Beyond JIRA Tickets: What should PM learn about.
I recently taught a class of about 40 students on Product Management. I usually start the first session with something like “ If you think your job is to talk to users and gather requirements and create Jira tickets, don’t call yourself a product manager”.
It usually takes people aback. “Thats what I have been doing.”
Being a PM Is More Than Writing JIRA Tickets
If you think a Product Manager’s (PM) job is just writing JIRA tickets and managing backlogs, think again. The job of the PM is to build a business using their product.
A PM’s real job is to understand problems, create value, and drive growth. That means knowing who your customers are, how your product fits into their world, and what levers you can pull to make it successful.
This requires more than just execution. It requires business acumen, strategic thinking, and a deep understanding of how products grow and make money.
Many PMs come from engineering backgrounds and cannot reconcile the business aspects of the PM role. And many are not trained on it. I see many PMs taking classes on AI and Agentic AI etc. And that’s good. Keep doing that too.
But you have to learn how to think like a business person. Your job is to make money for the business. In order to do that, you need customers who are willing to pay. And for that you have to add value and solve problems that are priorities for them.
Can you learn business skills? Absolutely. Do I need an MBA? Not necessary.
If you want to move from being a feature factory PM to a true product leader, here are ten essential skills you need to master.
1. Experience Design (UX/UI)
Why It’s Important
A well-designed product isn’t just about functionality—it’s about creating an intuitive and delightful experience. PMs who understand experience design can better collaborate with designers, advocate for users, and make informed product decisions.
How to Start Learning
- Read: The Design of Everyday Things by Don Norman, Don’t make me think by Steve Krug
- Analyze: Pick your favorite apps and deconstruct why they feel intuitive. Pay attention to the effort you have to expend to get to your value point.
- Learn UX Principles: Take an online UX/UI fundamentals course (Coursera, Interaction Design Foundation), User Psychology
Examples
- Google Search—Minimal, fast, and effective, making it easy for anyone to use without instructions.
- Airbnb’s Booking Flow—A seamless process that guides users through finding and booking a stay effortlessly.
- iPhone – Switch on and start using
2. Business Models
Why It’s Important
A great product without a viable business model is doomed to fail. PMs need to understand how their product generates revenue, what costs are involved, and how value is captured. Specifically, understand who is going to pay especially in a marketplace or product for multiple stakeholders. How much are they willing to pay. Can they get 10x the value of the investment in your product?
What is the main innovation in the business? Is it some tech, or distribution, or pricing? or something else?
How to Start Learning
- Read: Business Model Generation by Alexander Osterwalder
- Read: Stratchery by Ben Thomson
- Practice: Use the Business Model Canvas to map out different companies’ business models.
- Case Study: explore DoorDash and identify revenue streams. And for each revenue stream, identify the business value the customer gets. Is it worth it to them?
Examples
- Netflix—Disrupted DVD rentals by introducing a subscription model.
- Amazon Web Services (AWS)—Transformed cloud computing by offering pay-as-you-go pricing.
3. Growth Levers
Why It’s Important
Building a great product is step one. Step two is getting users and keeping them. Growth levers help PMs drive acquisition, activation, retention, and monetization.
How to Start Learning
- Read: Hacking Growth by Sean Ellis & Morgan Brown
- Follow: Matt Lerner, Elena Vernam, Leah Tharin on Linkedin
- Experiment: Find something in your product that will increase usage, adoption, or get more customers.
- Analyze: Study Dropbox’s referral program—it drove viral growth by offering free storage for referrals.
Examples
- TikTok’s Algorithm—Keeps users engaged by curating highly personalized content.
- LinkedIn’s Invitations—Encourages users to invite their contacts, growing the network exponentially.
4. Marketing
Why It’s Important
A product that isn’t well-positioned or communicated will struggle to gain traction. PMs need to know how to position their product, craft messaging, and understand distribution channels.
The actual act of marketing, demand generation, web site may still be done by marketing teams. However, you should still be responsible for positioning, competitive differentiation, value proposition.
How to Start Learning
- Read: Obviously Awesome by April Dunford (on positioning)
- Read: Value Proposition Design by Alex Osterwalder
- Learn Digital Marketing: Understand SEO, paid acquisition, and content marketing.
- Work with Your Marketing Team: Refine messaging and positioning together.
Examples
- Apple’s iPhone Branding—Creates desirability by positioning it as a lifestyle device, not just a phone.
- HubSpot’s Content Marketing—Uses valuable free content to attract and convert leads.
5. Economics
Why It’s Important
PMs operate within markets, and markets are shaped by supply & demand, competition, and customer willingness to pay. Also regulation, tariffs, laws, the economy, inflation etc. Understanding economic principles helps PMs make strategic decisions.
