What is Product Manager: Courses, Skills, Salary & Career

 

What is a Product Manager?

Product managers oversee the product development process from inception to completion. They ensure product growth and success by collaborating with multiple stakeholders. PMs have a unique combination of technical skills, business knowledge, and leadership ability to lead the way for the product team to build the best product.

The product managers are required to understand the intent of the product, the target market, and the value proposition. They articulate and communicate the product vision to the development team and coordinate with cross-functional teams like design, marketing, sales, QA & testing, and the top leadership to ensure their efforts align with business goals and solve real-life customer problems.

Product managers are vital in prioritizing features, creating a roadmap, making tough decisions about trade-offs, and ensuring the product evolves in response to changing market conditions and customer feedback. 

They are sometimes also referred to as the "CEO" of the product, responsible for its success from concept to delivery and beyond. Marty Cagan correctly mentions in his book Inspired that 'even though they are called CEOs, they are no one's boss.' 

What Are the Roles and Responsibilities of a Product Manager?

The role of a Product Manager (PM) is multifaceted and critical to the success of a product concept from inception to launch and beyond. 

Let us understand how a product manager performs his roles and responsibilities through a real-world analogy -

Task: The primary task assigned to the Product Manager is to initiate and oversee the launch of a completely new product line.

The Product Line: This new product line focuses on "sustainable fashion items." Sustainable fashion typically refers to clothing, accessories, or other fashion products that are produced with a focus on environmental and ethical considerations. This may involve using eco-friendly materials, promoting fair labour practices, reducing waste, or other sustainability measures.

Goals:

1. The product manager is tasked to successfully introduce and manage this new product line in a competitive e-commerce market.
2. He is expected to create an end-to-end product that would tap into the growing demand for sustainable fashion items, cater to environmentally-conscious consumers, and differentiate the company in a crowded market.

Explore – Product Manager Courses

Here's a breakdown of the key responsibilities and activities a Product Manager typically performs to ensure the success of a product:

Market Research & Data Analysis

1. Conduct in-depth market research to identify emerging trends, customer preferences, and competitive landscapes.
2. Analyze customer data, user feedback, and product metrics to make data-driven decisions about product enhancements.
3. Continuously monitor competitors, assessing their strengths and weaknesses to inform product strategy.
4. Estimate the potential market size and assess the viability of new product features or offerings.

Example: In the above-mentioned scenario, the product manager will conduct extensive market research to identify trends in sustainable fashion and customer preferences using his market research and data analysis skills. These skills will help him to pinpoint specific areas of opportunity, such as which sustainable practices resonate most with the target audience.

Explore - Data Analysis Courses

Competition Analysis

1. Continuously monitor competitors' products, features, and pricing strategies.
2. Conduct SWOT (Strengths, Weaknesses, Opportunities, Threats) analyses to assess competitive positioning.
3. Identify opportunities to differentiate the product from competitors and create a unique value proposition.
4. Analyze competitor moves and market dynamics to inform decisions about entering new markets or niches.

Example -The product manager will conduct a thorough competition analysis to understand how other companies address fashion sustainability. This informs decisions on how to differentiate the company's product line effectively.

Product Roadmap and Strategy Online Courses	Data Visualization Courses & Certifications
Marketing Courses & Certifications	Business Strategy Courses & Certifications

Adopt a User-Centric Approach

• Conduct user interviews, surveys, and usability studies to deeply understand user needs and pain points to guide product design and development decisions.
• Be the user advocate within the product team, ensuring user feedback informs product enhancements.
• Organize user testing sessions to validate product features and iterate on designs for optimal user experiences.

Example - A user-centric approach is integral in designing sustainable fashion items. The product manager will use customer feedback to guide decisions on materials, designs, sizes and features that resonate with environmentally-conscious consumers.

