Product Manager: What They Do and How to Become One?

Product Managers are the new revolutionary leaders for the digital dawn.

As per Jobted, the average income of a Product Manager in India is approximately 246% greater than the country’s average salary.

In the digitalisation dawn, we need people with the experience and skills of a Product Manager. A Product Manager is responsible for the development and strategy of a specific product. They also play a pivotal role in its success within the market. This blog will help you explore the world of Product Managers, how to become one, different roles and responsibilities, etc. Wear your reading glasses and get set go!

Know Your Trade – What is Product Management?

Product management is all about understanding your business’s product and being able to apply strategic skills to meet customer needs. It involves market analysis, blueprinting products, and charting a roadmap for each product’s success.

Product Managers supervise the entire lifecycle of a product, from planning to growth, ensuring it provides a bridge with business objectives and value. They coordinate teams, enhancing innovation and continuous improvement. The skills required to become a great Product Manager include thinking, problem-solving, research, leadership, and innovation. You may not need different degrees to become a Product Manager. There are many online courses, certifications and online MBA in product management. These provide significant experience and skill set training in this domain.

Master the Art of Product Management – How to Become a Product Manager?

To become a Product Manager, you need a mixture of all different things like education, soft skills, experience and hard skills. Let’s explore more on how to become a Product Manager:

Qualifications Required to Become a Product Manager

To become an educationally qualified Product Manager and get placed in a good organisation, you would need at least a bachelor’s degree with a specialisation in management, business or a related field. If your coursework includes advertisements, statistics and communication, it would be a plus for you to step up your job role.

If you are someone who now wants to transition from your specific field to product management, you can go for different types of coursework such as certifications and an online MBA. These courses are available for working professionals, so you can keep your job and strengthen your skills hand-in-hand.

Some of the courses are Product School’s Product Management Certifications, Pragmatic Institute’s Product Management Certification, AIPMM Certified Product Manager Credential, and PDMA’s New Product Development Certification.

Experience Required to Become a Product Manager

If you have the required academic background, then all you need is the cherry on top. This cherry on top will be the work experience that you may have in product management. If you want to become a top leader in product management, then working experience is the right ladder for you to reach the top. This could involve work in marketing, sales, project management, or product development roles. Experience in cross-functional teams and leadership positions can also be helpful for you.

Skills Required to Become a Product Manager

Successful Product Managers have multiple layers of skill sets. Expertise in product management requires a diverse set of skills that play an important role in creating an easy map to conduct tasks on time.  Some of the essential skills for becoming an aspiring Product Manager include:

• Critical and Strategic Thinking Abilities: As a Product Manager, you must have a good grasp of product requirements, analysing skills, and product profitability analysis as well. Strategic decision-making is also an approaching skill that you would need to become a successful Product Manager.

• Quick Problem-Solving: You will be required to supervise, mentor and guide employees with you. During many tasks on supervision, you might require quick decision-making which could be about the profitability of the company and the products.

• Research Skills: When becoming a Product Manager, you must have a good understanding of the market. This includes a thorough knowledge and skills in market analysis. You ought to have professional skills in market dynamics, evaluating customer needs and continuous growth.

• Top Leadership and Innovation: Product Managers are one of the most important assets to any company. Leadership skills speak volumes in the actions and support of your team. Establishing a great engaging workspace, making informed decisions for the team and making sure to take the team’s input while moving forward towards growth are some of the qualities of a great team leader.

Exploring the Dynamics – Product Manager Roles and Responsibilities

The role of a Product Manager is fundamental to the success of a company’s product portfolio. You will be developing and optimising the products and services to meet customer needs while driving business growth. Much like Investment Bankers, who raise capital and provide economic advice, Product Managers specialise in understanding market dynamics and customer demands.

Defined by experts like Marty Cagan, a renowned Product Management thought leader and author of “Inspired: How to Create Products Customers Love,” a Product Manager’s primary function is to translate market insights into actionable small tasks with different strategies. You will oversee the entire product lifecycle, from conception to launch, and beyond.

Your day-to-day responsibilities include:

• Conducting market research to identify customer needs and market trends.
• Defining product strategy and roadmap based on market insights.
• Collaborating with cross-functional teams to ensure successful product development.
• Managing product launches and marketing campaigns to drive adoption.
• Gathering and analysing feedback for continuous product improvement.
• Making strategic decisions to keep products competitive in the market.
• Leading teams and fostering innovation to drive product excellence.

Product Manager Salary in India and Future Scope

According to Indeed, the national average salary for a Product Manager in India is

₹11,88,683. However, the domain of product management is on the boom. It has great opportunities for great salary packages. No fixed limit of salary would be guaranteed after you complete all the necessary skills. Factors that would help you to confirm a higher salary package and permanent future scope in product management include education, projects, research, skills and experience level.

• Average Salary of Product Manager: ₹19,00,000 per year (According to Glassdoor, 2024)
• Highest Salary of Product Manager: ₹34,00,000 per year (According to Glassdoor, 2024)

Overall, The future scope of product management looks promising, with layers of opportunities. From junior Product Manager to Director or VP of Product Management, the world is your oyster, and you are now here to step forward.

Take the first step in exploring the world of product management today.

Takeaway

Demand for Product Managers is high. But are you ready to take the steps to achieve the goals? Product management includes research, marketing, management and strategic planning. If you have these skills and want to grow your career, here’s your chance.

It is a rewarding career path that offers opportunities for growth and innovation, thereby making a tangible impact in the business world. With the right qualifications, training and mindset, you can acquire the skills of a top-notch Product Manager. Whether it’s your passion for technology, marketing, or business strategy, product management offers a unique blend of creativity, leadership, and strategic thinking that can propel your career to new heights.

FAQ’s

Q1. How to become a Product Manager?

You can enrol in different certificate courses to learn the skill and then get placed through the campus or through many recruiters who consider these certifications and courses. Besides this, you can also enrol in an MBA in Product Management, which guarantees a placement as a Product Manager.

Q2. Is product manager a high-demand job?

Yes! There is an ever-growing demand for Product Managers. Due to factors including the widespread use of technology across industries, the dominance of huge tech businesses, and the expansion of e-commerce, the demand for product management roles is rising by about 30% per year.

Q3. Are product managers highly paid?

One of the highest-paying positions in the corporate sector is product management. A common starting salary of ₹ 15.2 lakhs is available to Indian MBA graduates annually, excluding bonuses and other compensation components.