what is a product manager?
As a product manager, you ensure a company produces relevant and profitable products matching users' needs. Aside from ensuring the products are feasible, you maximise the return on investment for your employer. Your job is to manage and tackle everything that falls outside the bounds of sales and marketing, developers and designers and end users. Since every business and product has a unique constellation of users, developers and businesses, your specific duties depend on the product niche. For instance, a consumer product is expected to serve millions of customers, and the product manager should manage the design to suit many consumers.
what does a product manager do?
The role of a product manager involves dealing with stakeholders and management. For instance, you define the product vision by determining the problems that the product will solve and the target consumers. You also empower the designing team to deliver the highest value by reviewing product specs and participating in testing. As a product manager, you should be an expert in market trends, quantitative and qualitative data from user research and competitive analysis. When you understand the implications of the product, you can prioritise features and lay out an actionable plan for executing an idea.
Would working as a product manager suit your strategic planning and decision-making skills? Then read on to find out what competencies and qualifications you need to thrive in a product manager role.
product manager jobsaverage product manager salary
According to ONS, the median salary of a product manager is £50,000 annually. When you are new to the role, your starting compensation package ranges from £25,000 to £39,581 per year. Experienced product managers earn a salary of over £70,000 annually. Depending on the employer, the compensation package may include medical insurance, housing and transport allowances. Some product management roles also have bonus schemes and share options depending on your company position.
what factors influence the salary of a product manager?
As a product manager, your salary depends on education, experience, location and industry. In most companies, your seniority and experience drive your compensation package. For instance, a recent graduate joining the role earns an entry-level salary; after gaining experience, the compensation package increases as you move up the career ladder. The highest-paid product managers are VPs or chief product managers in the company. Your education also influences your earnings since it determines your expertise and skills in the industry. That's why product managers with bachelor's degrees have a lower income than those with master's degrees.
Some industries also pay more due to the complexity of the role. For instance, the biotechnology and pharmaceutical sectors pay higher salaries than the finance and legal industries.
types of product managers
Some of the types of product managers include:
- technical product manager: as a technical product manager, you work with engineering and product design teams to develop technical products. Your job is to analyse trends, study competitor products, and develop features to improve the performance of the technical products in the market.
- growth product manager: as a growth product manager, you ensure the existing products maintain their competitiveness. You find avenues for new product growth by working with the research and design teams to create new features to increase profitability.
- digital product manager: a digital product manager oversees the development and creation of digital products. You determine customer needs and translate them to product features. You also conduct extensive market research to balance customer expectations with business goals.
- software product manager: software product managers work with developers and designers to create functional software. You analyse software solutions and ensure the product is up to date.
working as a product manager
A product manager oversees product development for a company. Let's explore the roles and responsibilities of a product manager.
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product manager job description
Some of the duties and tasks of a product manager include:
setting the product vision and strategy: as a product manager, you determine the direction of the product and its vision. Your job is to articulate the vision of a product to ensure the team understands it. You lay out the investment areas and prioritise them to achieve product goals. The role also involves creating a product roadmap and timeline that visualises the product's delivery.
evaluating ideas: as a product manager, you curate ideas and prioritise those that deliver value to customers. You run the company's idea management process and determine the ideas to be developed by the design team. After reviewing the ideas, you communicate the status of each idea to customers, partners and stakeholders.
prioritising features: during idea conceptions, many features are suggested for a product, and it is your job to rank them. As a product manager, you prioritise the features by ranking them against strategic goals and initiatives. Sometimes, the process involves making difficult trade-offs based on the value the new features add to a product. When prioritising, defining the product's featured requirements and desired user experience is important.
creating the product roadmap: as a product manager, you develop a roadmap that visualises the product development process. The roadmap also defines how the product achieves business objectives and keeps work on track. You create different roadmaps for the executive teams and engineering teams.
analysing and reporting work progress: as a product manager, it is important to focus on results. You oversee and monitor the progress of the product development stages. You also ensure the production team is efficient and maintain the production timeline. During production, you ensure the company doesn't suffer any capacity issues and the team has the necessary raw materials. After production, you monitor the testing processes.
