing Information

Untitled design - 2022-10-17T175738.737.png They must have information regarding marketing activities and trends. Market activities are the foundation of product success, and thus, SaaS product managers must take upon themselves tasks such as doing market research, collecting competitor information, checking industry trends, determining a price, creating a UX-friendly product, analyzing customer feedback, etc.

5. Product Improvements

Untitled design - 2022-10-17T175753.495.png An essential task performed by product managers is the constant improvement of products. Before, during, and after the launch, they must work on the projects and analyze it to identify the scope for improvements. They must be updated about the improvement work and up to date on the strategy.

Final Words

SaaS product management is essential for organizations who want their product to be A-one. It is easy to have a professional or a team of professionals constantly work on your product and create a better version of it now and then.

Therefore, product management for SaaS is inevitable and must be considered seriously by any organization that is about to launch or has already launched its product in the market. With the information above, you can roll out the perfect SaaS product management strategy for your organization to witness excellent outcomes.

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