Though Information Technology companies have been using the ‘Product Manager’ role for a while, it is a relatively new role in many other industries. However, this is one of the fastest growing roles in all types of business.
A product manager is a person who
- Identifies customer needs
- Strives toward the business objectives of their own organization, the one building the product or service
- Orchestrates a team of talented people to make that vision into a reality.
Some people compare this role to that of the CEO, with the difference being that a product manager oversees only one product instead of an entire company. The roles and responsibilities of a product manager can vary between companies and are mostly influenced by the size of the organization. In small companies, the product manager may be involved in many or all aspects of the company, from market research to product launch. In large, established organizations there may be dedicated teams to perform certain functions; for example, there could be dedicated team that could help with market research, another team for design, etc.
In short, product managers are responsible for finding a balance between client/user experience, engineering/technology, and business objectives. Keep in mind that each one of these areas might pull you in opposite directions due to goals that are not always aligned. In many companies, all these may have to be done without a dedicated team reporting to the product manager.
Education and Qualifications
As product managers are expected to contribute during various stages of product development as well as in the business aspects of a company, a well-rounded bank of knowledge about the industry will be helpful. A bachelor’s degree in the specific area would be a great start. For example, the product role manager is more prominent and common in IT industries; so, a bachelor’s degree in computer science will be of tremendous help, but it is not a requirement. The degree you hold will be of great help in opening the doors for you to various companies, but once you land the job, it is completely up to you to invest a significant amount of time in understanding the particular industry/business, the market, customer expectations, etc. As technology is constantly evolving, it is critical to understand the latest trends in the market.
In addition to a bachelor’s degree, a master’s degree in business administration (MBA) or other specializations related to the industry will help in managing various aspects the product management well.
Responsibilities
Meeting with various teams to constantly communicate the vision for the product, the current status, and the next steps. There is no set definition of to-dos/tasks for product managers which is part of the reason that this is such a difficult job.
Most of a product manager’s actions will be revolving around the following objectives.
- Discovering customer needs
- Prioritizing what to develop/build
- Defining a ‘roadmap’ for the product
- Assembling a team to work on the roadmap features
- Delivering the features
- Gathering and analyzing the data by establishing a feedback system
- Constantly improving the product to stay ahead of competition
Product managers are self-motivated people who are not looking for routine tasks or a clear day-to-day instruction from their managers. Based on the strategic direction and current status, they prioritize various things for the team and help them in achieving the results according to the defined roadmap.
A Day in the Life
Though responsibilities will vary by the industry and product/services type, the typical day could be as follows:
- Data gathering and analysis
- Customer meetings to communicate current features in development and to get inputs on what they would like to see; this could become the future work for your product team.
- If more than one features are identified, then you need to prioritize them based on customer benefits, your organization’s business objectives, etc.
- Documentation: Converting customer requests into specifications to feed design, engineering and development teams
- Stand-up meetings to discuss about what the team worked on previous day and what they will be working on that. Also called Scrum Meetings in Agile process.
- Communication with various stakeholders including management/leadership team
Other Necessary Skills
- Self-motivated to work in ambiguous environment
- Problem solving skills
- Superior communication skills at all layers
- Networking
- People and interpersonal skills
- Goal oriented
Career Progression
- Associate product manager (0 – 2 years)
- Product Manager (3 to 5 years)
- Senior Product Manager (5 to 9 years)
- Director – Product Management (10+ years)
- VP of Product Management
Salary
Product manager salary can vary based on location, years of experience, industry, etc. The median salaries are as follows:
- Associate Product Mangers: $80K+
- Product Manager: >$115K
- Senior Product Managers: >$150K
- Director – Product Management: >$175K
- VP of Product Management: >$200K+
Most companies offer other benefits including bonus, stock options, 401K, etc.
Job Growth
U.S. Bureau of Labor Statistics (BLS) does not track product managers as separate occupation; but according to LinkedIn there are about 14k+ new product manager jobs that have been posted and per another site this occupation is growing about 9% which is more than projected job growth in the US.
Summary
If you are willing to be responsible for all facets of a product from start to finish and enjoy seeing projects through to their completion, have great interpersonal skills (since a huge part of the job is getting things done from others and maintaining relationships with many different people), and are self-driven/motivated (as people will not always be telling you what to do), this may be the right job for you. This profession also compensates well and is growing relatively fast
