Product Management Consulting: Everything You Need to Know

Looking for a helping hand? As a Product Leader, you don’t have to face everything on your own. It can be lonely at the top. Seeking the sage advice of Product Management consulting has the ability to enhance your operations, elevate your product strategy, and optimize your team’s performance.

Feeling iffy about asking for support? You need to leave your ego at the door. Turning to Product Management consulting isn’t an admission that you’re not good enough. Far from it. Instead, getting this objective, outside assistance allows you to obtain additional insight, helping your products perform better in the long run. 

If you were going to run the 100m sprint, and had the opportunity to have the world’s fastest man Usain Bolt coach you, you wouldn’t turn that down, would you? The same principles apply when it comes to Product Management Consulting; you’re getting your hands on an expert to help you out. 

Opting for Product Management consulting can be beneficial for you and your team. Here’s everything you need to know about this service. 

What is Product Management consulting? 

Product Management consulting is a specialized service where Product Management experts provide guidance, strategies, and support to help you manage and launch your products. The specifics of what they do is all down to your needs. 

Have a skill gap in product life cycle management? You can get a consultant to advise on that. Need work on defining your product vision? A Product Management Consultant can help with that too. 

Essentially, a Product Management Consultant is typically a former or current Product Leader who has been around the block. They’ve walked the walk, and now have the experience to talk the talk and support you in whatever you need. When using Product Management consulting, the support you get is objective. They’re not an internal stakeholder, making it easier for them to get out of the weeds and offer the advice and guidance you need to hear, without any internal pressure. 

If you opt for Product Management consulting, you can expect a Consultant to be well-versed and skilled in:

• Market research: Conducting comprehensive analyses to identify customer needs, market trends, and competitive landscapes to inform product decisions.
• Product strategy: Developing a clear product vision and strategic direction for the product, aligning it with business goals and user requirements.
• Roadmapping: Creating a detailed product roadmap that outlines priorities, time horizons, and deliverables for effective product development and release.
• Agile transformation: Guiding organizations through the adoption of Agile methodologies to enhance flexibility, collaboration, and responsiveness in product development.
• Goal setting: Establish measurable objectives and key results (OKRs) to track progress and ensure alignment with the overall product vision.
• Go-to-market strategies: Designing and executing effective strategies for launching products, including marketing, sales, and distribution plans to maximize market impact.

A consultant is there to bridge the gap in any internal expertise. They pull from their deep pockets of knowledge to set you straight and point you in the right direction. 

Product Management consulting vs. product coaching

Product Management consulting seems pretty similar to product coaching, doesn’t it? To be fair, there is some overlap. A Product Management Consultant can be a Product Coach and vice versa, but there are key differences to these services. 

What sets these two apart is how involved they are in your personal development. A Product Coach is more focused on you, building up your skills and expertise as a product professional while also helping your team improve. Product Management consulting is laser-focused on your product, providing guidance on how to make that a better version while being more strategic. 

So, product coaching has more of a personal touch looking to develop you, whereas Product Management consulting is designed to be more directive. A Product Coach is a music teacher, helping you to play the violin, while a Product Management Consultant is the orchestra conductor, telling you when to play it. 

A Product Coach will also usually build a long-term relationship with a product professional, acting as an ongoing mentor. A consultant is typically only used in a short, defined timeframe, helping to provide solutions as and when they’re needed.

What are the benefits of Product Management consulting? 

Many companies use Product Management Consulting to support their product development. You’ll likely find that many high-performing businesses in your industry were spurred on to success through the advice of a Product Management Consultant. 

There are so many benefits to using one. Consultants can offer real value if you think there is a need. Here’s all you need to know to decide if Product Management Consulting is right for you.

Plug a knowledge gap

You’re not going to know everything about Product Management – you’re really not. It’s not a weakness to admit that, but it is if you don’t. As a Product Leader, you should lean on the knowledge of your product teams to fill those gaps. But what if there’s still something no one is quite sure about? 

