The job of a product manager involves planning and executing a product’s life cycle. Product managers work together with marketing, sales and engineering teams to create differentiated products that address the market/users’ needs and at the same time represent a viable business opportunity.
Professional product managers oversee the creation, promotion, and sales of a company’s goods and services. They are responsible for learning about customer needs, investigating market tendencies, and coordinating with multidisciplinary groups to create goods that meet those needs. To ensure the quality and successful promotion of the final product, they work together with the design, engineering, marketing, and sales teams.
The duties of a product manager change from company to company and from industry to industry.
Responsibilities
- The main job of a product manager is to set long-term goals and a strategic direction for the product. First, you have to study the market. Then, you have to look at what customers want and what they say.
- A product manager’s role is to look into the existing state of the market and spot new trends. This means researching the market, looking at the competition, and looking for ways to grow.
- The main job of a product manager is to write a document called “product requirements” that describes the product’s characteristics and abilities. For this, teams from diverse departments, such engineering, design, and sales, need to work together well.
- The goal of a product manager is to figure out which product features and functions are most important and then put them in order of significance. Customers’ needs and ideas must be taken into account, coupled with practical limits and the organization’s goals.
- Not only does a product manager need to talk to executives and customers, but they also need to talk to cross-functional teams. This means giving presentations, developing extensive documentation, and periodically updating people on the status of the product.
- The main job of a product manager is to oversee the whole process of making a product, from the idea through the launch. To do this, you will need to work closely with the engineering, design, and other teams working on the project.
- A product manager is in charge of making sure that the launch of a product goes well. To make sure the rollout goes smoothly, you’ll need to make promotional materials, work with sales to figure out the best pricing and advertising strategy, and work with other groups.
- The main job of a product manager is to keep an eye on how well the product is selling and make changes to it if needed. As part of this process, it’s crucial to keep an eye on key performance indicators, look at what customers have to say, and look for ways to get better.
Required Skill
- Product managers require strategic thinking skills to develop and execute a product strategy consistent with the organization’s long-term goals. Opportunities in the market, assessments of rivalry, and product development strategies must all fall under their purview.
- The ability to understand consumer wants and needs and translate them into product specifications is essential for product managers. They need skills in user research, data analysis, and understanding consumer behavior.
- Managers of products need excellent communication skills so that they can effectively relay information to a wide variety of stakeholders, including engineers, designers, sales teams, and executives. They need to be able to discuss the vision, strategy, and development of the product.
- Knowledge of Developmental Technologies: Product managers need to be well-versed in computer programming, statistical analysis, and user interface design.
- Product managers require analytical skills to examine information, monitor metrics, and draw conclusions. They should be able to gauge product success and user engagement with the help of analytics platforms like Google Analytics, Mixpanel, and Amplitude.
- Managers of products must have the interpersonal skills to rally members of disparate teams to work together. They need the leadership skills to rally the troops behind a common goal, find creative solutions, and make tough calls.
- Product managers must be adept at time management in order to effectively prioritize work, keep to deadlines, and readjust priorities as needed. They need to be able to meet immediate needs while also planning for the future.
Qualifications and Training For Product Manager
All you need to start your career as a product manager is a bachelor’s degree in business, economics, computer science, marketing, statistics and management. You can also go for an MBA program or better still opt for an online course and get certified as a product manager. We recommend the following certification programs.
- AIPMM Certified Product Manager Credential
- Product Development and Management Association’s (PDMA) New Product Development Certification
- Product Management Certification Programs
Average Annual Salary For Product Managers- $113,446
Entry level (0 – 2 years)- $69,630
Early Career (3 – 5 years)- $70,825
Mid-Career (5-9 years)- $89,536
Late Career (10-19 years)- $123,868
Experienced (20+ years)- $156,464
Job Outlook For Product Managers
According to the Future of Product Management Report, product managers are in high demand as 43% of companies are hiring more product managers. It’s been estimated that the product management market will continue to rise globally and by 2025, the market would be worth $31.84 billion. This means there are enough job opportunities to explore and you don’t have to worry about market saturation.
