Every company these days is a technology company. Every company is building a product. It is impossible to work in silos and succeed. In order to build and market a product successfully, every company requires a smart, impeccable product management strategy. Hence, every company is on the lookout of product managers.
Product managers- crucial to any company’s success
Product managers are the most consequential hires of any company. They can make or break your company. A product manager is a crucial link that keeps teams together. One of the major roles of a product manager is to build relationships within and outside the company. They are required to create customer value, while producing measurable benefits making the business viable.
In a nutshell, the responsibilities of a product manager include-
– Managing the concept, to design, sample production, testing, forecast, cost, mass production, promotion, support, and finally product end of life.
– Delivering the entire plan, along with charting out growth objectives including market share, revenue, profit and return on investment for all the channels.
– Ensuring the management and implementation of marketing activities after proper research, strategic planning, and implementation.
Does Product Management prepare you for a CEO role?
Product management is the domain with the most narrow span of direct control and the widest range of management by influence. Your job involves working together with a diverse group of people, managing them, coordinating with them, without having any formal authority over them. You interact with every person in the company yet none of them report to you. Product management prepares you for leading a team informally, that’s why most of the product managers eventually end up leading their companies formally.
This graph roughly charts the professional growth of a product manager
Product managers, since they are so crucial to the success or failure of a product, are paid quite handsomely. An entry-level Senior Product Manager with less than 5 years of experience can expect to earn an average total compensation of Rs 1,620,000. A Senior Product Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of Rs 1,819,000 based. An experienced Senior Product Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of Rs 2,161,000. A Senior Product Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of Rs 2,000,000.
Skills required to become a product manager
No school or university trains you to become a product manager. Also, product management does not require any specific degree but a strong knowledge of programming, content, and some industry experience is beneficial. Additionally, a product manager is required to have good communication skills, a keen analytical sense, and the ability to be a lead a team. There are online courses that’d help you to grasp the skills ,and processes to become a good Product manager and learn industry specific tools. Taking these course would equip you with the knowledge necessary to build a killer product. Most good courses teach you with real life examples of big companies who have made and marketed hugely successful products.
We’d recommend these courses if you wish to make a transition into a Product management career.
The future of product management
We can safely say that as more and more companies are building products, thanks to the technology boom that we are experiencing these days, the demand for product managers is only going to grow. Learning product management skills is a great way to future proof your career, and stay relevant in the constantly changing work environment.