The interconnectedness of the present-day world offers many opportunities to the people. Accessibility is one of them. It is easier to network with people, acquire knowledge in the required field and access the global market. As a result, many new companies have opened up. Hence, the competition has increased for the current players in the market.
Businesses are taking care of the minute details so that their product stand out among the competitors to be a winner in this cut-throat competition. One such area which requires specialised attention is Product Management. Big companies hire product managers to help with the entire process of product management.
What is Product Management?
Product Management is the process of taking care of the product during its entire lifecycle to make it unique and useful. A product goes through many cycles, starting from its conceptualisation to its market rollout. The product management team closely monitors the target customers and related markets to design the product to provide maximum utility to the customers.
They also use the latest technology to build efficient and user-friendly products. According to Martin Eriksson, Product Management lies at the intersection of technology, business and user experience.
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How to become a Product Manager?
Due to the excellent monetary compensation and steeper learning curve in product Management, many people consider making a career in the field. These are the basic requirements to become a product manager:
- Having a Bachelor’s degree is compulsory to make a career in Product Management. It is not necessary to have specific Product Management degrees. You can get a degree in Business Management, Computer Science, or any related field to move ahead in the field of Product Management.
- Although it is not compulsory to have an MBA to land Project Management roles, some senior positions do have it as a requirement. Having an MBA gives you an edge over others and help you land great jobs.
- Having relevant work experience always act as a plus point in your application for a product manager role. You should try to accumulate as much work experience as possible. It will make you well versed with the nature of the job and enhance the resume.
What are the roles and responsibilities of a product manager?
There are numerous roles and responsibilities of a product manager. Some of them are listed below-
1. Analyse latest market trend
One of the important jobs of a Product Manager is to keep an eye on the latest market trends and incorporate any changes required in the product on the basis of the insights derived from the trends. They analyse the data of the closest competitors and take decisions for their products by driving insights from them accordingly.
2. Preparing a roadmap for the product
They are involved in the whole process of product management, starting from product planning to rolling out the product in the market and gathering feedback from the customer. Product planning begins with identifying and working on the insights derived from the market trend. The product is then tailored to suit the requirements of the customers. Product Managers oversee the entire operation from the beginning to the end.
3. Tracking the performance of the product
The tasks of the Product Managers do not end with getting the product launched in the market. They analyse the performance after its launch and derive the key points they need to work upon in future.
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What are the skills you need to become a product manager?
The job of a product manager is diverse, with them taking care of many facets of the business. There are many technical as well soft-skils which the product manager needs to have. Some of which are-
1. Problem-solving ability
This is one of the essential skills needed in the project management industry. Product managers’ are required to solve business problems regarding the product they are involved in. They need to think from the customer’s point of view regarding the problem the product will solve before finalising the product’s design.
2. Research skills
Conducting research is the primary step in product planning. Being adept in conducting research and deriving insights from the research to use it for product designing and strategising for the focus market.
3. Communication skills
Product managers have to communicate with the stakeholders apart from the teammates regularly. They also need to inform the higher-level management regarding the key insights derived from the product’s performance in the market. Hence, communication skills is a must-have for product managers. Learn more about the skills of product manager.
Online Product Management Courses to help you get started
The internet has made learning accessible and easy for everyone. If you are interested in making a career in product management, here are some of the free resources you can use to kickstart your career-
1. YouTube Videos
Youtube is the most common place to learn anything for free. There are a ton of great channels available that will get you a basic idea about the product management field. Channels such as Great Learning and King Siddharth have excellent and understandable videos.
2. Project Management Fundamentals
The course offered by the University of Maryland via edX is entirely free. The 4-week-long course imparts you with ample knowledge on the subject.
3. Product Design
This is the course offered by Google on audacity. The four-module programme, which is spread over four months, equips people with the knowledge needed to get started in the field of Product Management.
4. Digital Product Management
The University of Virginia offers this free course via Coursera. This 5-month-long specialisation programme gives you detailed knowledge of the field and prepares you well for the job market.
5. Introduction to software product management
If you are interested in making a career in Product Management, you can check out the Product Management Certification Programme offered by Duke University in collaboration with upGrad. You will gain in-depth knowledge about Product Management by learning from the esteemed professors of Duke University and other industry experts. It will be an enriching learning experience with a supportive peer group of people spanning across the globe, doubt sessions, question banks, and many other resources.
Product Management is a vital process undertaken by companies to help increase market outreach and revenue. The growing consciousness to focus on minute details of the product leads to increasing job opportunities in the arena. It is a comparatively newer field but offers an enriching professional career. Hence, it is preferred by many youngsters. It is a great career choice considering the exciting nature of the job and the broader career scope it provides in the future.
What is the salary of a Product Manager?
Product managers are paid handsome compensation for their dynamic and strategic role in the company. The average salary of a product manager is around INR 15 LPA. This figure may vary depending upon job experience, company and job location.
What are the average working hours of Product Managers?
The products managers work around 50 hours per week. However, this number differs from company to company.
What is the scope in the field of Product Management?
Project management offers a great career scope. The opportunities will only rise in the coming years as many companies are increasingly hiring Product Managers for their expertise.