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Role Profile Role Details
Role Title Product Manager Pay band Level 4, Civil Service equivalent grade SEO Business unit Retail Reporting to Senior Product Manager Date produced or updated September 2022
Purpose of Role
To manage as designated by the Senior Product Manager individual products from the NS&I retail product portfolio strategically and tactically, making reasoned recommendations in terms of pricing, product features, customer proposition and enhancements to help NS&I maintain a balanced portfolio that meets the targets agreed with HM Treasury (HMT) and evolving consumer needs. *This role requires advanced Microsoft Excel and Microsoft Powerpoint skills
Key responsibilities
Pricing
Ownership and management of the allocated product portfolio to achieve the agreed annual Net Financing (NF) target.
Analyse data and insights to put forward pricing recommendations to the appropriate audience (to
include Senior Product Manager, Head of Product, Retail and Pricing Committee), ensuring that pricing recommendations balance our pricing principles and achieve targets.
Prepare NS&I Pricing Submissions (with appropriate support) to be escalated to HMT and the Economic Secretary of the Treasury (EST) for approval.
Analysing sales/retention/market figures and trends to maintain a deep understanding of external markets regarding pricing of equivalent products and full appreciation of sensitivities regarding how NS&I sales, retention and levels are impacted by price.
Product Management
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Ownership / development and management of allocated product portfolio to ensure sustainable NF for the future, including input into the product strategy review and planning process.
Understanding of the complete product lifecycle and making recommendations for enhancements where necessary to meet with customer, business and legislative requirements using research and consumer insights.
Recommendations of enhancements ensuring alignment with NS&I strategy and Service Delivery
Measure (SDM) targets to meet customer needs.
Product Owner/Business Manager of key projects (i.e. product enhancements and new product development): Own business decisions and outcomes for assigned projects and initiatives; influencing decisions on project delivery by representing projects and the team at relevant committees and decision-making forums; leading on and liaising with key stakeholders; being responsible for making key business decisions, business case sign off and other key project gateways; being accountable for approval gateways (product enhancement process)
Managing the flow of requirements from the product backlog into planning
Working with key stakeholders/team members to break down areas into workable elements and put together in ways that support development and business users..
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Helping specify story acceptance criteria, including customer testing and witness testing. Customer
Developing product specific pricing strategies, ensuring that all regulatory, Treating Customers Fairly (TCF) and policy considerations have been covered in the decision making process.
Develop a deep understanding of consumer needs / values and how these impact product design and range.
Supporting the Senior Product Manager in product and channel sales plans and forecasts. Promotion
Ensuring product marketing activity benefits NF and customer needs. Supporting retention, planning and forecasting to retain customers by monitoring weekly retention
figures and making recommendations on campaign initiatives and forecasting monthly/annual retention figures.
Channel
Working with key stakeholders to model/forecast initiatives to ensure appropriate resourcing and risk identified.
Driving digital solutions in product design.
Process/Customer Experience Commissioning research, working with the Experience team to recommend product
enhancements and changes to products.
Leading on user testing to assist with managing customer reaction to product changes and developments.
Understanding the customer needs, competitive market and emerging trends.
Relationships
Internal External
All NS&I directorates, all levels NS&I Board Executive Committee Retail and Pricing Committee
Atos, all levels Professional bodies HMT DRM
Person specification
Essential experience
Experience of product management to include analytical pricing skills, in a regulated environment, preferably within financial services.
A track record of delivery in large and complex environments, including the ability to deliver key projects in accordance with direction from the line manager.
Essential skills
Advanced knowledge of Excel and PowerPoint.
Number orientated, with robust analytical capability, with a problem solving mind set.
Ability to articulate analysis and ideas through clear and coherent verbal/written presentations.
Experience of digital proposition development and technological enablement.
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A proven self-starter mentality, with an enthusiastic and energetic approach to their work and interaction with colleagues.
Passionate about the customer, anticipating and identifying customer needs and responding appropriately to improve the product experience within a changing environment.
Excellent communication skills and ability to manage relationships effectively across the business and externally where relevant.
Desirable experience, skills and qualifications
Experience of Agile methodology
Civil Service Success Profiles behaviours Level 3 We'll assess you against the behaviours in the Civil Service Success Profiles framework. In this role, the following behaviours are key to success.
Making effective decisions. Managing a quality service. Working together. Seeing the bigger picture.