Well, that’s a great benefit of Product Management consulting. Depending on your knowledge gap, you can get someone with specialized expertise in that area to support you and provide guidance and advice on what to do. You’ll be able to access Product Management best practices so that you can avoid mistakes and optimize your product development. Learn more about Product Management best practices below:

Objective perspective 

The support from Product Management consulting is unbiased. There’s no noise from internal stakeholders or any involvement with your product that may cloud their judgment. This position allows them to take an omniscient view of how you do things to spot opportunities and issues that you may not have been seeing. 

Familiarity and organizational biases can sometimes pull the wool over your eyes. Getting some Product Management consulting can clear the air to help you see things differently. 

Solve problems faster

Product Management Consultants work efficiently to help you fix your problems quickly, helping you move along your process without wasting any time or energy. This can be crucial in fast-paced markets or if you have a rapid release schedule. 

By using the knowledge and the methodologies they’ve built up over the years of their experience, Product Management Consultants are able to find solutions quickly. 

Customized solutions

Advice from some sources can be fairly generic, trying to be universal to relate to as many different situations as possible. Sometimes you need an approach specifically designed for you that looks deeply at your particular situation to find the best solutions for you, not everyone. 

When you use Product Management consulting, you’ll get custom solutions and actionable strategies designed to meet the specific needs of your company and customers. This can save you time trying to take generic advice and think how it applies to your situation – the Consultants will do that for you so you can get cracking straight away.  

Short term commitment

When you use Product Management consulting, you get access to these experts for as long as you need them. This means that instead of having to go through a long-term hiring process to fill knowledge gaps in your team, you can quickly access this specialized knowledge and then move on once you’ve found your solution. 

This keeps things flexible, especially for businesses that may not need a full-time product expert. You can dip in and dip out depending on your needs and even swap around between consultants to find one that specializes in the areas that you need. 

When would you need Product Management consulting?

There are many scenarios where bringing in a Product Management Consultant can be a game-changer. Here are a few key moments when expert support is especially beneficial:

• When you don’t yet have a product function and want to establish one
  You’ve got the vision, but not the structure. A consultant can help you build the foundations of a product function, ensuring it’s scalable and aligned with your business goals from day one.
  
• When you want to improve your product management function
  Maybe things are running okay, but “okay” doesn’t cut it. A consultant can streamline processes, boost team efficiency, and level up your product strategy to ensure you’re operating at your best.
  
• You have a knowledge gap in a critical area
  Whether it’s market research, customer insights, or tech know-how, a consultant can step in with specialized expertise to fill in the blanks and keep your project moving forward smoothly.
  
• You haven’t yet got a product team and need the help of an expert
  Building a product team takes time – and while you’re putting together your dream squad, a consultant can jump in to cover the gaps and maintain momentum.
  
• Your team is at capacity and you need a short-term fix
  If your team is drowning in tasks and deadlines are looming, a consultant can provide temporary relief, tackling high-priority items without adding to your permanent headcount.
  
• You’re navigating a pivot strategy
  Pivoting is tricky business. With a consultant’s guidance, you can navigate a transformative pivot strategy confidently, ensuring you keep your customer base while evolving your product offering.
  
• You’re entering a new market and need the support of a market expert
  New markets bring new challenges. A consultant with market-specific knowledge can help you navigate unfamiliar terrain, minimizing risk while maximizing opportunities.
  
• You’ve hit a wall
  Maybe you’ve exhausted everything you can think of and still you’re not quite hitting your goals. You might have hit a plateau and none of your experiments are pushing you into your next stage of growth. Getting a fresh pair of eyes, one with experiences you might not have had, can help you uncover the next step to take your product to a new level.

How do you choose your Product Management Consultant? 

If you’re in the market for a Product Management Consultant, there are a few things you want to keep in mind and look out for. All the best Product Management Consultants have common characteristics that indicate their quality, so factor these in when choosing your Consultant. 

Proven experience in Product Management

I mean, this is a bit of a given. You wouldn’t hire a plumber who’s never fixed a pipe before, so, obviously, make sure you choose a consultant who has the level of experience you need. Look for consultants who have their own first-hand experience as a Product Manager or Leader and who have a track record of success. You should also favor a consultant who has knowledge of your industry or market. 