Product Management Courses & Certifications	Web Development Courses & Certifications
Software Testing Courses & Certifications	Data Exploration Courses & Certifications

Product Roadmapping

1. Develop and maintain a clear product roadmap that outlines short-term and long-term goals, aligning them with the company's vision.
2. Work closely with cross-functional teams to prioritize feature development based on customer value and business impact.
3. Allocate resources and set timelines to ensure timely delivery of key product milestones.
4. Adapt and adjust the roadmap as necessary, considering changing market dynamics and customer feedback.

Example - The product manager will create a detailed roadmap that outlines the entire product development process, from sourcing sustainable materials to designing the product, ensuring ethical manufacturing, and planning for marketing and launch.

Task Prioritization

1. Evaluate and rank features and user stories based on their impact, cost, and alignment with strategic goals.
2. Allocate development resources efficiently to maximize product value delivery.
3. Identify and mitigate risks by prioritizing risk-related tasks and activities.
4. Manage dependencies between different features and teams to ensure smooth development and release processes.

Example - Prioritization skills come into play when the product manager decides what aspects of sustainability to focus on when launching the product line. The product manager uses extensive market research and data analysis findings to make informed decisions. For instance, if the research indicates that customers prioritise eco-friendly materials in sustainable fashion items, he ensures that these materials receive primary focus and resources.

Product Roadmap and Strategy Courses	Data Visualization Courses & Certifications
Public Speaking Courses & Certifications	Brand Management Courses & Certifications

Storytelling & Effective Communication

1. Craft compelling narratives to communicate the product vision and strategy to internal and external stakeholders.
2. Create user stories and use storytelling techniques to convey user needs and pain points to development teams.
3. Develop and deliver effective product launch narratives and materials to engage customers and create excitement.
4. Encourage a feedback loop by sharing user success stories and customer testimonials to motivate the team and validate the product's value.

Example - The product manager crafts a compelling narrative around the product line's commitment to sustainability. This narrative is used in marketing materials, on the product website, and in communication with stakeholders and the leadership to inform, engage and inspire them.

Forecasting & Measuring

1. Define key performance indicators (KPIs) and metrics to measure product success and progress toward goals.
2. Continuously monitor and measure product performance against established KPIs, identifying areas for improvement.
3. Use forecasting models and data analysis to make informed decisions about future product iterations.
4. Plan and conduct A/B tests to assess the impact of product changes and optimize user experiences.

Example - Forecasting is essential to accurately estimate the demand for sustainable fashion items. The product manager will measure the product's success by setting KPIs related to sales, customer satisfaction, and sustainability metrics. Post-launch, he will continually track these metrics to assess performance.

Project Management Courses & Certifications	Data Mining Courses & Certifications
Business Analytics Courses & Certifications	Business Intelligence Tools Courses & Certifications

Product Marketing

1. Collaborate with marketing teams to develop comprehensive go-to-market strategies for product launches.
2. Define clear messaging and positioning, highlighting the product's unique value and benefits.
3. Create marketing materials, including product documentation, website content, and promotional materials.
4. Equip sales teams with the necessary product knowledge and tools to sell the product to customers effectively.

Example - The product manager will collaborate with the marketing team to create a comprehensive marketing strategy for a smooth product launch. This includes identifying target audiences, crafting messaging that resonates with eco-conscious consumers, and selecting marketing channels that reach these audiences effectively.

Marketing Courses & Certifications	Marketing Analytics Courses & Certifications
Brand Management Courses & Certifications	Marketing Research Courses & Certifications

Customer Relationship Management (CRM)

1. Develop and implement strategies to engage with customers, gather feedback, and build strong relationships.
2. Collaborate with customer support teams to address issues and ensure a seamless user experience.
3. To capture customer insights, Establish and manage feedback channels, such as surveys or feedback forms.
4. Segment customers based on behavior and preferences to tailor product offerings and marketing campaigns.

Example - The product manager will maintain a CRM system to capture customer feedback and inquiries. They respond promptly to inquiries and keep customers informed about the product line's development and launch, fostering a sense of engagement and loyalty.

