Fractional Product Management
A Smart Solution for Growing SaaS Businesses in Ontario
In this article, we’ll follow the journey of a small SaaS company facing critical product decisions, whether to add new features, create a new platform module, or develop a standalone tool. With no dedicated product management team and a growing list of questions, the company turns to fractional product management services for guidance. Along the way, we’ll explore how fractional services can help businesses like theirs scale efficiently and strategically, without the financial burden of full-time hires.
The SaaS Struggle: Overwhelmed and Unsure of the Next Step
Meet Sarah, the owner of a small SaaS company based in Ontario. Her business has been growing steadily, hitting $1 million in annual revenue. However, recently, Sarah’s team has been feeling stuck. They’ve found their product-market fit but aren’t sure how to move forward. Their platform has been well-received by customers, but Sarah’s team is divided on the next steps: should they continue adding features to their existing platform, build a new module that could attract a larger audience, or break out a completely new SaaS tool?
Sarah knows that adding more features could potentially overwhelm their existing platform. Developing a new module could be costly and resource-intensive, while launching a separate tool feels risky. Without a dedicated product manager or team, she’s unsure how to make the best decision or prioritize these competing ideas.
What is Fractional Product Management?
While Sarah contemplates the costs, she wonders if she should hire a product management team instead. She considers the financial implications: a full-time product manager would cost her upwards of $120,000 annually, plus additional overhead, benefits, and recruitment expenses. In contrast, the fractional product manager offers a more budget-friendly solution, for only the hours needed to make key decisions.
The decision becomes clear, hiring a full-time product manager wouldn’t be the right fit for her small, growing company. Sarah doesn’t need a full-time team; she needs a seasoned professional to help her navigate a pivotal product decision and ensure she’s making the right choice.
With FPM, Sarah can access the expertise she needs to refine the company’s product strategy without overcommitting. The savings allow her to invest more in product development and marketing efforts, which will ultimately fuel growth.
Why Fractional Product Management Was the Right Solution for Sarah
Sarah quickly realizes that FPM offers her the flexibility and expertise her growing company needs. As her SaaS company is at a critical crossroads, fractional product management allows her to tap into an experienced professional who can guide the team without committing to a full-time hire.
Instead of choosing a product manager who would need a long onboarding period and potentially not have the bandwidth to juggle multiple product decisions, Sarah can leverage the expertise of a fractional product manager on-demand. This service allows her to tackle immediate product strategy decisions, identify high-impact features, and map out a realistic plan.
FPM also brings a fresh perspective to Sarah’s business. The fractional product manager can help Sarah’s team focus on what will truly move the needle, based on customer feedback and competitive analysis.
How to Evaluate Fractional Product Management Services
As Sarah moves forward, she knows she needs to evaluate FPM services to ensure she finds the right fit. The key things Sarah looks for in a fractional product manager are:
Sarah’s ideal FPM partner is someone who can help her evaluate all her product options, whether that’s adding new features, creating a new module, or building a new tool, and decide the path that makes the most sense for her company’s long-term growth.
A New Product Strategy for Sarah’s SaaS Company
With the help of fractional product management, Sarah’s SaaS company has a clear path forward. The fractional product manager worked closely with Sarah’s team to analyze customer feedback, evaluate potential market opportunities, and weigh the costs and benefits of each product option. Together, they decided to focus on launching a new, standalone SaaS tool that would address a gap in the market, helping Sarah’s company attract a new audience while leveraging existing infrastructure.
Thanks to FPM, Sarah avoided costly mistakes and was able to make an informed decision that aligned with her business goals. Her company is now on track to grow sustainably, with a clear product roadmap that will guide future success.
Use FPM for your business growth needs
If you’re facing a critical product decision like Sarah and need expert guidance, book a 30-minute consultation with our team today.
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