The Product Manager's Bookshelf

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As a product management professional, staying updated with the latest industry trends and best practices is crucial. This curated list of books offers valuable insights for both novice and experienced product managers, covering essential topics from product development to business strategy.

Product Management

1. Inspired by Marty Cagan (Intro to Product Management & Software Development)

This book is a fundamental resource for anyone involved in Product Management; if there's one book you should read on the subject, it’s this one! It offers a comprehensive overview of Product Management and software development.

I have been sharing this book with my teams for several years. The consistent feedback I receive is that readers wish for more in-depth exploration. However, I believe that a broader perspective is more beneficial for an introductory text on product management. There are numerous excellent books that delve into specific topics in greater detail.

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2. When Coffee & Kale Compete by Alan Klement (Jobs To Be Done)

Based on the influential HBR article by Clayton M. Christensen, this framework focuses on developing products by understanding the customer's specific goal or "job," as well as the thought processes that lead them to "hire" a product for that job.

From a product management perspective, this framework is essential to have in your toolkit. It goes beyond merely identifying business problems to uncovering the job your product is meant to accomplish. For any product manager, grasping this concept is pivotal for effective product discovery. Without understanding the job your product addresses, you won't be able to solve your users' business challenges.

I view this book as a valuable complement to Cagan's "Inspired." It delves deeper into the realm of business problems. Mastering this skill is crucial for Product Managers aiming for success.

3. The Build Trap by Melissa Perri (Outcome-Based Product Management)

A few years ago, a customer experience professional in my organization suggested that the primary role of a product manager was to swiftly execute client requests. They measured a PM's success by how quickly features could be delivered. This mindset is what’s known as a "Feature Factory."

As a product manager, it’s easy to get caught up in the cycle of delivering features. If your focus is on output rather than outcomes, this book is essential for you. It outlines how to break free from the build trap and concentrate on metrics that genuinely enhance client outcomes.

The book effectively balances storytelling with theoretical concepts, making the application of ideas clear. For those seeking only theoretical insights, I recommend "Outcomes over Output" by Joshua Seiden. At just 86 pages, it’s a quick read that thoroughly covers the theory.

4. Obviously Awesome by April Dunford (How to Nail Product Positioning)

You've created an exceptional product; what's next? How do you effectively bring it to market and ensure it stands out from the competition? This is where positioning becomes vital for your success. As one Amazon reviewer noted, "April Dunford will make you realize that great products and great marketing don’t matter if you don’t position them correctly."

Dunford succinctly explains the concept of product positioning. One of her main points is to avoid the conventional template for positioning statements: "For [target buyers], [product name] is a [market category] that provides [main benefits]." Instead, she encourages defining your unique market position through five key components: competitive alternatives, unique attributes, value, target market characteristics, and relevant trends. A crucial takeaway is that you can’t be everything to everyone; making choices is essential for success—a theme echoed in other literature.

For those seeking a practical guide, the latter half of the book outlines the steps to create a positioning statement. At 184 pages, it’s a quick read.

Additionally, the book emphasizes the business-to-business (B2B) sector. Many product management resources tend to focus on business-to-consumer (B2C), leaving B2B applications to the reader's interpretation. It’s refreshing to see a focus on B2B for a change.

5. Confessions of the Pricing Man by Hermann Simon (Product Pricing)

Are you struggling to determine the right price for your product? While many pricing books exist, they often lean heavily on theory and feel more suited for academic courses. As a practicing product manager, I find it challenging to navigate through these texts.

This book stands out as it offers practical advice alongside theoretical insights. Hermann Simon shares relatable real-world examples from his consulting experiences, making the content accessible. If you're looking to establish effective pricing strategies, this is the essential read for you.

6. Financial Intelligence for Entrepreneurs by Karen Berman and Joe Knight (Financial Intelligence, What you need to know about numbers)

If you're a product manager without an MBA or formal business education, this book is essential reading. Even if you don’t aspire to be the CEO of your product, it’s crucial to understand how to read an income statement and differentiate between net and gross profit. The financial health of your product and the overall success of your company depend on this knowledge.

