Learn what product management is, what product managers do, and how you can develop the skills to join this exciting field.

1. What is the Purpose of Product Management?
2. What is the Responsibility of a Product Manager?
3. What Are the Top Skills Needed for Product Management?
4. Who Does a Product Manager Typically Work With?
5. What Is The Salary Range Of a Product Manager?
6. How Can Someone Become a Product Manager?

What is the Purpose of Product Management?

Product management is the process of creating, developing, and delivering products that solve real problems for real users. Product managers are responsible for defining the vision, strategy, and roadmap of a product, as well as overseeing its execution and launch.

Product management is a vital function in any organization that creates products, whether they are physical goods, digital services, or software applications. Product managers ensure that the products they create are aligned with the needs and expectations of the customers, the goals and values of the business, and the capabilities and constraints of the technology.

What is the Responsibility of a Product Manager?

A product manager is often described as the owner of a product because they have to wear many hats and juggle multiple tasks. Depending on the company or organization, product managers may be doing more than just product management and they use the role name interchangeably with others, but it is important to know the differences. Some of the common responsibilities of a product manager are:

• Conducting market research and user interviews to identify customer pain points, needs, and desires.
• Defining and prioritizing the features and requirements of a product, based on user feedback, data analysis, and business objectives.
• Creating and communicating the product vision, strategy, and roadmap to the stakeholders, such as the executives, the engineers, the designers, the marketers, and the salespeople.
• Collaborating with the cross-functional team to deliver the product, from ideation to prototyping to testing to launch.
• Measuring and evaluating the performance and impact of the product, using metrics, analytics, and user feedback.
• Iterating and improving the product, based on the learnings and insights from the previous steps.

What Are the Top Skills Needed for Product Management?

Product management is a challenging and rewarding career that requires a diverse set of skills and competencies. Some of the top skills needed for product management are:

• Strategic thinking: The main role of a product manager is to define a clear vision for the product and ensure that it aligns with the company’s overall goals and market needs. The ability to define and communicate the vision, strategy, and roadmap of a product, as well as the value proposition and the competitive advantage is a key skill needed for this role.
• Communication skills: Product managers are constantly communicating. Whether that’s through meetings, memos, emails, customer engagements etc, the ability to communicate effectively and persuasively with different audiences, is the most critical skill for product management. PMs need to communicate with a mixed audience such as the users, the stakeholders, the team, and the media, using various methods, such as verbal, written, visual, and data driven.
• Customer empathy:  Product managers should always have a good understanding of who their customers are and what they need. The ability to understand and empathize with the customers, their problems, their needs, and their desires, and to use that knowledge to create products that delight them is a great skill to have and utilize.
• Technical acumen: While not all product managers are technical, depending on the product type, it may be a necessary skill. This technical accumbent gives you the ability to understand and communicate the technical aspects of a product, such as the architecture, the functionality, the feasibility, and the trade-offs. It goes a long way with building your credibility with customers and stakeholders.
• Business acumen: Whether your product is external or internal, or deeply technical, product managers must understand the business they operate in and keep that in mind. Knowing how your product connects with the business goals and objectives will help you with prioritization and decision-making. The ability to understand and communicate the business aspects of a product, such as the market, the industry, the competitors, the revenue, and the costs cannot be underestimated.
• Collaboration skills: Product managers wear many hats and because of this, they often work across multiple teams and different types of stakeholders. The ability to work well with others, across different functions, disciplines, and cultures, and to foster a culture of trust, respect, and feedback is truly needed in this role.
• Problem-solving skills: Understanding and solving customer problems lie at the core of product management. A PM needs to decipher user feedback, market research, and data to identify the most pressing problems users face with the product or within the market. The ability to identify, analyze, and solve complex and ambiguous problems, using data, logic, and creativity is a necessary skill.
• Decision-making skills: The day-to-day of product management requires constant changes resulting in product managers needing to be flexible and agile. Things change, whether that’s requirements, technical limitations, customer needs, or even resources, you’ll need to know how to pivot and pivot quickly. The ability to make informed and timely decisions, based on the available information, the trade-offs, and the risks will help you stay flexible with decisions.
• Leadership skills: Product managers are supposed to be the owner of the product. Owning the product makes you accountable for the outcomes and the team behind it. You will need the ability to inspire and motivate others, to set clear and realistic goals, to delegate and empower, and to manage conflict and change.
• Learning skills: Becoming an expert in your product, working with multiple groups, understanding stakeholders, are all critical tasks for product managers. The ability to learn new things quickly, to adapt to changing situations, and to seek feedback and improvement is an essential skill to be able to manage the role effectively.

