2024 Product Management Priorities and Challenges
As product departments begin turning their 2024 plans into action, they must anticipate challenges and prioritize winning business strategies. What do product leaders focus on and how have they planned for 2024?
Want more insights like these?
Join our community
No selling.
No recruiting.
No self promotion.
More like this
2024 Marketing Priorities and Challenges: Insights from the Field
View insights
HR benchmarking report for total rewards strategy at multigenerational organizations
View insights
Impact & Perceptions of A Privacy-First Digital Era
View insightsOne minute insights:
Decision-makers are prioritizing growing their product portfolio, revenue, and client base in 2024
Product leaders are divided on the global economy’s 2024 impact but see employee engagement and budget restrictions as key hurdles to achieving their priorities
Most product leaders express confidence in their department’s role for the organization’s success
Product, revenue and client growth top leaders’ 2024 priorities lists
The most commonly identified strategic priorities for 2024 include introducing new products/services (70%), growing product revenue (68%) and growing client base (52%).
Based on your personal knowledge of your product department’s goals, what are most likely to be your department’s top three strategic priorities for 2024? Select three.
Maintain client retention level 32% | Support existing products/services 28% | Increase cost efficiency 22% | Increase employee productivity 16% | Minimize feedback submission barriers 4% | None of these 0% | Other 0%
Budget restrictions (46%) is one of the biggest challenges for product leaders in achieving their 2024 priorities.
Which of the following do you personally think may pose the biggest challenges to achieving those priorities in 2024? Select all that apply.
Geopolitical uncertainty 16% | Digitization of organizations 14% | Team morale 14% | Regulatory changes 12% | Vendor disruptions 12% | None of these 0% | Other 0%
n = 50
Question: Do you have any final thoughts to share on your personal opinions about your product department’s priorities and planning for 2024?
This is a critical year to get the team to achieve goals set to ensure we can attract new clients and ensure we do not fall behind competitors in the digital space and lose Millennial and Gen Y and Gen Z clients.
Our product department will prioritize understanding customer needs, embracing innovation, and promot[ing] collaboration with other departments.
External factors are expected to affect the product strategic priorities
46% of respondents think employee engagement and motivation will be the most significant talent-related obstacle to achieving their product department’s strategic priorities.
Which talent-related issues, if any, do you think pose the most significant obstacles to achieving your product department's top three strategic priorities in 2024? Select all that apply.
Succession planning and leadership development 34% | Adjustment to in-office working requirements 14% | Team diversity and inclusion 10% | None - I don’t foresee any talent-related obstacles 10% | Other 0%
Leaders are split on how the anticipated state of the global economy will impact their organization’s operations and strategies in 2024.
How do you think the anticipated state of the global economy will impact your organization's operations and strategies in 2024, if at all?
Very positively 0% | Very negatively 0%
Question: Do you have any final thoughts to share on your personal opinions about your product department’s priorities and planning for 2024?
This is an especially challenging time for enterprise SaaS due, in large part, to issues over talent shortages in highly specific areas (such as genAI) and broader macroeconomic concerns.
Product leaders remain confident in department’s crucial role for success
The majority (84%) of product leaders are moderately or very confident that their department will play a pivotal role in their organization’s success in 2024.
How confident, or not confident, are you that your product department will play a pivotal role in your organization's success in 2024?
Question: Do you have any final thoughts to share on your personal opinions about your product department’s priorities and planning for 2024?
I believe we've set the foundational vision needed to adapt to the changing economic landscape in 2023 and it will set us up for success in 2024.
In their own words...
Question: Do you have any final thoughts to share on your personal opinions about your product department’s priorities and planning for 2024?
The product that is in development will have significant impact on our agents and will be very helpful to our organisation.
I think investments in Generative AI and understanding our customers' needs across multiple solutions will be the key areas we need to focus on.
We have a lot of tech talent at our org, but IT management is driven by aggressive 'shareholder value'-driven projects from corporate leadership versus ones aimed at strengthening our product portfolio.
Respondent Breakdown
