Self-Evaluation: Setting Metrics for Your Success as a Product Manager
An overview of how product managers can consistently evaluate their progress and growth within the dynamic landscape of product management
I was recently having coffee with my cousin who works as an engineer for Amazon AWS. We were discussing our jobs, the teams we get to work with and the scale of the products we get to contribute to. He’s knee-deep in engineering stuff, focused on infrastructure and performance, with little exposure to the intricacies of product management. In his world, the project/product teams are composed of former engineers turned managers, who evaluate his work and provide technical requirements. As our conversation unfolded, he threw me a curveball: ”Stina, how do you know you are good at what you do, how do you measure your success and growth as a PM?”
That got me thinking. Unlike in engineering where success is getting better at solving complex problems, providing clever solutions or writing clean code, success in product management seems fuzzier and can be harder to measure. So I started to wonder: How do we know if we are doing well, and what are some yardsticks we can use to see if we’re on the right track?
Defining success in a product role
Success as a product manager defies simple metrics. It is not about the number of products you launch, the frameworks you master, or the deadlines you hit. It is not as simple as just evaluating the success of the product itself, as that relies on many other factors beyond the product manager’s control. Instead, success hinges on honing a set of skills and applying a strategic mindset in order to guide a product from ideation to launch. It’s about mastering the so-called product sense to build valuable products.
Success is more about the journey and the skills you see yourself developing along the way, which in return help you navigate complexities, make informed decisions and have an impact on your team and stakeholders. But that still doesn’t answer the question of ‘how do you measure it if you had to?’ Here are my 3 tips to determine whether you’re successful as a PM, regardless of your level.
Setting personal benchmarks
Taking time to reflect is crucial for personal growth in any career. It is an important tool to look back and measure how far you’ve come. I find it helpful to reflect regularly, whether at the end of the day or after reaching a significant milestone. During these moments, I assess my accomplishments and think about where I want to go next. What did I excel at today that contributed to my growth as a product manager? What areas do I need to focus on to enhance my skill set including both soft skills and technical skills? What hindered my performance to achieve an outcome?
These are some of the questions I ask myself to measure my progress and determine my own success. By consistently engaging in this reflective practice, I derive a list of actionable items, such as getting better at doing discoveries or improving my communication skills. The list serves a roadmap for my professional development which I can look back and evaluate regularly.
Seeking feedback
The definition of a “good” and “successful” PM can vary from one organization to another. What works well for one team may not necessarily be the best for another. Unfortunately, many product teams are stuck in a bubble, entrenched in a single way of doing product development without venturing beyond their organizational boundaries. This leads to a limited perspective, unaware of many other successful practices out there.
To truly excel as a product manager, it’s important to seek feedback from multiple sources, including team members, management, and stakeholders. The feedback loop allows you to align your personal benchmarks with your organization’s needs in order to excel in your product role and improve your craft.
Additionally, to avoid the bubble, it’s equally essential to look beyond the confines of your organization. Talk to other product managers outside of your work, exchange ideas, share experiences and learn from each other’s achievements and failures. Immerse yourself in a range of resources, from books, to articles (like this one and others from Product Breaks) and podcasts from product practitioners. The exposure to multiple perspectives broadens your idea of success and allows you to drive your own growth and achievements.
Focusing on impact
If I had to define the success of a PM in one word, it would definitely be impact - the difference you make and the ripple effect that emanates from your decisions, touching every aspect of the product, team and organization. Are you empowering your team to achieve their maximum potential? Are you fostering a culture that is aligned and encouraged to contribute to a common goal and vision? Are you driving a product that satisfies customer needs, business objectives and team development?
The impact can’t always be measured quantitatively, but it is a result of daily accumulative wins, coming from a combination of multiple skills. Take a moment to reflect on the impact that you’re making and identify areas where you could further enhance your contributions on this perspective. One impactful decision at a time.
Bottom line
The next time someone asks me what success means and how to measure it as a product manager, I’ll have a simple answer. Set personal benchmarks using the tool of reflection, seek regular feedback internally and externally, and focus on impact. It’s not about numbers. It is about harnessing the unique power that only a product manager possesses - the power to bring people together, to drive meaningful change and to leave a lasting legacy of impact through valuable products. And that’s a power worth striving for, every single day.