The forces of digital disruption have dramatically reshaped the global economy, driving organizations across industries to rethink their business models and increase their focus on product development and the talent needed to drive innovation.
The movement toward digital transformation has resulted in significant growth in the product management function. As the field of product management has grown, so too has demand for product leadership in the C-suite. Described by McKinsey as a “mini-CEO,” the modern chief product officer (CPO) must have core competencies in technology as well as leadership and decision-making skills and a laser focus on innovation. But what qualities make for a truly great CPO?
We asked Mohanbir Sawhney, a globally recognized scholar, teacher, consultant, and speaker on business innovation, modern marketing, and artificial intelligence applications in business. Sawhney is the faculty director of the Chief Product Officer Program from Kellogg Executive Education, which prepares senior product managers to step up to this in-demand role.
“The metaphor that comes to mind to me is the many avatars of Vishnu, one of the gods in Hindu mythology,” says Sawhney, “He takes many forms, and each of these incarnations has a distinct flavor or personality.”
Part bean counter and part visionary, the modern CPO must wear many hats according to Sawhney:
The observer: The most effective CPOs are curious and inquisitive about the marketplace and product landscape so they can make informed decisions, says Sawhney. “The CPO needs to be able to see what lies beyond — customers, markets, technology, trends, and insights, observing without judgment while listening deeply and actively.”
The futurist: While even the greatest CPOs can’t predict the future, they are always looking ahead. “Understanding where we are headed is critical — where your product needs to go in response to where the market is going, where customers are going, and where regulation is going.”
The strategist: Creativity is key, but a great CPO also knows how to turn ideas into action. “You must be able to build strategy that marries what is desirable with what is possible and what is profitable,” he observes.
The accountant: A savvy for finance, data, and analytics is as important as the ability to innovate. “The CPO must be a bean counter who keeps track of metrics, the KPIs that matter, and have the ability to track performance against those metrics,” notes Sawhney.
The linguist: Relationship-building and having a strong grasp of every element of product development is crucial. “One needs to speak the language of customers, the language of engineers, the language of salespeople, the language of finance, and the language of legal,” he says. “And then you need to be able to translate across all these languages, including the most important language, which is the language of the customer.”
The diplomat: Sawhney says that the ability to influence stakeholders is critical. “The successful CPO must be able to manage conflict, persuade, influence, cajole, and align competing interests in order to deliver results.”
The activist: Strong leadership and advocacy are a must for a strong CPO, Sawhney argues. “You must always be advocating for the customer and advocating for focus while saying no to distractions and the seduction of more,” he says.
The evangelist: Great CPOs are ambassadors for their products, according to Sawhney. “The best CPOs champion the product internally to secure resources and champion the product externally to customers, partners, media, and analysts.”
The juggler: Project management skills and maximum efficiency are a requirement for success. “You must manage competing demands on time, prioritize your time effectively and keep a calendar to make sure that you are allocating your time and energy to the most important priority,” he says.
The handyman: Top CPOs prize accountability and are willing to get their hands dirty to solve thorny challenges. “Great CPOs take responsibility for fixing any problem with their products, owning the resolution of the issue, regardless of the source of the problem or who is at fault,” says Sawhney. “Asking who is to blame is not as important as asking how to fix what's going wrong with the product in the marketplace, particularly with respect to customer issues and customer challenges.”
Sawhney adds that even if a CPO has mastered all 10 of these qualities, there is still one more key factor that distinguishes the most successful product leaders.
“You need to understand the importance of saying ‘no,’” says Sawhney. “Understanding what to say no to, what opportunities to say no to, what acquisitions to say no to, what customers to say no to, and what markets to say no to ultimately defines what you will say ‘yes’ to.”
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