The Role of a Product Manager
The demand for Product Managers has increased by 164% over the past year. This is because the world of technology is constantly evolving, with developments in Artificial intelligence and Machine Learning. Products are being reinvented to keep up with the fast-paced advances in technology. For example, Apple has brought out over ten versions of their iPhone in the past 5 years. Companies are using developing technologies to keep up with consumer trends and expectations, and therefore the need for Product Managers has increased significantly.
What is a Product Manager?
Product Managers use their knowledge in business, user experience (UX), and tech to help companies produce high-quality, valuable products that align with business strategy and goals.
Product Managers need to be inquisitive and creative, as they will need to think about consumer problems and how best to solve them with a product. This also involves data analysis and plenty of research into consumer insights and customer trends.
After creating a concept, Product Managers need to build a roadmap for the product life cycle. This involves collaborating with various teams, using their project management skills to delegate tasks and make sure deadlines are met up until the full lifecycle of product production.
What qualifications do you need to be a Product Manager?
A Product Manager’s role is very varied, and therefore there is a much wider range of degrees that can be useful in this field. Product Manager degrees could include a degree in business, economics, computer management, advertising, or digital marketing.
If you do not have a degree, then it is important to look at the desired skills. Perhaps you have learned transferable skills in a current role, such as communication or leadership skills. When it comes to technical skills, it’s best to look into some courses that can help fill your skills gap. For example, there are courses online in which you can learn about different product lifecycles, developing strategies, and different technologies you might use as a Product Manager.
What skills do you need to be a Product Manager?
Technical Skills of a Product Manager:
- SQL
- HTML
- CSS
- Product research
- Product architecture
- Understanding of database systems
- A/B testing
- Prototyping
- Data analysis
Soft Skills of a Product Manager:
- Communication skills
- Relationship management skills
- Organisation skills
- Negotiation skills
- Business acumen
- Strategic thinking skills
- Leadership skills
What is the average salary of a Product Manager?
The average starting salary of a Product Manager is £45,250
The average mid-level salary of a Product Manager is £68,750
The average high-level salary of a Product Manager is £98,250
What are the responsibilities of a Product Manager?
- Manage the product lifecycle from introduction to growth to maturity and decline
- Define the product vision and roadmap
- Gather and manage customer/market research and insights
- Have UX at the forefront of each product development
- Work in collaboration with different teams, including sales, marketing, and engineering
- Prioritise product features and capabilities
- Develop a business case for new products, improvements to existing products, and business projects
What industries do Product Managers work in?
Technology development is happening in every industry, therefore there are many industries a Product Manager can consider. Including:
- Technology
- Healthcare
- Finance
- Digital consumer companies
- Physical consumer goods
- Aerospace
- Automotive
If you enjoy problem-solving, and creative thinking and are goal-orientated, then product management is perfect for you. Due to the amount of research involved, product management is also a fantastic opportunity for people who are always looking to learn and develop their skills.
Product Managers are often involved with the top leadership within organisations, meaning the role lends itself to networking opportunities and great progression.
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