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Overview

Product Manager

20,916,000/year
7 courses

What does a product manager do?

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.

What is product management?

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.

How to become a Product Manager in India?

  1. Research the role, and analyze the requirements for a junior position in vacancies on Naukri, Monster, and LinkedIn.              
  2. Take a product management online course or get an education at a university or college.              
  3. Try to build your own startup to train your practical skills.              
  4. Develop your soft skills.            
  5. Build a technical background.              
  6. If it's possible in your town, apply for an internship product management program.              
  7. Get domain knowledge and choose your specialisation.
  8. Apply for a PM role.

Types of product managers


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.
 

Product manager skills

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:

  • Strategic thinking is the ability to “see” how the final product will work and be marketed, and define the key points for the developer so that the product would have value based on the final customers’ analysis.
  • Flexibility to be able to change the initial strategy on the go, be agile and adapt to the new market trends, and so on;
  • Client-oriented approach, being ready to work tirelessly to achieve maximum customer satisfaction;
  • Technical skills to conduct customer surveys and user tests;
  • Good prioritizing, time management, and development of action plan skills;
  • Adequate resource allocation for your team;
  • Being able to perform quality market analysis;
  • Being able to convert business needs to technical ones and vice versa;
  • Have financial knowledge for the development of pricing policy and models of income generation;
  • Being able to work with financial statements and ensure the financial stability of the projects.
  • Determination and tracking of success indicators.

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:

  • Leader qualities. You need to lead people by your example, inspire and motivate them and instil confidence in the product you are working on.
  • Persistence. This quality is crucial to finish the project and achieving the set results despite the multiple obstacles you can encounter.
  • Responsibility. It means taking responsibility for failures, and unmet deadlines without blaming circumstances. Besides, your task is to ensure that your team has the same understanding of responsibility. You can do so by discussing your team policy before embarking on a new project.
  • Curiosity and creativity. This trait is important because you create a completely new product that is going to be released in a market full of competitors. To make it successful, you have to explore new possibilities, features, design solutions, and many other interesting aspects to be able to implement them with maximum effect and exceed your customers’ expectations.
  • Love people. You may be surprised by this point because your main responsibility is to work on a new product and not in HR. But the product should meet people’s needs and expectations. This means you have to constantly keep in mind the best interests of your future clients and remember that they are always right.

Top Product Management Colleges in India

You can get product manager skills in university or college, here are the best options: 

  • Indian Institute of Management
  • University of Technology, Jaipur
  • Institute of Product Leadership, Bengaluru.
  • Institute of Good manufacturing practices of India
  • Narsee Monjee Institute of Management Studies, Mumbai
  • ICFAI Business School, Hyderabad
  • Christ University, Bengaluru
  • Reva University, Karnataka
  • LPU, Jalandhar
  • Department of Management Studies, IIT Delhi

Product manager salary in India

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.

Top-rated companies in India to work as a Product Manager

  1. Amazon
  2. Facebook(Meta)
  3. Google
  4. Uber
  5. Microsoft
  6. Paypal
  7. Ola
  8. Flipkart
  9. Myntra
  10. Apple
Responsibilities of Product Manager
Define the business goals of the product
Form a project team and assign roles, tasks, and responsibilities
Conduct market analysis, including analysis of competitors and trends
Form hypothesis and value propositions for the product positioning
Together with the team, define the understanding and vision of the product development
Create a product prototype
Conduct product testing on real sales and customers
Based on the obtained data, revise and update the product
Update content strategy for the product improvement and marketing
Prepare the product for the launch
Conduct unit economics analysis of the product, financial modeling, and budget planning
Regularly conduct research and analysis of the audience needs and competitor’s products
Salary of Product Manager
junior 1300000-1750000
middle 1750000-2150000
senior 2150000-4000000