Do you know who a product manager is? If yes, then are you interested in this role? Have you always dreamed of working in large organizations and overseeing the development of products? Do you find the idea of your products helping other people appealing?
If you answered all of these questions with a resounding yes, then we have great news for you. You are suited for a career as a product manager! But, sadly, this is not all that you need to make a final decision regarding whether you want to be a product manager or not. We listed the top 7 highest paying cities for product managers.
This is why, in this article, we are going to discuss all aspects related to the role of a product manager. We will list everything from the responsibilities that a product manager would have to fulfill to the average salary. Apart from that, we will also look at some of the best cities for product managers in India.
Who are Product Managers?
Let’s begin by first understanding the role of a product manager in more detail. As the title indicates, a product manager is an individual who is responsible for developing products within an organization. In other words, this professional role refers to the practice of product management.
Product managers are often trusted with supervising the business strategy behind a product. It is also the job of a product to specify various functional requirements and manage the general launch of features.
An individual needs to remember that the use of the word ‘management’ is somewhat relative in this definition. Here, the term ‘management’ covers everything from the conception of the idea to the task of building marketing strategies. It means that a product manager has to handle everything that falls under the lifecycle of a product until the product is running actively.
If you look at any article about the best cities for product managers to work in, you would realize that there is a lot of demand for people in this role. This is one of the reasons why product managers are paid so handsomely.
What are the Responsibilities for Product Managers?
As we have mentioned before, product managers have to fulfil a very diverse role. This is why they have a lot of responsibilities. To make things a little bit easier to understand, we have compiled a list of all the significant responsibilities that product managers have to fulfil.
If a product manager can fulfil these responsibilities, then he or she can quickly get an excellent salary package in one of the best cities for product managers. The list of duties is mentioned below.
- It is the job of a product manager to set out a detailed vision, roadmap, and strategy for a product.
- The product manager must specify the research that is needed to gather the required information from the market. This information should help in determining and representing the needs of the customers.
- Provide a vital perspective and insight on the portfolio planning of products
- Review all specifications and requirements related to the product
- Evaluate new ideas for products
- Be a good team player and work in collaboration with the sales, marketing, engineering, and support team. This would ensure the fulfilment of all the business case goals. It will also help in developing a product that satisfies the customers.
- If an individual wants to work in one of the best cities for product managers, then he or she should also be able to gauge the existing competition in the market. This can be done by comparing the product with competitive organizations.
- Getting feedback from customers to assess the sales result and market data related to the product
- Define all primary objectives for market communication of the product
- Prepare short and long-term reports, forecasts, and analyze the sales of the products.
- Use marketing research data, sales cost and review production to draw product pricing.
- Recruit and train talented employees for the product management staff
Understandably, all of this can sound very complex. However, individuals working in some of the highest paying cities for product managers perform these responsibilities daily. This shows that all you need are skills. And you will be able to grow into the role of a great product manager.
The Skills Required to be a Good Product Manager
In the previous section, we mentioned some of the skills that are vital for product managers to possess. In this section, we will discuss exactly what those skills are. We have prepared a list for the same, and the list is mentioned below.
One of the essential skills that one requires if he or she wants to work in the best cities for product managers is strategic thinking. By strategic review, we mean that the individual must be able to take the initiative and set reasonable goals for the product. The product manager needs to have a higher level of vision.
All of this can only begin if the product manager can ask the right questions at the right time. One also needs to have a clear understanding of the market and the competition. This would give the product a running edge.
Working in the best cities for product managers is not easy. But having excellent oratory skills can certainly make this task a little easier. As a product manager, an individual would have to work with a large team. This means that the product manager has to keep everybody in the loop.
This task won’t be possible if the product manager is not able to adjust his or her language based on the audience that he or she is working with. For example, the language or the tenor that one needs to follow while dealing with customers is different then what one might have to use with people from marketing, finance, or sales.
Product managers must also have a higher level of expertise in multiple fields. This is mainly because they would have to deal with several internal and external stakeholders.
The Art of Negotiation
The primary job of a product manager is to get work done. This can only be possible if the product manager has the relevant negotiating skills. If a product manager has successfully learned the art of negotiation, then he or she can go a long way. This is one of the essential skills that one needs to work in the best cities for product managers.
Resourcefulness and Analytical Skills
Product managers must always have meaningful insights to share with their teams. This can only be done if a product manager can analyze and solve problems efficiently by taking up a holistic approach.
A product manager must never give up. He or she should know how to deal with failures and how to make the best of the worst possible situation. They need to be visualizers who can guide the entire team through the product development process.
Gone are the days when one could adopt the role of a screaming boss to get work done. These days if a product manager wants to be good at his or her job, then he or she also needs to possess some soft skills.