We hope this specific scenario helped you understand a product manager's job roles and responsibilities clearly.

Explore – CRM Courses

Skill up in the product manager skills with these courses –

Python Courses & Certifications	Cloud Computing Courses & Certifications
Java Courses & Certifications	Machine Learning Courses & Certifications
SQL Courses & Certifications	AWS Courses & Certifications
Blockchain Courses & Certifications	Web Development Courses & Certifications
Internet of Things Courses & Certifications	Cybersecurity Courses & Certifications

Tools and Software Used by Product Managers

Product managers use various tools to streamline workflows, collaborate with teams, and effectively manage product development. Here are some of the most popular tools used by product managers.

Jira

Jira is one of the most popular project management tools used globally. Atlassian developed it, allowing product managers to create, track, and manage tasks, user stories, and bugs. Jira offers extensive customization, workflow management, and integration capabilities.

Key Features: Task and issue tracking, custom workflows, reporting and analytics, agile project management, integration with other Atlassian tools.

Trello

Trello is a visual project management tool known for its intuitive card-based interface. It is used to create boards, organize tasks, and collaborate with teams in a visually appealing way.

Key Features: Kanban-style boards, card-based task management, drag-and-drop interface, integration with third-party apps.

Confluence

Also developed by Atlassian, Confluence is a collaboration and documentation tool. Confluence helps to create and share product documentation, roadmaps, and design specifications, fostering collaboration and knowledge sharing.

Key Features: Document collaboration, knowledge base creation, integration with Jira and other Atlassian products, and templates for documentation.

Aha!

Aha! is a product management and roadmapping tool for product managers. It helps product managers define product strategy, prioritize features, and create visual roadmaps.

Key Features: Strategic planning, idea management, road mapping, prioritization, integration with development and collaboration tools.

Must Read - Top Free Project Management Software for 2023

Productboard

Productboard is a product management platform that helps managers centralize product information, gather user feedback, and prioritize features. It provides a user-centric approach to product management.

Key Features: User feedback collection, feature prioritization, product roadmap creation, and customer insights integration.

Asana

Asana is a work management and collaboration tool that allows for creating and managing project tasks and timelines. It offers features for task assignment, tracking, and project planning.

Key Features: Task management, project timelines, team collaboration, reporting and dashboards.

Pendo

Pendo is a product analytics and user feedback platform. It enables managers to understand how users interact with their products and gather actionable insights to improve user experiences.

Key Features: In-app user feedback collection, product analytics, user onboarding and guidance, and feature adoption tracking.

Zendesk

Zendesk is a customer service and support platform for managing customer feedback and support tickets. It helps track and resolve issues reported by customers.

Key Features: Ticketing system, customer support, knowledge base creation, customer feedback management.

These tools offer a range of features to support different aspects of product management, from ideation and planning to development, collaboration, and analytics. The choice of tools often depends on the specific needs and preferences of the business.

Expand your skills as a product manager with product management online courses and articles on various topics, from Basics to Advanced.

What Do Product Managers Use Jira For?

Jira is a versatile tool that plays a central role in the daily activities of Product Managers. It helps them plan, track, and manage product development projects effectively, fostering collaboration among cross-functional teams. Here are some reasons product managers use Jira in the product development process - 

