Job Description
The position is responsible for researching, developing, and launching new products. Responds to company initiatives by driving new products and existing optimizations to meet customer needs. In this position, the
The Product Development manager works with individuals from across the company to identify and define target market segments, CVPs, niche markets market requirements, key business strategies, products and services and the competitive environment for the bank portfolio.
KEY MEASURABLE GOALS
Improved products performance based on set targets. Number of developed products following product development process Growth in market share through increased product uptake Research that delivers value addition to the Bank Developing compelling Customer Value Propositions Introduction of customer tailored products Growth of meaningful and brand equity metric .
KEY RESPONSIBILITIES
Product development
Product Strategy and Vision:
Develop and communicate a clear product development strategy aligned with company goals and market trends.
Identify market opportunities and customer needs to drive product innovation and differentiation.
Collaborate with stakeholders to define product vision, objectives, and success metrics.
Product development Planning and Execution:
Monitor product development progress, identify potential roadblocks, and implement strategies to mitigate risks.
Lead cross-functional teams, including business, marketing, and finance, to ensure efficient and timely product execution.
Create comprehensive product development plans outlining clear timelines, milestones, and deliverables.
Requirements Gathering and Analysis:
Collaborate with stakeholders, customers, and market research to gather and define product requirements.
Conduct competitive analysis to identify gaps and opportunities in the market.
Translate customer feedback into actionable product features and enhancements.
Product Design and Development:
Work closely with sector heads to create user-centered products.
Drive the development process, ensuring products meet quality standards, functionality, and performance expectations.
Foster innovation by encouraging creative problem-solving and out-of-the-box thinking.
Quality Assurance and Testing:
Collaborate with QA teams to identify and address any defects or issues during product development.
Launch and Market Introduction:
Support marketing to develop go-to-market strategies, including pricing, positioning, and promotional plans.
Coordinate product GTM plans ensuring alignment across marketing, business, and support teams.
Monitor post-launch performance and gather customer feedback for continuous improvement.
Cross-Functional Collaboration:
Manage the Product development committee which is a representation from all departments and is mandated by product development policies.
Budget Management:
Manage product development budgets, ensuring resources are allocated efficiently and effectively.
Reporting
Provide weekly, monthly and adhoc market and product reports.
Research and insights
Research Strategy and Planning:
Develop and execute a comprehensive research strategy aligned with organizational goals and objectives.
Collaborate with cross-functional teams to identify research needs and prioritize research projects based on business priorities.
Design research methodologies and frameworks to gather insights effectively.
Research Design and Execution:
Lead end-to-end research projects, including project scoping, designing research instruments, participant recruitment, data collection, and analysis.
Utilize both qualitative and quantitative research methods, such as surveys, interviews, focus groups, and market analysis, to gather relevant data.
Ensure research projects are conducted with rigor and adhere to ethical guidelines.
Data Analysis and Interpretation:
Analyze research data to extract meaningful insights, trends, and patterns.
Employ statistical analysis techniques to derive actionable recommendations from research findings.
Translate complex data into clear and concise presentations or reports for various stakeholders.
Strategic Insights and Recommendations:
Collaborate with leadership and cross-functional teams to translate research insights into actionable recommendations that inform business strategies and decision-making.
Present findings in a compelling manner to various audiences, conveying the implications and potential impact on business goals.
Market and Competitive Analysis:
Monitor industry trends, competitive landscape, and emerging market developments.
Provide regular updates on market dynamics and competitor activities to guide strategic planning.
Stakeholder Collaboration:
Work closely with internal stakeholders to understand their research needs and provide guidance on research methodologies.
Share weekly, monthly and adhoc reports as required.
STAFF SUPERVISION RESPONSIBILITIES
Staff Reporting Directly to the Job Holder
One
PERSON SPECIFICATION
The ideal candidate will be a strategic thinker with a proven track record in successfully bringing new products to market.
The Product Development Manager will play a crucial role in driving the entire product development lifecycle, from concept to launch, while collaborating with cross-functional teams to ensure product success.
Must be creative and an innovative thinker
Education
A Degree in a business, Economics, , statistics, marketing or social sciences field with relevant qualifications including marketing, insurance, communications and/or public relations.
Knowledge and Skills
Analytical and statistical tools to analyze and interpret data – SPSS, STATA, MS Word, Excel, and PowerPoint software.
Experience
7 years marketing research and marketing experience particularly in financial services
Experience in survey design, execution, analysis and other standard research methodologies
Personal Attributes
Strategic thinker with strong organizational and analytical skills
Excellent inter – personal skills
Staff supervisory capability
Highly motivated, flexible and adaptable nature.
Sharp knowledge of market trends
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