Who Does a Product Manager Typically Work With?

A product manager typically works with a cross-functional team that consists of:

• Engineers: The people who build the product, using code, tools, and frameworks.
• Designers: The people who design the product, using wireframes, mockups, and prototypes.
• Marketers: The people who market the product, using campaigns, channels, and content.
• Salespeople: The people who sell the product, using pitches, demos, and contracts.
• Support staff: The people who support the product, using FAQs, tickets, and feedback.
• Executives: The people who lead the organization, using vision, strategy, and culture.

A product manager also works with external stakeholders, such as:

• Customers: The people who use the product, or who are potential users of the product.
• Partners: The people who collaborate with the organization, such as suppliers, distributors, or integrators.
• Regulators: The people who oversee the organization, such as government agencies, industry associations, or standards bodies.
• Media: The people who report on the organization, such as journalists, bloggers, or influencers.

What Is The Salary Range Of a Product Manager?

According to Indeed.com, the salary range of a product manager can go anywhere from 74,771 to as a high as $181,487 with an average salary of $116,490. Of course, with all ranges it depends on your industry, company, level of experience, and product type. For more information on tech industry product manager salaries, levels.fyi is fairly spot on for most positions however it is limited to large tech companies. In a LinkedIn article around compensation satisfaction polling various jobs, Product Management ranked highest as feeling most satisfied with their pay.  

What Does a Day in the Life of a Product Manager Look Like?

A day in the life of a product manager can vary depending on the stage, size, and type of the product and the organization. However, a typical day might look something like this:

• 8:00 am: Check the email, the calendar, and the dashboard, to catch up on the latest updates, messages, and metrics.
• 9:00 am: Attend the daily stand-up meeting with the team, to share the progress, the challenges, and the plans for the day.
• 10:00 am: Conduct a user interview with a customer, to learn about their experience, their feedback, and their suggestions for the product.
• 11:00 am: Write a user story and a specification for a new feature, to define the problem, the solution, and the acceptance criteria.
• 12:00 pm: Have lunch with a partner, to discuss the opportunities, the challenges, and the best practices for working together.
• 1:00 pm: Review a prototype with a designer, to provide feedback, to validate the assumptions, and to test the usability.
• 2:00 pm: Join a demo with a salesperson, to showcase the product, to answer the questions, and to handle the objections of a prospective customer.
• 3:00 pm: Meet with an executive, to present the product vision, strategy, and roadmap, to align the expectations, and to secure the support and the resources.
• 4:00 pm: Analyze the data and the analytics, to measure the performance, the impact, and the trends of the product.

Of course, this is just an example, and every day can be different and unpredictable. That’s part of the fun and the challenge of being a product manager.

How Can Someone Become a Product Manager?

There is no one definitive answer to this question, as product management is a broad and diverse field that requires a combination of skills, knowledge, and experience. However, there are some common steps and tips that can help anyone who is interested in pursuing this career path.

One of the most important things to do is to learn as much as possible about the products, the customers, the markets, and the trends that are relevant to the domain or industry you want to work in. You can do this by reading books, blogs, podcasts, newsletters, and reports, by attending webinars, workshops, and events, by taking online courses, and by conducting your own research and analysis. You can also try to create your own products, prototypes, or mockups, to practice your problem-solving, design, and communication skills.

The most impactful thing you can do is to seek out mentors who are product managers, and who can offer you guidance, feedback, and advice. You can find mentors through your existing network, online platforms, or professional communities. You can ask them questions, shadow them, observe their work, and learn from their experiences. You can also ask them for referrals, recommendations, or introductions, if you are looking for job opportunities or projects.

You can also look for ways to demonstrate your product management skills and potential, by taking on relevant roles, tasks, or initiatives within your current organization, or by joining volunteer, freelance, or side projects. You can also build your portfolio, resume, and online presence, to showcase your achievements, insights, and learnings. You should also network with other product managers, recruiters, and stakeholders, to expand your connections and exposure.