What is a product portfolio?
A product portfolio is the umbrella term used to describe a company’s entire collection of products. For a product portfolio to be successful it is essential that all the products within the portfolio are profitable and deliver against the business strategy.
When there are multiple products having a single roadmap view is imperative to the success of the overall product portfolio management, as it enables strategic review at the highest level of product management.
What is Product Portfolio Management?
Product portfolio management is the successful creation, management, and delivery of your business strategy across your entire product line. Ensuring all products within the product line are profitable and keeping your business moving in the right direction is the key to product portfolio management.
Unlike product management, product portfolio management is less about the day-to-day delivery and project management, it’s about understanding the business goals and delivering against them. When product portfolio management is done effectively you can increase market share, revenue, and customer success.
What is the difference between product portfolio management and product management?
A product manager will usually have one product to manage, or part of a product depending on the size and complexity of the product. However a product portfolio manager will be in charge of the entire portfolio and will spend their time looking at their place in the market and how the products work along side each other and how well they deliver against company goals.
Product Portfolios in Product Management Software
In product management software having a portfolio view is necessary for a company to be able to do product portfolio management effectively. If there isn’t that portfolio view sitting as a layer across your product lines, it’s easy for entire products to become silo’d, blocked or spin-off in a direction far away from your actual strategy..The portfolio roadmap enables you to have the clarity needed to deliver a strategy across your entire product portfolio and see any blockers or issues on the horizon.
If you’re looking to manage your product portfolio within ProdPad you can see more how-to content in our help center.