A product manager must have an understanding of psychology, communication, data analysis, and market research. He or she must also be able to understand the perspective of other parties like the customers.
The Top 7 Highest Paying Cities for Product Managers
Till now, we have covered who a product manager is, the responsibilities of a product manager, and the skills that one must have to be a great product manager. This means that you should now have a basic idea of the kind of professional role that you are interested in.
But the one thing that we haven’t discussed till now is the topic of the highest paying cities for product managers. This is exactly what we are going to do in this section.
According to various sources, the average salary of a product manager in India is INR 1,669,290. And this average salary can go up to INR 3 million in some cities. We are pretty sure that you would want to know about which are the highest paying cities for product managers.
Lucky for you, we have made a list of highest paying cities for product managers. And the list is mentioned below.
1. Bangalore, Karnataka
Bangalore is a city in southern India. This city is widely regarded as being the primary centre for India’s high-tech industry. And according to various reports, it offers some of the highest salaries for product managers. A product manager working in Bangalore can easily make 17% more than product managers working in other parts of the country making it one of the highest paying cities for product managers.
2. Pune, Maharashtra
Pune is a sprawling city that is known for its beauty and charm. This city hosts many wonders, but one thing that you probably didn’t know is that this city offers 10% higher average salaries to product managers in comparison to the rest of India making it one of the highest paying cities for product managers.
3. Chennai, Tamil Nadu
Chennai is the capital city of Tamil Nadu, and it is situated on an elevation of 6.7 meters. This is a beautiful city that has a lot to offer to the technological field. If you are a product manager who is working in Chennai, then there are pretty good chances that you are making more than your counterparts in other cities making it one of the highest paying cities for product managers.
4. Hyderabad, Andhra Pradesh
Hyderabad is known for its high-quality fabrics, restaurants, and shops. Along with all that, Hyderabad is also an essential technological centre. Working as a product manager in Hyderabad won’t just fetch exciting salary packages, but it would also offer invaluable experience to the individual.
5. Gurgaon, Haryana
It is the dream of many students to work as a product manager in Gurgaon, Haryana. This city is known for its high-end restaurants and quality of life. If you desire such a lifestyle for yourself, then working as a product manager in Gurgaon can fulfil all of those dreams by giving you an extensive salary package.
6. Mumbai, Maharashtra
Mumbai is the city of dreams. So, it should not come as a surprise that this city can also fulfil your dreams of becoming a great product manager with an impressive salary package. This city also has a lot more to offer. To explore that, all you have to do is look carefully.
7. New Delhi, Delhi
Delhi is a massive metropolitan that is known for being India’s capital territory. This city is the perfect place to live in for people who wish to stay connected to technology and a higher standard of living. If you are a product manager who is working in Delhi, then you can rest assured that you will have a high paying job that everybody would be envious of.
These are some of the highest paying cities for product managers.
Read more: Product Manager Salary
These are the top highest paying cities for product managers. One thing that we would like to mention before ending this article is that location is not the only factor that decides how much a product manager can make. Many other factors could influence the salary package of a product manager. Those other factors include the company that one is working for, the total experience, and the kind of skills that one possesses.
This is why instead of merely locating one of the highest paying cities for product managers, one also has to work hard on himself or herself. If an individual wants to be a great product manager, then he or she needs to stay relevant and updated continually.
It is vital to move beyond one’s circle and take pains to make ourselves interesting. A product manager needs to go miles beyond just having the technical requirements. One has to have soft skills. All of this should be done from the moment one decides to enroll in a product management course.
Hence, it is advised that if an individual wants to become a product manager, then he or she should enroll in a high-quality course that values all the requirements that we have mentioned in this article.
If you’re eager to learn about Product Management and interested to become a great product manager, you need to demonstrate qualities of leadership, check out the Product Management Certification Program for it is you who’ll guide your team towards the path of success
What is the need for product management tools?
Many businesses discover that they require product management software to track and manage their product development processes, product lifecycles, product portfolios, sales and marketing activities, and customer feedback and complaints. This allows them to focus on building a quality products that consumers keep coming back for while making the organization a good recurring revenue.
When should you launch your product?
The stage of your business is an important consideration. If you're a start-up, get the product out in the market even before you've established a solid track record or a sizable customer base. If you’re an already established business, you can use your existing customer base to generate attention towards your new launch. Invest in a powerful marketing and advertising campaign. Your target market is also essential to consider. If your target market is unfamiliar with your product, you'll need to devote extra time to inform them about its features and benefits.
What are the responsibilities of a product manager?
A product manager's responsibilities vary per firm. Still, they often include designing and maintaining a product roadmap, collaborating with stakeholders to identify and prioritize needs, and overseeing the product development process.