Good news from last month’s survey: Almost 60% responded that they’re strong influencers or have some level of ownership of their products’ budgets.
The folks at this level are usually Senior Product Managers, Directors, or above. We’re also happy to report that 70% these folks provide top-line numbers for revenue and units.
And 35-50% also participate in constructing the cost side of the picture — pulling together numbers on marketing and operations costs, and even R&D costs. They also influence or own cost budgeting for the product management department. Product management departments haven’t always had their own budgets! We think this shows maturation of the job function.
Why is this important? When product managers participate in the financial planning of their products, they show that they can move beyond the technical and into the business side of the discussion. Awareness of the numbers leads to accountability, which puts product managers in the driver’s seat when it comes to product success.
For those of you who say you contribute, but think you may not be a strong influencer: when you contribute data, you are influencing decisions! Don’t hesitate to contribute your analysis and conclusions about what the data implies, including a risk or sensitivity analysis.
For a fresh look at the financial side of budgeting, and some advice on how to exert more influence on budgeting decisions, join us online for Business Case Secrets of the Pro’s, a four-part distance learning series starting on October 28. Click here to register or find out more!