Specialized in what you need

Going back to plumbing, if you need a boiler fixed, you don’t want to bring in a sanitary specialist. If you need specific support in one area of Product Management, find a consultant who’s good at that. You want them to line up with your goals. 

Communication skills

A Consultant is going to be working across multiple teams, so they need to be an effective communicator who can be clear when articulating ideas and detailed when giving their advice, or when saying no. You always want someone who’s going to back up their guidance with evidence.

So if a potential Consultant doesn’t do a good job of explaining their services, or if their emails are hard to decipher, that’s a bit of a red flag. I’d keep looking. 

Cultural fit

It’s important that your Consultant meshes with your company culture and understands your team’s values. A good Consultant will adapt to your style to facilitate smoother collaboration and better results.

Remember, this person is going to be unknown to the team and they’re going to be dishing out advice on what it’s currently working and what needs to change. If that person doesn’t have the right cultural fit or emotional intelligence, you’ll likely get resistance from the rest of the team and end up with disgruntled colleagues. 

References and case studies

Always ask for testimonials, case studies, and customer stories from previous clients. A Consultant’s reputation and ability to deliver outcomes will speak a lot louder than their qualifications and credentials. If there’s no clear evidence of past success, that should be a bit of a turn-off.

You should always go into your Consultant hunt with specific objectives in mind. Know exactly what it is you need help with – what it is you want the Consultant to help you achieve. Then you can align your specific goals with the successes each Consultant has had. Try and find someone who has achieved exactly what you’re hoping to achieve. 

Your budget

You should make sure that the fees of your ideal Product Management Consultant align with your budget expectations. Be warned, senior, well-experienced Consultants can be pricey, but that often speaks to their abilities and skills. They’re able to charge that for a reason. More economical options can work, but you want to make sure that the Consultant has the level of experience and past success that you need.

Keen to get matched up with the ideal Product Management Consultant? We partner with a lot of Consultants that we trust to provide an excellent service. Check out our partners page below to find the right fit for you. You can also find Coaches, Trainers, and more so that you can find the support you need.

How do you measure the success of your Product Management consulting?

So you’ve turned to Product Management consulting, and your Consultant has been and gone. How do you know if they’ve done a good job? Success can look different depending on a few key factors that align product strategy, team performance, and data-driven decisions with business goals. Here’s what successful use of Product Management Consulting looks like:

Clear alignment on product strategy

One of the first signs of success is the development of a product strategy that aligns seamlessly with your company’s broader business objectives. A well-defined product vision and roadmap give your team a clear direction and ensure everyone is focused on the same goals. This alignment reduces wasted effort, improves focus, and ensures that your product development efforts are in sync with your company’s growth targets.

Improved product processes

A successful Product Management consulting engagement should result in optimized workflows that are repeatable and scalable, reducing delays and bottlenecks in the development cycle. When your team can deliver products or features faster and with fewer roadblocks, it’s a strong indicator that the consulting has enhanced your processes.

Enhanced team performance

A high-performing product team is crucial for turning strategic visions into reality. Consulting should improve both collaboration and communication within your team, as they suggest ways to foster a more cohesive and effective group.

Success can be seen when your team takes ownership of key product decisions and works together efficiently to execute on the roadmap. You’ll also see a far happier team – so keep an eye on the vibe and check that your team are feeling increased job satisfaction and are more motivated. As a result your staff retention should improve! 

Successful product launch or improvements

Ultimately, the success of any Product Management consulting engagement is reflected in tangible product outcomes. Whether it’s launching a new product or making significant improvements to existing features, success is measured by the product’s market reception and customer satisfaction. 

Positive feedback from users, growth in customer adoption rate, or noticeable improvements to existing products are strong indicators that the consulting effort has had a lasting impact on your business. In short, a successful engagement should lead to measurable product progress that drives customer satisfaction and business growth.

By evaluating these areas, you can measure the effectiveness of your Product Management consulting and ensure that it delivers lasting value.

Data-driven decision-making

Shifting to data-driven decision-making is a clear marker of consulting success. Without solid metrics, it’s difficult to evaluate what’s working and what isn’t. Product Management consulting will help you define clear KPIs and the best metrics to follow for you to gain valuable insights into your product’s performance. With these data-driven insights, your team can make informed decisions that are based on facts, not assumptions.