How to Start Learning
- Read: Basic Economics by Thomas Sowell
- Follow Market Trends: Find something that influences your product scale and is beyond your control
- Case Study: Look at how Uber dynamically prices rides based on demand. Learn how global companies do business with other countries, esp where there is an embargo
Examples
- Airline Pricing—Uses dynamic pricing to maximize revenue per seat.
- Spotify’s Free vs. Premium Model—Balances free-tier ads with premium subscriptions.
6. Statistics
Why It’s Important
One of my favorite subjects in my MBA was statistics, especially inferential statistics. It helped me understand the world around me in terms of not just numbers but probabilities. Getting a grasp on probability is a huge advantage.
Statistics is important for Product Managers because it helps them make smart, data-driven decisions. It allows PMs to understand user behavior, measure the success of features, and spot real trends instead of guessing. Knowing basics like A/B testing, trends, and probabilities helps PMs make better choices. It also makes it easier to work with data teams, understand customer feedback in numbers, and track key metrics like user growth and conversions. In short, understanding statistics gives PMs a big advantage in building successful products.e.
How to Start Learning
- Read: The Signal and the Noise by Nate Silver
- WatchL: Statistics for Product Managers by StatQuest with Josh Starmer on Youtube
- Take a Stats Course: Khan Academy, Coursera.
Examples
- Slack—Used statistics to determine which segment of users retain after using certain features e.g send 3 messages
- Netflix – Users tend to retain higher when they add 3 movies to their save list.
7. Industry
Why It’s Important
For example, in B2B SaaS, understanding buyer procurement cycles, security concerns, and integration needs can help a PM design features that accelerate adoption. Staying ahead of industry trends allows PMs to make strategic product bets instead of just reacting to competitors.
How to start learning
- Read Mapping the Unknown – The Ten Steps to Map Any Industry by Steve Blank on his blog
- Read reports from Gartner, Forrester, or McKinsey to understand trends and benchmarks.
- Read: The Innovator’s Dilemma by Clayton Christensen – Great for understanding disruptive forces in tech.
- Read: Crossing the Chasm by Geoffrey Moore – Essential for PMs in B2B SaaS.
- Watch: “How to Research an Industry” by Slidebean, or “How to Do Competitive Analysis” by Y Combinator.
8. Finance
Why It’s Important
PMs don’t need to be accountants, but they must understand P&Ls, revenue, forecasting, and cost structures to justify investments and communicate with leadership.
Once I had to work with a giant company on a joint product offering with our CRM. I had to create a detailed model that factored their costs and our revenue and determine if this is viable or not. In this case, my recommendation to management was this is not a profitable venture for us and we should withdraw. And we did.
How to Start Learning
- Read: Financial Intelligence for Entrepreneurs by Karen Berman
- Learn to Read Financial Statements: Understand P&L, balance sheets, and cash flow.
- Talk to Your Finance Team: Learn how they model revenue for your product.
Examples
- Tesla’s Cash Flow Management—Uses pre-orders to fund production without excessive debt.
- Amazon’s Reinvestment Strategy—Minimizes profits short-term to maximize long-term growth.
9. Pricing
Why It’s Important
Pricing isn’t just about covering costs—it’s a growth lever. Good pricing strategy can drive adoption, increase revenue, and position a product effectively against competitors.
How to Start Learning
- Read: Monetizing Innovation by Madhavan Ramanujam (check out his podcast with Lenny)
- Study Pricing Models: Freemium, subscription, usage-based, enterprise.
- Experiment: A/B test different price points.
Examples
- Zoom’s Free Plan—Encourages usage and upgrades through feature limitations.
- Netflix’s Tiered Pricing—Offers different plans to match various customer needs.
10. Sales
Why It’s Important
I used to think sales is too cheesy. It’s for the extroverts.
I was wrong. It is one of the hardest jobs especially in a competitive environment.
One of the best things I experience personally was doing sales in an early stage startup. It helped me understand how customers buy, what motivates them, when are they triggered, what objections they have.
So my suggestion is to do some sales or shadow some sales people. Even in product-led companies, understanding how deals are won (or lost) helps you build features that drive revenue. Learn sales objections, buying processes, and deal cycles—your product decisions will be stronger for it.
How to Start Learning
- Read: The Challenger Sale by Matthew Dixon, Sales Pitch by April Dunford, Solution Selling by Michael Bosworth
- Sit in on Sales Calls: Learn what objections prospects raise.
- Understand Buyer Psychology: Why do people say “yes” to a product?
Examples
- Slack’s Enterprise Sales Strategy—Shifted from a bottom-up approach to enterprise sales.
- Salesforce’s Consultative Selling—Sells solutions rather than just software features.
Final Thoughts
Start observing the world and the products you see everyday. Ask questions – Who is this product for? What are they willing to pay? Whats the alternate? What is the value customers receive?
A great Product Manager does much more than just writing JIRA tickets and managing backlogs. The best PMs understand business, growth, and strategy at a deep level. They think beyond features and focus on building products that create real value.
They build product sense.