1. Project Planning: Product managers can create and manage project plans within Jira. They define project goals, set timelines, and allocate resources to ensure the product development process stays on track.
2. Issue Tracking: Jira allows for the creation, assigning, and tracking of issues or tasks related to product development. This includes tracking bugs, feature requests, and other work items.
3. Task Assignment: Jira facilitates the task assignment process, where managers can assign tasks to specific team members or development teams. 
4. Prioritization: Managers can prioritize tasks and issues based on customer feedback, business goals, and project deadlines with Jira. Features like pics, stories, and backlog management are some features within Jira that help organize and prioritize work.
5. Progress Monitoring: Jira provides real-time visibility into the progress of tasks and projects. Product managers can track work progress, identify bottlenecks, and adjust to keep the project on schedule.
6. Collaboration: Jira facilitates collaboration among cross-functional teams. It allows communication with developers, designers, testers, and other stakeholders through comments, notifications, and shared dashboards.
7. Release Planning: Product managers can plan product releases in Jira. They can define release goals, milestones, and associated tasks to ensure a smooth release process.
8. Custom Workflows: Jira allows product managers to define custom workflows that reflect their specific product development processes. This ensures that work items progress through the stages that align with the organization's practices.
9. Reporting and Analytics: Jira enables the generation of reports and uses analytics tools to gain insights into project performance, team productivity, and issue resolution trends, thus helping make informed decisions.
10. Integrations: Jira can be integrated with other tools commonly used by product managers, such as Confluence for documentation, Trello for visual project management, and various development and testing tools.
11. Backlog Management: Jira's backlog management feature helps to maintain a prioritized list of features and tasks, ensuring that work items are well-defined and ready for development.

Career Progression of Product Managers

Listed below is the career progression of product managers along with the years of experience required at every stepping stone, job roles and job-specific skills.

Designation & Experience	Job roles	Skills Required
Associate Product Manager (0-2 years)	Assist product managers in their daily tasks and projects. Conduct market research and analyze data to identify trends, customer preferences; and competitive insights. Support the development of product documentation and user stories. Help prioritize features and tasks based on business goals and user needs.	Knowledge of product management and project management. Impeccable research and analytical skills Excellent problem-solving skills Product Sense Excellent written and verbal communication skills
Product Manager (3-4 years)	Define and execute the product strategy and roadmap. Conduct market research to identify customer needs and business opportunities. Work closely with the engineering, design, and marketing teams to deliver products to the market. Monitor and analyze product performance metrics and make necessary improvements. Address product-related problems and develop effective solutions.	Technical Skills Market Research & Data Analysis Roadmapping Prioritization Storytelling Forecasting & Measuring User-Centric Approach Customer Relationship Management (CRM) Competition Analysis Product Marketing
Senior Product Manager (6-10 years)	Develop and implement product strategies consistent with company vision. Conduct deep market analysis to inform product decisions and strategy. Mentor and guide junior product managers and other team members. Coordinate with various stakeholders including engineering, marketing, and sales to deliver high-quality products. Oversee the entire product lifecycle from conception to discontinuation. Oversee product financials, including budget, pricing strategies, and profitability.	Strategic Thinking Leadership Market Expertise Product Lifecycle Management Financial Acumen Stakeholder Management Risk Management Technical Proficiency Customer-Centric Approach Project Management
Principal Product Manager (8-12+ years)	Provide strategic direction and leadership for the product team. Develop and communicate a clear vision and roadmap for the product. Engage with and influence high-level stakeholders to gain support and alignment for product initiatives. Oversee the management and ensure the success of multiple products or product lines. Understand and navigate global market trends, ensuring the product is positioned for success worldwide. Mentor and develop the product team. Oversee the financial aspects of product management, including budgeting, pricing strategies, and profitability analysis.	Portfolio Management  Strategic Leadership  Executive Communication  Business Strategy  Risk Assessment and Mitigation Expert Market Insight
AVP Product (10-15+ years)	Provide high-level strategic direction for the product organization. Drive innovation initiatives and foster a culture of creativity. Identify opportunities for market expansion and new product development. Engage with executive leadership and stakeholders to align product strategies with business objectives. Develop long-term product strategies aligned with company goals.	Advanced Strategic Planning  Executive Leadership  Advanced Financial Management  High-Level Stakeholder Management Technical Mastery Innovation Leadership Change Management Global Perspective Crisis Management
Vice President of Product (15+ years)	Effectively communicate product strategies, performance, and opportunities to the board of directors. Expand product offerings and market reach on a global scale. Lead initiatives that drive significant business transformation, revenue growth, and competitive advantage. Foster partnerships, research, and disruptive product development. Maintain a deep understanding of customer needs and ensure products meet or exceed expectations.	Market Expansion Board-Level Communication Global Market Expertise Organizational Influence Business Transformation Innovation Ecosystem Team Leadership and Mentorship
Chief Product Officer (CPO) / Chief Innovation Officer (CIO) (15+ years)	Provide visionary leadership and set the strategic direction for the entire product organization, often reporting directly to the CEO or board. Oversee and prioritize a diverse portfolio of products, product lines, or business units, ensuring alignment with the overall business strategy. Evaluate potential acquisitions and integrations to support product strategy. Foster a culture of creativity and lead research and development efforts. Drive initiatives that transform the business and achieve competitive advantage. Foster innovation through partnerships, research, and disruptive product development.	Strategic Vision Executive Leadership Organizational Influence Strategic Alliances and Partnerships Financial Acumen Board-Level Communication Mergers and Acquisitions Cross-functional Collaboration

