The driving force of any successful business is its products. Product management plays an important role in the process of delivering great products and making consumers understand their value.

Wearing multiple hats at work, product managers strive to make a product successful. They are in high demand in the corporate world. In this article, we have covered all the aspects of being a product manager to help you know more about this lucrative career option. Let’s take a look.

What Is a Product Manager?

As the name suggests, a product manager is one who manages and is responsible for a product and its development. A product could be anything, including software, a device, apparel, and more. However, the product manager is not always responsible for the entire product and can be in charge of the small modules or sections of the product.

a product manager working

Often, the role of a product manager is confused with being a project manager. However, a project manager oversees the team's progress execution, organizing, and tracking. On the other hand, the product manager is more responsible for the strategic aspect of the product, along with getting maximum collaboration from the team to ensure the product’s success.

Additionally, product managers communicate with many people, including the key stakeholders and users, receiving feedback and developing the next course of action in-line with the execution of the product.

Responsibilities of a Product Manager

responsibilities of product manager

As mentioned before, a product manager is responsible for the overall strategy and development of the product. However, the role is complex and has much to do with a broader aspect. Here are some of the core responsibilities of a product manager:

  • Get a solid understanding of the product and market.
  • Developing a business strategy and vision for the product.
  • Defining user experience and product lifecycle.
  • Working closely with the business, technology, and creative teams.
  • Communicating with key stakeholders.
  • Identifying product features and capabilities.
  • Working on forecasts, reports, and analyses of product sales.

Additionally, the role of product managers and their responsibilities change according to requirements and your company, company size, and industry. If you are working for a start-up or mid-level organization, you might be responsible for the entire product. On the other hand, if you’re working for a larger organization, you’ll be responsible for smaller modules of the entire product, such as a specific feature in the software.

Moreover, working for smaller organizations will leave you with many responsibilities to handle, along with hands-on work. At larger organizations, you’ll have a team of experts to handle the hands-on work so that you can prioritize more on developing the product's vision and aligning with stakeholders.

Salary of the Product Manager

The role of a product manager has incredible career potential and is one of the most sought-after career options today. According to Payscale, product managers earn around $101,172 per year on average. The report also estimates the average salary of an entry-level product manager is around $83,322 per year, making it a lucrative career option for professionals who are just starting out.

How to Get a Job in Product Management

a product manager working on a strategy

Becoming a product manager comes with a lot of advantages. Besides being a lucrative career option, the role helps you gain exposure to various products and industries as you interact with every key person in the team.

Moreover, being a product manager requires you to be highly innovative and creative and is an excellent career choice for someone who loves to solve problems and brainstorm ideas. If this sounds like a career path you aspire to, here are some tips to help you get a product manager role:

1. Get a Relevant Degree

Most organizations consider a relevant degree as a prerequisite for becoming a product manager. For the role, you’ll be required to have knowledge of several fields, including programming, creative, and business. So, a relevant degree in Computer Science, Business, and Marketing will help you set your foundations and develop your professional skills.

2. Learn Product Management Through Online Courses

Upskilling through online courses will help you gain the required knowledge in the industry and will help you to stand out in the job market. Below are a few courses you can consider taking up to learn the fundamentals and master product management.

Moreover, you can brush up on your coding skills by taking up these free online computer programming courses and also work on enhancing your business skills with free Udemy courses.

3. Develop Excellent Communication and Leadership Skills

As the role requires you to interact with many people, excellent communication skills are necessary for presenting your ideas and collaborating efficiently with your team. We have compiled a list of the best LinkedIn learning courses to help you improve your communication skills.

A product manager leads the product and team toward a vision. It is important to enhance your leadership skills to lead your team better and succeed in your goals. With these best online leadership courses, you can level up your management skills at work and get the most out of your team.

4. Gain Hands-On Experience Through Internships

Getting hands-on experience through internships will help you gain expertise in the field and make you stand out of the crowd while applying for a job. Also, applying for internships or part-time jobs in the industry will help you get an insight into the role and decide what skills you need to develop further to succeed at your job.

You can apply for the role on the best job search websites, including LinkedIn and Indeed. Moreover, you can also network with your connections in the same industry to recommend you for job openings in their companies. Additionally, after getting hands-on experience, you can create a portfolio of your work experience and stand out in front of your potential employers.

Start Your Career as a Product Manager

The role of a product manager is a challenging career, and one highly responsible for the product’s success or failure. However, the profession is innovative and gives you the amazing opportunity to develop and bring quality products to the end users.

Furthermore, product management is a rapidly growing field and an extremely rewarding career option. By following the outlined steps in the article, you’ll be able to advance your career as a successful product manager.