Reasons to hire a product consultant: Vet new ideas (especially ideas from the top)

This is the second post in my series, "Reasons to hire a product consultant."

So why hire a product consultant to vet new product ideas? Short answer:

1. Reduced chaos

2. Minimal investment

True story: One day, at a former company, the CEO returned from a trip with a new product idea. The idea was slim on its business case, as many new ideas will be, but a mandate for the product was already set. He even had a name for it, which was based on a foreign word he'd heard on the plane. He didn't know what it meant, but he thought it sounded cool.

Quick checklist:

• Do I have research to support this idea? No.

• Does this idea fit with the other products I'm managing? No.

• Would this require a new product line, new technologies, new services, and possibly even new staff? Yes.

• Was I given more budget to address any of those needs? No.

• Could I put my existing products on hold to work on this new product? No.

Many product managers have faced similar scenarios, and with good reason. Executives, senior management, and other entrepreneurial staff often have a knack for identifying worthwhile ventures. But much more than an initial blush of an idea is needed to make sure things go in the right direction.

The role of product manager is often referred to as "CEO of the product." Why? Because the PM is responsible for running the product as a microcosm of the business--meet corporate objectives, handle budgets, enhance the firm's brand and position in the market, address both near-term and long-term needs, etc.

A good PM understands the gravity of his/her role, respects it, and diligently works to fulfill it.

What I wish had happened, in my story above, is that there had been someone else around to wrangle this new product idea--someone who could do some quick market research, shape the vision (if the opportunity was really worth pursuing), and report back to the CEO what it would take to get this new program going. That would leave me to keep managing my three other products (in a different vertical), including two new releases that were already in the works.

What actually happened? I tried to deliver all that work for the new idea while still managing my existing product line. The result was a patchy new product plan, slightly delayed product releases, and a horribly overworked team. I began to look for opportunities elsewhere, and the CEO took my desire to leave as a personal affront.

That someone else doesn't always exist inside your organization. And it's reasonable to hold off on hiring permanent staff for a new, unvetted idea. New hires are costly--salary, taxes, medical benefits, matching 401k funds, office equipment, snacks, tuition reimbursements, etc. It's a lot of investment when you don't have a clear idea on the return.

Product consultants can provide a laser-like focus, evaluating new ideas and their impacts on the company, without pulling staff away from their current work. They bring the value of third-party perspectives, having worked in diverse industries and markets. They are able to speak freely, without fear of repercussions if they have to deliver "bad news" regarding the new ideas. And you can hold off on permanent hires until the costs are justified.

Stay tuned for future posts in the series "Reasons to hire a product consultant."

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Shameless plug: Ewell Consulting, LLC provides product management and business consulting services to the greater Kansas City and eastern Kansas region. Remote consulting is also available. Contact jen@ewellconsulting.com for any inquiries.