In simple terms, product management is the function of an organization that concerns itself with a product’s life cycle, right from justifying the need for a product to finally, working on the feedback received from the market. An efficient product management process ensures the objectives stated above are met by building hugely successful products and synergizing various departmental efforts within an organization to achieve economies of scale.

Do not lose sight of competitors

It’s vital to know that there will always be competition from other players trying to seize a considerable share of your market. It is, therefore, imperative to observe and incorporate the best practices followed by competitors without losing sight and compromising on the business goals and objectives.

Use data for organizational benefits

An astronomical amount of data is available for each product that exists in the market. Looking at the figures closely and figuring how you can best use them to create an effective strategy to be followed in the future is critical in today’s world.

Focus on quality

The desire to increase profits might result in cutting costs during the product production process. Though sometimes required, make sure that you do not save money to such an extent that it compromises the product’s quality.

A product manager salary in India is directly or indirectly dependent on how upskilled and updated they are. Here’s a glance at some of the salary ranges in this field.

According to PayScale, the average salary of product managers in India is Rs. 1,669,290 per year. When starting out, you can expect to earn somewhere around 7-8 lakhs per year.

Based on company

Big organizations pay a hefty salary to their managers while small companies also offer competition to them. For instance, Citibank pays its product managers an average of Rs. 17 lakh per year while HDFC Bank was found to pay around Rs. 9 lakh for this role.

On the other hand, IBM India pays as high as Rs. 20 lakh to their product managers. SAP also pays a similar amount to their product managers. Other tech companies also tend to pay around Rs. 20 lakh for this role.

Based on city

It has been found that product managers in Bangalore can earn around 17% more than the national average. Other cities that offer better pay for this job are Chennai and Pune. New Delhi was found to be the lowest paying major city as the average pay is around 28% less than the national average.

Salary

According to PayScale, the average salary of product managers in India is Rs.1,701,689 per year. It goes high, up to Rs. 3,200,000 per annum for experienced candidates with technical domains like a software product.

Growing demand

The technical product manager role, with a “technical” base either in educational qualifications or in the line of experience, earns the highest average salary. Such candidates are required to keep themselves upgraded with technical skills and remain abreast with technological development around.

Most product manager designations remain in the IT industry with healthcare and educational institutions taking the next two positions. These professionals also find themselves in many manufacturing firms as well.

Future path

Most product managers transform into senior product managers, while few others can be either marketing managers or product marketing managers. Those who are in the former position, can go and become product management directors or group product managers. They are likely to witness an exponential rise in salary as well.