This topic can often feel dry, which is why many team members have requested a straightforward introduction to accounting and finance. This book delivers just that! It clearly explains fundamental concepts in a concise 220 pages. Before you know it, you'll be confidently discussing the balance sheet with your CFO!

Business/Product Strategy

Over the years, I have always made it a point to include at least one book focused on business strategy in each book club session. Product Managers (PMs) are often busy juggling new releases and urgent issues, leaving little time for strategic thinking.

Without a robust product strategy, PMs can struggle to determine the right direction for their products. How can you decide if one business problem is more critical than another? While prioritization methods like RICE exist, they don’t provide guidance on whether you’re heading in the right direction overall.

Lacking a solid product strategy is akin to being an Uber driver who zigzags from one pressing issue to another. Eventually, you might realize that the market landscape has shifted, rendering your product irrelevant.

In recent years, I have identified several books that offer valuable insights into business strategy. Each of these titles addresses different facets of the subject and works well in combination to provide a comprehensive understanding.

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1. Playing to Win by Roger Martin (Business/Product Strategy Framework)

If you have been a product manager for a year or two, you will likely be asked to clearly articulate your product strategy. A quick online search for "Product Strategy" reveals numerous books and articles on the topic. However, what often lacks is a solid framework to help you systematically define and develop your strategy.

Roger Martin's book provides an excellent strategic framework for thinking through and crafting your approach. He defines strategy as an integrated set of choices that uniquely positions you to succeed against competitors. The framework begins with establishing a winning aspiration and includes critical elements such as where to play and, most importantly, how to win.

If you’re going to read just one book on strategy, this is the one I recommend dedicating your time to. It not only clarifies the essential components of a successful strategy but also guides you through the decision-making process necessary for effective implementation.

2. The Crux by Richard Rumelt (How Leaders Become Strategists)

This book is the second offering from Richard Rumelt, the author of "Good Strategy Bad Strategy." In "The Crux," Rumelt emphasizes the importance of identifying the core challenge—the one issue that is both critical and solvable. Successfully addressing this challenge can enable your product or company to thrive in the market.

Both Rumelt and Roger Martin highlight a crucial aspect of strategy: it defines not only what actions you will take but also what you will intentionally avoid. This can be particularly difficult in organizations where there is constant pressure to do everything quickly. A strategy that spreads resources too thin—often referred to as "peanut buttering"—is not a recipe for success. Making tough choices is essential.

For those who have read "Playing to Win" by Roger Martin, I highly recommend "The Crux" as a complementary read. The two books work well together, providing valuable insights into strategic thinking. For more details, check out my article titled "Playing to Win by Finding the Crux."

3. 7 Powers by Hamilton Helmer (The Foundations of Business Strategy)

Hamilton Helmer identifies seven enduring sources of competitive advantage that businesses can leverage. Some of these concepts, like scale economies, network economies, and switching costs, may already be familiar to you. To achieve long-term success, it's essential for your company to utilize one or more of these strategies.

While the book contains numerous formulas that might intimidate some readers, the chapters detailing the seven powers are insightful and enhanced by real-world tech stories that illustrate the key concepts. The final two chapters effectively guide you on how to apply these powers, discussing which strategies are most effective at different stages of a company's lifecycle and which ones to prioritize.

Although this book primarily focuses on business strategy rather than product strategy, it is crucial reading for anyone in product leadership. At 180 pages, it’s a quick read that provides a solid understanding of foundational business strategy principles.

Conclusion

By integrating these strategies into your product management approach, you can enhance your ability to create meaningful products that resonate with users and stand out in the marketplace. Ultimately, mastering both product and business strategy will empower you to drive your organization toward sustained success and relevance in an ever-changing environment.