What does a product manager do?
A product manager typically works for companies across various industries that develop and sell different services and products to consumers. These professionals work closely with the company product engineers to ensure the development of quality products and services. As a product manager, you'll also consult marketing experts about strategies to market the company's offerings to the public. The job of a product manager is to relay information between upper management and product teams and compile reports that propose some new product ideas. Product managers are also responsible for overseeing the products' manufacturing process and determining the production rate depending on the consumer responses.
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What is the average salary of a product manager?
As of May 2020, the average salary for all management occupations was $109,760, according to the U.S. Bureau of Labor Statistics. Location plays a vital role in determining product managers' salaries. Cities with higher costs of living offer higher wages. For example, product managers are likely to earn higher salaries in the Silicon Valley region than in Houston. Product managers earn more in states and cities with more demand for their products or services.
Like any other occupation, a product manager's salary also increases with work experience. While you don't require a decade-long experience to get higher earnings, you can work on various projects that improve your job portfolio to find a competitive salary. Apart from work experience and geographical location, your salary will depend on the company size, the product you are responsible for, and the industry.
Industries that hire product managers
Project management is one of the most diverse and exciting fields today. It plays an important role in nearly every setting and sector imaginable. As such, many job opportunities are available, particularly as companies seek efficient and innovative ways to implement major plans on a budget. Although there are several avenues to project management success, you need to understand the field's scope before embarking on professional training. While you can find project managers in almost every industry, job opportunities are more abundant in a few industries, such as:
- Information technology
- Engineering and construction
- Insurance and finance
- Energy
- Healthcare
- Law
Product manager job description
Product managers normally work with the people who make products, those who use the products, and those who manage the company to ensure the products meet everyone's needs. You'll find opportunities at any corporation that makes products of some kind, such as manufactured products, technical products, and financial products. As a product manager, you'll ensure that the people building a product have access to the new technologies and techniques. It's also your responsibility to ensure the development process is as efficient as possible. Your job will also involve listening to the product users and finding the new features they need before collecting and analyzing their usage data and feedback.
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What to expect
Expect to oversee the lifecycle of the company products, ensuring that everyone follows the developed product road map. You will ensure that products and features are of high quality and get released on time. In your role, you'll focus on the development of the product, also referred to as product development, or the product users, sometimes known as product marketing. Also, expect to manage one or several parts of a company product. For instance, your product may involve adding a search feature to an organization's website rather than developing the whole site.
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What are the responsibilities of a product manager?
As a product manager, you'll identify important business objectives and customer needs for a specific project. You'll also oversee all activities related to researching, designing, and marketing services and products on behalf of your employer. Your main responsibilities will include:
- Identifying and filling product gaps with new ideas that grow market share, drive growth, and improve customer experience
- Developing positioning strategies and product pricing
- Translating product strategies into prototypes and detailed requirements
- Scoping and prioritizing activities based on customer and business impact
- Working closely with the company engineering teams to produce optimal and quick time-to-market resources
- Reviewing promotional plans to ensure consistency with product line strategies
- Representing the organization by visiting consumers to solicit feedback on the services and products
- Working with marketing and PR teams to oversee product launches
- Outlining detailed product strategies and selling points
- Determining feature requirements and developing new product ideas
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What type of equipment does a product manager use?
A product manager's job involves much more than gathering product insight, monitoring the backlog, and evaluating the product map. As a professional product manager, you'll need a toolkit to help you do the necessary work to deliver products or services to the market. The following project management tools will help you succeed in your role:
- Industry analysis tools
- Flowcharting and road mapping tools
- Feedback and user analysis tools
- Project management and tracking tools
- Collaboration tools
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What is the work environment of a product manager?
Many product managers work on a full-time basis and cover normal business hours. You'll spend most of your time working in an office. As a product manager, you will also be a part of a small group or team in a company or work in large multinational companies. However, that will depend on the company size and your industry. Sometimes, you'll travel to meet international clients or visit international and national office branches, depending on your organization's size. You'll oversee every aspect of your company's or a client's projects, from development to implementation. The good news is that you can do most project management tasks from home, making this career path perfect for remote work.
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Who are your colleagues as a product manager?
A product manager's role is multifaceted. Therefore, expect to work with different groups of professionals in your organization. However, the extent you work with other people and groups significantly depends on individual companies. It also depends on factors such as the company's focus and the size of your company. As a product manager, you will work with systems engineers and software developers. You'll also collaborate with other professionals such as:
- Web architects
- Quality assurance engineers
- Creative designers
- Marketing teams
- Systems analysts
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What is the work schedule of a product manager?
