Introduction to Product Manager

What is a Product Manager?

A Product Manager is a professional who is responsible for developing a business strategy and curating ideas to develop a relevant product that will fulfill customer requirements. Product managers juggle different responsibilities such as understanding the stakeholders and fulfilling their expectations, undergoing market research to develop a transforming product, enhancing customer experience, and so on. It is a great time to become a product manager as it is currently one of the fastest-growing domains in the technology industry. According to Glassdoor, the job profile of Product Manager is ranked #3 in the US in 2021. 

How do you become a Product Manager? What are their key responsibilities?

Product managers have varied responsibilities that differ depending on the size of the organization they work with. In a smaller organization, product managers typically adhere to a business vision and work with a handful of tasks by themselves or with a team. However, when in larger organizations, they usually work with a team of specialists and stakeholders to align their role as per a specific product strategy and vision. 

Some of the key responsibilities and tasks handled by a product manager on a daily basis include -

• Planning roadmap for product development

• Assess market by conducting competitive market research

• Undergo revenue modeling

• Define product vision and strategize

• Align with the stakeholders for a specific product

• Understand customer needs and strive to enhance their experience

• Coordinate with teams and empower them to make decisions independently

• Prioritize tasks and allocate resources 

• Track and measure success metrics

Core Competencies of a Product Manager

The best product managers hone various soft and technical skills over the years to be the best at their work. Below are enlisted the key core competencies that contribute to the successful career path for any PM -

• Relationship Management  : One of the most important competencies that make great PMs is their relationship management skills. They aspire to develop a great product and inspire others to do so as well. By forming an authentic connection with the stakeholders as well as their team members, they create a mutual trust that is vital in resolving conflicts and undergoing negotiations. Additionally, a product manager cannot make every decision towards product development. By empowering their team members, they create a shared brain which leads to more support towards the completion of the product in a set timeline. 

• Emotional Intelligence: Another key skill that every PM should possess is emotional intelligence. They should be able to empathize with the customers and able to understand the pain points. High emotional intelligence helps them address customer issues and fulfill their expectations. Forming authentic relationships with customers also cultivate loyalty. In case of an issue, customers will be able to entrust the product manager and know that the issue will be fixed in a timely manner. This will lead to less irate customers.  

• Self-Management : The job of a product manager can be quite challenging and stressful at times. Therefore, a great PM should possess excellent self-management skills, especially while managing deadlines. They have to cater to many people such as customers, the CEO, stakeholders, and so on. This means that PMs should be able to manage their emotions and prioritize work accordingly to meet deadlines without conveying any distress. When time demands it, they should know that they need to take a step away and come rejuvenated.

• Self-Awareness: A self-aware product manager will make customers fall in love with the product as well. By knowing the ins and outs of the product for which they are responsible, they can impact the confidence of the engineers and get positive validation from the customers alike. Without the self-awareness of the product, engineers may lose confidence in the PMs. 

• Technically Sound : Depending on the company and job profile, a great PM should also be proficient in technical skills. For example, if a company is building algorithms for machine learning, then the PMs should have more than basic technical depth to understand machine learning. The product manager should also have hands-on experience with the tools used to develop algorithms apart from the basic tech skills. 

• Prioritize Ruthlessly : With a finite amount of resources, PMs should be able to prioritize tasks and work accordingly within tight deadlines. Additionally, they should be able to maintain the product quality to align with the business objectives. Product managers should make informed decisions keeping in mind the company’s budget and the benefits of each choice.  

Does the role of Product Manager vary across companies?

Yes, the role of Product Manager may vary depending on the company, geographical location, and job profile. A great PM may have to wear many hats and cover a wide range of responsibilities such as -

• Product Specialist -A successful PM also serves the role of a Product Specialist. They are expected to know and understand the customer requirement as well as the overall market. They should have a solid understanding of the product strategy, overall roadmap, and available resources. They should be able to act on customer feedback to develop a transforming product.

• Business Specialist -Since the product managers know the product they are working on well, they are also expected to create profit for the company. Being business specialists, they should be able to allocate resources and ensure that the overall costs fit within the budget. They should be able to understand the stakeholders and create the product that puts the company ahead of the competitors.  

• Operations - Another key responsibility of a PM is to oversee the operations when required. They must understand how operations work along with important product management details to ensure that the operations run smoothly. They can also work closely with the developers to understand the product development process.  

What are the benefits of the Product Manager course?

Great Learning offers various Product Manager courses that offer the following benefits -

• The courses are ideal for beginners and professionals with prior experience in product management. 

• The course has a comprehensive curriculum strategically designed by industry experts to help you master core skills of product management step-by-step before you progress to advanced concepts. 

• Taught by world-class faculty through personalized interactions, the course aims to equip professionals with the scope of business foundations, marketing, data science, product development, planning, and operations. After completing the course, you will be prepared to excel in product planning, development, and A/B testing of any product. Apart from these, the course will also equip you with various soft skills required to make a successful career in product management.

• The course is available online, making it easy to pursue alongside your full-time job. The self-paced course can be completed at the desired speed by spending two to three hours a week. 

• After successfully completing the course, you will also receive a shareable certificate. This certificate can be attached to your resume or LinkedIn and shared with your existing or future employer for added advantage. 

• Great Learning also offers career and placement assistance to help you prepare for interviews and enhance your career prospects.  

• The versatile course will prepare you for numerous job opportunities apart from Product Managers such as Product Analysts, Product Designer, Marketing Manager, and Associate Product Manager, to name a few. 

How to become a Product Manager without experience?

Although having prior experience in management is desirable, it is not mandatory to join the Product Management courses. The course is ideal for -

• Professionals who want to transition their career to become Product Managers.

• Junior product managers who want to climb the corporate ladder.

• Acting product managers who want to transition their career to be Product Managers.

• Any graduate looking to jump-start their career and aspiring to become Product Manager.