They can accomplish these goals by ensuring the routine maintenance of the product as well as the portfolio of products they manage.

Product families need a well-defined portfolio strategy that identifies which areas of the portfolio the PM will promote, which areas are under performing, the products that require investment and the offerings that should be terminated. Recommendations should include any potential new product opportunities and every portfolio strategy should include a portfolio roadmap. This portfolio strategy ensures that the best portfolio is being maintained and new areas for investment are routinely being evaluated.

In addition to maintaining a portfolio strategy, organizations should build out separate product strategies for each of the company’s flagship products – including a product roadmap. Recommendations should include technology enhancements or version changes to maintain their share within the market and continue to drive profits.

Product strategies can not exist without portfolio strategies and the converse is true. Product managers are the stewards of an organization’s value and value growth. It is incumbent upon them to learn how to effectively grow and deliver on that value.