Great vs. Good Product Managers

In all my years of product management (and being an electrical engineer and software developer) I've started to pick up what separates the great product managers from the good product managers. I've decided to share my thoughts on this today and I'm curious as to your thoughts. Without further ado:

1. Inspiration - Great product managers know how to inspire the people that they work with. This means inspiring your fellow product managers, your development teams, and your cross functional coworkers. The great product managers are leaders. They know how to endear themselves to others and really be that positive energy that can lead to teams exceeding expectations. They are relentless in their promotion of their products and teams and folks see that and are drawn to them. 
2. Pro-active - Great product managers are always a step ahead. They are already working on the next release and are ready when that request comes. Without being asked they prepare quarterly reviews or highlight market shifts. They seek out opportunities to talk to customers and get feedback. Whenever a request comes in, with very little effort they can meet the request. How many of us, myself included, have had to scurry to create a presentation, business model, etc. when we should have anticipated the request. This is a tough one!
3. Thoroughness - Great product managers know how to "peel the layers of the onion" so to speak. While the good product managers may use anecdotal evidence or a customer interview to support their position, the great product manager will dig deeper into market research, competitive intelligence, customers support cases, multiple customer interviews, discussions with Sales and support, etc. The Great product managers know how to build a more complete picture of the market problem rather than trying to jump quickly to the feature.

Please share your thoughts?

Let me give you the BOOT! - A real world pricing example.

So the other day I injured my calf and the doctor gave me this boot to wear. I originally had crutches but after fumbling around with them, I asked for a boot. So as I leave the doctors office and sign the paperwork I noticed that the boot costs $160 dollars. At first I thought "I should be in the boot making business! That's way too much for a bunch of velcro, foam, with a little bit of metal on the bottom"

But then the product manager in me asked the classic question "What value does this boot provide me and would I be willing to pay $160 for it?" We'll let's see here's the value that it provides:

• Comfort - Way more comfortable that crutches
• Prevents excruciating pain when bending ankle - That's pretty valuable, who likes pain?
• Reduces Healing time - by preventing me from reinjuring myself I can get to normal fun activities much sooner

So now I thought to myself "Is the boot worth $160?" and the answer is YES! Also, if you wear glasses or contact lens, think about how much those cost to make vs. how much they charge.

I would also say that perceived value has an emotional side to it. Think about all those Apple fans who have an emotional relationship with their iPhone, iPod, MacBook,  etc. That increased emotional tie leads to higher perceived value which ties into a higher price. As you design your product, think about the emotion you want your customers to have!