Many product managers work on a full-time basis. Nonetheless, some of these experts work over 40 hours each week. Sometimes, you'll work additional hours on weekends or night shifts to complete a time-sensitive project or meet looming deadlines. Temporary or part-time contracts are rare for product managers and are only possible if you manage one aspect of a bigger product.
What is the career outlook for a product manager?
Product managers are usually in demand across business intelligence, software, and marketing sectors. According to the U.S. BLS, most of the management occupations are anticipated to increase by around 9% from 2020 to 2030. The median salary for product managers is also likely to grow during this period. However, the job outlook will vary depending on your industry. The U.S. BLS projects a 5% growth for industrial product managers’ positions, which is slower than many occupations. On average, around 13,900 industrial production manager opportunities are expected yearly, regardless of the limited employment growth. Most job openings will occur due to the need to fill the positions left by employees who retire or exit from active employment. Job opportunities will also become available as product managers switch to other preferred occupations.
What are the advantages of working with Spherion as a product manager?
If you're searching for a product manager position, Spherion can help you realize your dreams. Due to its status and position among the top staffing companies within the U.S., Spherion will easily connect you with different corporations in various industries. Here are some of the remarkable benefits you will enjoy when working with the Spherion platform:
- A contact person to assist you during your job search
- Access to various resources and training opportunities to enhance your skills
- Temporary and permanent working contracts
- Fast interviewing process
- Incredibly flexible work schedules
- Access to the best and various positions in your region
- Weekly payment plans
What education do you need as a product manager?
Many product manager positions need a degree in business or another related field like economics, marketing, or statistics. Depending on the sector, a degree in agriculture, technology, engineering, or other fields related to a particular industry will be more appropriate. Generally, you'll get on-the-job training by working in low-level positions. However, many employers prefer professional experience in the employer's industry and the service or product development area. Some employers also look for proficiency in other management areas where the product manager can demonstrate the necessary skills.
Skills & competencies
Apart from attaining a degree to get a career, certifications will make you more qualified than other applicants in that profession. Having key accreditations in product management will increase your chances for promotion or potential hire. Some of the popular options include the Certified Product Manager, New Product Management Certification, and Product Management Certification. You only need a bachelor's degree to pursue any of these certifications. While the qualifications of a product manager vary depending on the employer and your position, you need some soft skills to succeed in this role. Below are the common skills you require to excel in the position.
- Exceptional communication skills
- Excellent industry or technical know-how
- Good interpersonal skills
- Robust project management skills
- Attention to detail
- Innovative and creative-thinking skills
- Ability to work and collaborate with teams
FAQs
A product manager manages the development and enhancement of products or services. The duties of these professionals include creating product pricing, determining feature requirements, and understanding customer experiences, among other things. The frequently asked questions below will help you learn more about this profession.
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What are the daily duties of product managers?
A product manager begins their typical day by checking schedules for upcoming deadlines for marketing initiatives and product prototypes. They hold meetings with product team members to review recent customer feedback about the existing products or address changes to product development budgets. These professionals work with different team members throughout the day to check product blueprints, discuss materials required to make products, and test prototypes. A product manager also meets with marketing experts to determine how to advertise upcoming products and boost sales.
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What qualities make good product managers?
Good product managers are people with innovative mindsets. This unique quality enables these professionals to evaluate product defects and plans to handle them for ultimate customer satisfaction. These experts have a natural capability to lead, keeping team members on task and motivated to complete their tasks by the set deadlines. A successful product manager esteems continued education and searches for ways to increase their knowledge about product design software and the industry as a whole.
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What is the difference between product managers and project managers?
The main difference between product managers and project managers is in their areas of expertise and specific job responsibilities. For instance, product managers oversee product development teams, including product designers, engineers, and other workers. They aim to develop and improve company products that consumers want to purchase. On the other hand, project managers have a wider scope of responsibilities. Rather than focusing on how to design and advertise products, they mainly focus on product quality, ensuring product tasks remain within the set budgets.
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How do I apply for a job as a product manager?
Applying for a job as a product manager is easy with Spherion. You can search for product manager jobs on Spherion.com by job title and location. If you don’t see the perfect role, you can submit an open application. Once you submit your contact information and resume through Spherion's open application, a recruiter from the office closest to you will reach out with details about potential product manager roles that fit your skill set and professional goals.
