Let’s bust the myth that product managers are the “CEOs of their products”
The phrase “CEO of your own product” is a captivating mantra often used to describe the autonomy and responsibility that Product Managers carry, and it’s certainly a phrase I’ve seen bandied about in many a PM job posting.
However, it’s one I’m increasingly seeing as empty, and as giving those interested in transitioning into the field false expectations.
Sure, it’s an empowering sentiment, but I believe it’s an outdated notion, and it can lead to conflict between Product Managers and founders or executives.
Certainly, when I transitioned into product a decade ago, it’s a phrase I constantly heard as a pro, and experiencing my first full-time product role first-hand showed me how over-simplified it is as a sentiment in a real-world situation.
Let’s dive into why…
Why is it outdated?
Unlike a traditional CEO who may have direct authority over all aspects of a company, a Product Manager’s power lies more in collaboration and influence. Decisions often involve cross-functional teams, and success is contingent on collective efforts rather than hierarchical directives.
With that said, successful product development requires alignment with the broader vision of the company. While a Product Manager contributes significantly to the product strategy, decisions should be congruent with the overall business strategy, making it more of a collective effort than a solo pursuit, and this overall business strategy is at the very least signed off on by the founder and exec, not the product manager.
This mantra can lead to conflicts when there’s a misalignment between the Product Manager’s vision and the vision set by founders or executives. Balancing autonomy with a shared vision is crucial to avoid diverging paths.
It’s also understandable that for some, this saying could foster a perception of absolute authority, and it can result in communication breakdowns. Effective collaboration requires open communication, and a Product Manager must be receptive to input from all stakeholders.
On a different note, the dynamic nature of the tech industry necessitates constant adaptation and iteration. Unlike a CEO who may set a more stable course, a Product Manager must be agile, ready to pivot based on user feedback, market trends, and the evolving needs of the business. Of course, it’s part of the Product role to highlight the need for evolution to the exec and the broader business.
Lastly, there may also be conflict when decisions around resource allocation, budgeting, and prioritization clash. Founders and executives may have a company-wide perspective, while Product Managers often focus on the immediate needs of their product.
Let’s talk collaborative over absolute leadership
Recognizing the limitations of the “CEO of your own product” myth sets the stage for a more collaborative and harmonious product development process.
Here’s how you as a PM may be able to navigate these challenges…
👓 Shared vision workshops
Engage in shared vision workshops that involve founders, executives, and key stakeholders. This ensures everyone is on the same page regarding the company’s overarching goals and how the product aligns with them.
✅ Regular check-ins
Establish a regular cadence for check-ins with founders and executives. This allows for transparent communication, the sharing of insights, and the alignment of strategic objectives. And if your views diverge, you can address it quickly and openly rather than it coming as a surprise, for example, compared with if you only met once per quarter.
🚀 Data-driven decision-making
Base decisions on data and insights. When founders and executives see the rationale behind product decisions, it fosters a culture of trust and collaboration.
And yes, we’ve all heard or experienced a touch of HIPPO — i.e. the opinion of the highest-paid individual taking precedence over data-led insights. My recommendation here is that if it does happen, if you’ve got the data to show that it’s not the best course of action, it’ll be clear to everyone that it’s AAA, Against Analytical Advice.
🪞 Clear communication of autonomy
Clarify the extent of autonomy and decision-making power. Understand your scope, and understand where you’ll need to consult, inform, and follow the decisions of stakeholders.
While Product Managers have a significant role, acknowledging the collaborative nature of product development helps set realistic expectations, and it may indeed highlight that you’re a mature product person and help build trust more quickly.
💡 Set up a cross-functional steering committee. This committee, consisting of key leaders from various departments, ensures that decisions align with both the product’s needs and the company’s broader strategy. If you’re in a larger company, different product teams may require different individuals from various teams on their individual steering committees.
So in my view, while the “CEO of your own product” mantra captures the essence of autonomy and responsibility in an idealised product role, acknowledging its limitations in the real world is crucial for fostering effective collaboration, and for giving folk realistic expectations about what it’s like to be a PM.
Successful Product Managers understand that leadership is about influence, collaboration, and alignment with the broader vision. By embracing a more collaborative approach, conflicts can be mitigated, and the product development process can thrive in an environment of shared goals and unified efforts.
I’d love to hear your view — share in the comments!
Want to learn more about Product Management? Check out the full introductory course “Product Management 101”, available from Tech Outcasts.
