In today’s job market, a product manager is one of the highly demanded professions. However, many suitable job seekers and students, who are only choosing their major, do not know what this position implies and what skills are required to apply for such vacancies. The aim of this post is to help you understand the key points about the product manager role, responsibilities, needed skills, and salary.
Worth noting that the specialists we are talking about here are especially in high demand in IT companies that develop new software, websites, mobile applications, and other digital products. This defines the main requirement – being tech-savvy. If you don’t know how to work with Google, Microsoft Office, and other basic software and services, first, you have to build this base. The basic knowledge of coding and principles of the creation of mobile applications or websites are also important, but the technical skills greatly depend on the specifics of an employer’s company.
This field implies the set of activities revolving around UX (user experience), tech, and business, which should be conducted from the conception of a new product idea till its monetization. Product management is an organizational position responsible for every step of the product’s lifecycle.
The specialist studies and analyzes the audience to influence the final product before it is released; choose the target audience, functions that the digital product has to have, user support rules, and works on many other aspects. This position also involves prioritizing tasks to help the team implement product updates quicker.
Further in this article, you can see examples of key actual tasks and responsibilities that a specialist in this field has to implement.
Although the product manager profession is quite multifaceted and universal, the responsibilities can vary, especially, if you are a beginner. It means, that you can be proposed to undertake a certain set of activities based on the needed type of product manager:
- Technical Product Manager: this position is the best to transition from engineering; you will have less organizational but more technical and testing duties.
- Data/Analytics Product Manager: This position is perfect for people with a statistics background as it involves data management and analysis.
- Product Marketing Manager: This position is less involved in product development and analytics and is focused on marketing tools such as creating case studies, web content, target audience testing, and guiding the marketing team.
- Growth Product Manager: This position works with the finished product to achieve set sales growth goals using short-term experiments, working on a micro rather than a macro level.
The required technical skills can vary from one employer to another based on their product or service features. However, there are essential skills that every product manager should have. Many of them are acquired at a university or college. But the majority are practical skills, gained with practice and under the influence of good mentors.
Here are some of them:
These product manager skills are crucial. The experts in the field improve them by developing, launching, and upgrading new products every year. They understand that each of these skills substantially influences a product's success or failure and permanently work on their approaches based on customer feedback.
Besides qualifications and certifications, the product manager role demands a set of soft skills or personality traits that can help one become an expert:
You can get product manager skills in university or college, here are the best options:
When choosing a new career path, it is natural to be interested in how much income a new profession can bring you. The statistical data for 2022 collected by PayScale indicates that the average proposed salary for the product manager position in India is around Rs 1,700,000 a year. Worth noting, it can greatly alter contingent on the set of skills, experience in this position, and the location of the company. According to the Payscale platform, salaries by city:
Average product manager salary in Bangalore - ₹1,937,550 / year
Average product manager salary in Mumbai - ₹1,324,528 / year
Average product manager salary in Pune - ₹1,720,258/ year
Average product manager salary in Hyderabad - ₹1,710,585 / year
Average product manager salary in Chennai- ₹1,821,209 / year
Naturally, the pay for the young specialist level is lower than the market average. You can expect to earn around Rs 700,000-800,000 a year which is quite good for a beginner. But as you obtain more experience and create a portfolio of successfully implemented projects, you can aim for a salary raise to the above-mentioned average and even Rs 3,000,000 a year.