Keen to see if you’re tracking the right key performance indicators? Browse our definitive list to identify the best metrics for you.

What are the alternatives to Product Management consulting? 

Sometimes it doesn’t quite make sense to go all in on Product Management consulting. Perhaps the budget just doesn’t stretch far enough to justify the extra spending, or maybe you’re looking for something a bit more hands-on and focused on personal development and education. If Product Management consulting isn’t looking like the right fit, here are some alternatives you can try:

In-house training

The support from Product Management consulting can help plug a skill gap for a time, but once you part ways with your Consultant, that gap may still be there. Instead, a good alternative to fill this gap is to organize some in-house training. Here, in-person or digital workshops can help your team improve on key skills, meaning that you can rely on them to perform the function in the future. 

This training can be customized to your team’s needs and promotes a culture of continuous learning, which is essential for product pros. 

Online courses and certifications

In addition to team training, if you believe that there’s a weakness in an individual’s skill set, you can also turn to online training courses, certifications and official qualifications.  

The benefits of online training are that most of these courses allow you to study at your own pace, making it easy to fit the learning around your everyday responsibilities. 

If you’re looking for education for you or for someone on your team, we’ve detailed some of the best Product Management courses, covering a range of different needs.

Peer networking 

Joining Product Management communities and networking with other product professionals can be a great way to get advice, guidance, and learn. You may have already noticed, but Product Leaders LOVE sharing what they know and often provide amazing insights on socials and online communities. 

If you’re looking to learn, get yourself to conferences, follow the best Product Leaders, and join various communities to get access to useful nuggets of information when you need it. As a Product Leader, it can feel like it’s your product against the world, but the truth is you’re able to lean on the community for support and advice. 

Plus, if you build a close circle with other product people doing their own thing, you can use this to keep up with best practices and industry trends. 

Looking for the best communities to get involved in? We’ve got a list of some useful Slack channels for Product Managers you can join that will connect you with loads of Product Managers and other leaders.

A good Product Management tool

Alright, it’s time to blow our own trumpet for a bit. A really good Product Management tool like ProdPad can be a great alternative to Product Management consulting. How? Well, ProdPad has best practices built in, with workflows, prompts and structures all designed to ensure you’re working in-line with tried and tested, modern Product Management principles that will give you the best chance of success. We’re often referred to as ‘the opinionated tool’. Let me explain…

ProdPad was founded by the product thought-leader Janna Bastow, and experienced product leader Simon Cast. They built ProdPad as a solution to their own problems while they were working as Product Managers and struggling with timeline roadmaps and outdated processes. Alongside ProdPad, they invented the Now-Next-Later product roadmap which is designed to keep Product Teams outcome focused, delivering Initiatives that contribute to strategic goals, help achieve OKRs and bring measurable results for customers. The Now-Next-Later, and the approaches that ProdPad is structured around are all designed to help you devise, manage and communicate a product strategy that is grounded in a focus on driving outcomes and not just shipping outputs. 

ProdPad also comes complete with unique AI capabilities, one of which is our AI Product Coach. On hand to offer well-informed, best practice advice whenever you need it, with a click of a button your AI Product Coach can review your product vision, offer an assessment of the alignment between any ideas in your backlog and your strategic priorities, and deliver suggestions on how to make improvements. You can find out here about ProdPad AI here. 

Consulting your way to success

Product Management consulting is about unlocking potential, enhancing strategies, and driving your product forward. It can help you fix something that’s not quite right, and strengthen your product to make it better. Whether you’re tackling a major pivot, establishing a new product function, or simply looking to plug a gap in your team’s skills, a Product Management Consultant can provide the expertise and fresh perspective needed to level up.

But here’s the thing: As useful as Product Management consulting can be, they’re not the only way to improve things. With ProdPad, you can instantly tap into Product Management best practices, manage roadmaps, and nail down your product strategy all within one platform. It’s like having a consultant by your side but in tool form.

Ready to boost your product game? Try ProdPad for free and see for yourself how it makes your product management journey smoother, smarter, and more efficient.