What is the Path to Becoming a Product Manager?

The path to becoming a Product Manager can vary depending on an individual's background and experience. However, some common steps and skills can help you pursue a career in product management:

1. Educational Background

While no specific educational requirement exists, a bachelor's degree is typically the minimum qualification. Degrees in business, computer science, engineering, or related disciplines can be advantageous.

Some individuals pursue an MBA or specialized product management programs to enhance their qualifications.

2. Gain Relevant Experience

Gain experience in related roles like business analysis, project management, software development, or user experience (UX) design. This foundational experience is valuable for transitioning into a product management role.

3. Develop Core Skills

1. Technical Skills: Proficiency in using technological tools and understanding of technology to facilitate product development and communication with development teams.
2. Market Research & Data Analysis: The ability to gather and interpret data, enabling informed product decisions based on market trends, customer behavior, and competitive insights.
3. Roadmapping: Creating a strategic product roadmap that outlines the vision, goals, and timeline for product development, ensuring alignment with business objectives.
4. Prioritization: Skill in assessing and ranking tasks or features based on their importance and impact, enabling efficient resource allocation.
5. Storytelling: The art of conveying complex ideas and product narratives to stakeholders and team members in a compelling and relatable manner.
6. Forecasting & Measuring: Using data-driven techniques to predict future product performance and track key metrics to evaluate success and make necessary adjustments.
7. User-Centric Approach: A mindset focused on understanding and addressing the needs, preferences, and pain points of end-users throughout the product development process.
8. CRM: Managing interactions and relationships with customers to enhance their experience and gather valuable feedback for product improvement.
9. Competition Analysis: Evaluating competitors' products and strategies to identify market gaps, opportunities, and areas where the product can gain a competitive edge.
10. Product Marketing: The art of promoting and positioning a product in the market, including creating marketing strategies, campaigns, and messaging to drive adoption and sales.

4. Build a Portfolio

Create a portfolio that showcases your work, including projects, product ideas, and outcomes from previous roles. Highlight your ability to analyze problems, define solutions, and manage projects.

5. Networking

Attend industry events, meetups, and conferences to network with professionals in the product management field. Building a professional network can lead to job opportunities and mentorship.

6. Certification (Optional)

Consider obtaining product management certifications from reputable organizations or institutions. Certifications can demonstrate your commitment to the field and knowledge of best practices.

7. Apply for Product Manager Roles

Search for entry-level or junior Product Manager positions and apply for roles that match your qualifications and experience.

Tailor your resume and cover letter to highlight relevant skills and achievements.

8. Interview and Assessment

Prepare for interviews with case studies, behavioral questions, and product-related scenarios. Be ready to discuss your experience, skills, and how you approach product management challenges.

9. Continuous Learning

Product management is an evolving field. Stay updated on industry trends, emerging technologies, and best practices through books, courses, webinars, and conferences.

Remember that there is no fixed path to becoming a product manager; individuals often come from diverse backgrounds. It's essential to continuously develop your skills, seek out opportunities, and demonstrate your passion for product management throughout your career.