Our 20+ years of experience building product teams for tech startups has taught us that the most critical role a Founder/CEO will hire for is the person who sits in the seat of Product Leader.
The role of VP of Product Management is crucial for any tech company, including those who are proptech startups or scale-ups, and here are a few reasons why:
1. Vision and Strategy
The VP of Product Management is responsible for developing the product vision and strategy that aligns with the company's overall goals and objectives. A well-executed product strategy will give the company a competitive advantage over other players in the market, including household names such as WeWork, Zillow, and Altus Group.
2. Market and Customer Understanding
The VP of Product Management plays a critical role in understanding the needs and requirements of the market and customers. They gather customer feedback, conduct market research, and analyze data to ensure that the product meets the target audience's needs.
This is especially essential for proptechs, given the multiple customer segments and user groups they might have (i.e. a B2B enterprise using web-based software applications or homeowners or tenants who use a native mobile).
3. Product Led Growth (PLG)
A proptech startup or scale-up requires a product leader who understands growth and can deliver a path to monetization. The downturn of business at OpenDoor has shone a light on the volatility of a tech market that intersects with the economy and housing market.
4. Cross-Functional Collaboration
The VP of Product Management works closely with other departments (Engineering, Marketing, Sales, and Customer Support) to ensure that the product is developed, launched, and supported effectively. This collaboration is essential for delivering a successful product that meets customer needs and drives business growth.
For these reasons and many more, product leadership roles are considered mission-critical to the success of a tech startup and often an area of significant investment.
Making that hire often begins with selecting a search firm whose business model of delivery reflects the market and is likely to deliver the outcome you are seeking.
See how we completed a VP Product search in just 33 days.