Charting a path from products to profit

This article is based on Dan’s appearance at the Product Operations Summit in Austin, 2024.

Driving business growth through smart product management is all about bold decisions and adaptability.

I’m Dan Jaenicke, and through my experience leading teams and launching products across various industries, I’ve gained a unique perspective on what truly moves the needle in product management.

From understanding the balance between iteration and innovation to knowing when to cut losses and take risks, I’ve learned that product managers play a pivotal role in shaping the future of their companies.

In this article, I’ll explore key strategies—some unconventional—that can help you not just manage products, but drive real, measurable growth for your business.

The importance of research and customer conversations

When it comes to generic advice, there’s always a heavy emphasis on research and talking to customers.

But you’d be amazed at how many product managers I’ve spoken to, mentored, or worked with who go off and build these incredible products, thinking they’ll change the world. They invest time in research and development, convinced they’ve solved a major problem, maybe even something as big as world hunger.

But here’s the catch: the company doesn’t care. Their product idea doesn’t align with the company’s goals or direction.

It amazes me that when people talk to customers, they often focus externally or maybe talk to their engineering team, forgetting to check in with the people who sign their paychecks. Now, don’t get me wrong—I'm not saying you should just jump through corporate hoops.

But if you’ve got a great product idea, the people funding it need to be on board. Without their buy-in, your idea won’t go far.

This may sound contradictory to one of my next points, where I suggest you stop talking to people—but I’ll get to that further down.

Talk to your best and worst customers

Another common mistake I see is people only talking to their best customers. They create product or customer councils, which is fine in theory, but all you end up with is an echo chamber.

You’ve got the same group of people, like Kev from down the road, giving their opinions, but you're not getting new perspectives. It’s a lot of “yes” people who reinforce your ideas rather than challenge them.

What you really need to do is seek out your worst customers—the ones who hate your product. Find those people who will berate you on the phone and tell everyone they know how terrible your product is. These are the people who will give you the most valuable, brutally honest feedback. They’ll point out the flaws you’ve missed, and that’s where the real insights come from.

Now, you might be wondering, “How do I get these customers to talk to me?” Here’s my advice: bribe them. Not literally, of course—I'm joking—but you need to figure out creative ways to get them engaged.

It frustrates me when product managers say, “Oh, no one will talk to me.” Come on, you’re a product manager! Your job is to figure out how to get people to engage with you.

Take them out for coffee, buy them lunch, send them a $20 gift card—whatever it takes. Just figure it out. At the end of the day, your job is to understand what the market and your customers need and want.

The power of networking and continuous learning

When I say "network," I’m not just talking about events. Real networking happens in your everyday interactions with people in your field.

I’m in Technical Product Management, so I spend a lot of time talking to engineers. I show up at events where the conversations are way above my IQ level, and I just start engaging with people.

It’s tough, and I’ll admit, I go through phases where I’m more or less active, but it’s absolutely invaluable. You can’t underestimate the power of putting yourself in challenging situations and learning from the best in your industry.

Something that surprises me is how few people take the time to read relevant journals and papers. When I was in cybersecurity, people treated those publications like the Bible. At the time, I thought, “Wow, what a bunch of nerds,” but then I realized how incredibly useful those resources are. Essentially, they’re doing a lot of the heavy lifting by compiling a massive amount of market information into a single, easy-to-read source.

When you read these, it means that when you talk to customers, you’re not starting from scratch. Instead of beginning at 0%, you’re starting at 50% because you’ve already done your homework. Trust me, it makes a huge difference.