The job of a brand manager is one of the most sought after in the field of marketing. In most placements in B-schools, students look for a ‘brand management’ job, and why not? It is considered glamorous and exciting.
In reality, however, it requires multiple skills and is fairly complex. Ranging from spotting opportunities through innovation and advertising for brand-building to evaluating marketing spends, a brand management job requires high versatility.
But this article is not about brand management. This part of marketing is so time-consuming that it leaves very little time for new product development. The latter requires a set of special traits that are difficult to come by. This article focuses on the skills and competencies required for the job of a new product development manager.
Handling uncertainty
The first skill a new product development manager must possess is handling uncertainty . It typically involves spotting opportunities and exploring unknown areas.
As very little is known about the new business, everything has to be put together from the beginning, be it from a product point of view, the industry angle or potential competition viewpoint.
Size assessment in new categories, forecasting growth rates, predicting environmental trends, all take place in an ambiguous, uncertain context.
Networking
As new product areas will have to deal with a number of departments, the ability to liaise across functions and get work done is paramount. Especially when the other functions may not have a hierarchical reporting relationship with the new product manager.
Only those capable of working informally with other departments should, therefore, take on the job. There will be occasions when he/she will be required to work with the packaging department on providing aesthetics or protection, or with research and development for developing ideas into products, or with finance to finalise the pricing.
Staying tenacious
This is a competency rather than a skill. Many a time, new product opportunities require belief in the unseen and persistence during adversity. Unlike regular brands that have definite milestones such as sales or market share, this job's deliverables are more on the lines of cost and deadlines.
To be able to work continuously on cost control and not lose track of timeliness requires tenacity.
Self-confidence
As a product development manager, one should be able to see light at the end of the tunnel, even though the path is riddled with doubts — the destination should be promising.
Despite hurdles, the new product manager should have a positive outlook and paint a rosy picture by making things work.
As you would have realised by now, a new product manager’s job is not everyone’s cup of tea. Make sure you have what it takes before you jump in.