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work environment
A product manager works in a diverse setting depending on the industry and the products they produce. For instance, if you work in the manufacturing industry, you regularly visit the production floors to ensure everything runs as expected. In pharmaceutical and technical companies, you also work with the teams on the production floors. However, software product managers work on products that don't require work in a climate-controlled facility. Aside from supervising production, product managers also attend meetings with stakeholders and complete administrative functions. Hence, product managers also work from an office. The role may involve travelling if the company has offsite production facilities. Sometimes, you also attend conferences and tradeshows in your industry. Working remotely or from home is possible for product managers. However, you have to show up regularly to supervise projects onsite.
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who are your colleagues?
Product managers work in various business sectors, from finance to technology and manufacturing. Hence, your colleagues include commercial agent role, project managers, programme managers and retail managers. You also work with marketing managers and sales managers as well as other specialists that could include factory managers, software developers and engineers.
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work schedule
The work schedule of a product manager is the regular business hours regardless of the industry or business sector. Product managers rarely work evenings unless they are attending a client meeting or trying to meet a deadline. Sometimes, you work weekends to assist the design or production team in keeping up with deadlines. Product managers may also work outside the 9 am to 5 pm hours if the company has an office in other time zones.
Most companies employ product managers in full-time positions. Part-time and temporary contracts are rare. However, you can secure a temporary position if you manage one aspect of a larger product.
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job outlook
Most product managers start as part of the product team focusing on one aspect of the production before moving to senior roles. At entry-level, you oversee a small product team before moving to senior product manager roles that involve monitoring the entire production department. Most product managers progress to executive levels like vice president of product, chief technology officer, chief marketing officer or chief operating officer.
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advantages of finding a product manager job through randstad
Finding your product manager job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a product manager is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
education and skills
Some of the educational qualifications of a product manager include:
- university: to become a product manager, you require a degree related to the industry you intend to work for. You need computer or software engineering undergraduate qualifications to work in technology companies. Knowledge in the relevant field of study also improves your expertise in product development. For instance, completing a degree in chemical engineering improves your expertise in the pharmaceutical and chemical manufacturing industries.
- work experience: before becoming a product manager, you require work experience to learn the ropes and familiarise yourself with the production process. Entry-level jobs and internships improve your skills and prepare you for your role.
product manager skills and competencies
Some of the skills that a product manager needs include:
- problem-solving skills: products are developed to solve consumers' problems and pain points. When you have problem-solving skills, you can create and brainstorm product ideas that solve the customers' problems. A problem-solving mindset is a driving force behind decision-making.
- time management: as a product manager, you split your time between different projects. Time management skills help you prioritise roles and juggle different tasks on your plate. It also helps you promote efficiency and ensure products are launched on time.
- communication skills: as a product manager, you need proper communication skills to communicate effectively with the product teams and developers. You also communicate with stakeholders when reporting on product success and proposing improvement opportunities.
- ability to take the initiative: as a product manager, you should be proactive in achieving goals and targets. Your ability to take the initiative motivates your product teams and speeds up the production process.
FAQs
FAQs about working as a product manager
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how much are product managers paid in the UK?
Product managers take home an average salary of £50,000 annually, depending on their experience and qualifications. Senior-level product managers earn a compensation package of over £70,000 annually. Want to learn more about working as a product manager? Then check out this article.
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are product managers in high demand?
Product management is a relatively new role but has a high demand. Product manager roles are quite popular in IT and technology companies. E-commerce brands are also hiring more product managers to improve growth in the sector. Want to learn more about working as a product manager? Then check out this article.
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is product manager a good career?
Working as a product manager is a fulfilling career for those who enjoy flexible schedules. The lucrative compensation package and increasing demand for product managers also improve job prospects. Want to learn more about working as a product manager? Then check out this article.
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what does a product manager do exactly?
A product manager assists the manufacturing team in producing high-quality and successful products by deciding on the features based on market research. They research consumer needs and prioritise features to include in the final product. Want to learn more about working as a product manager? Then check out this article.
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what qualifications do you need to be a product manager?
You require a bachelor's degree in a relevant field of study and years of work experience as part of the product team. Some employers need a master's degree. Want to learn more about working as a product manager? Then check out this article.
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how do I apply for a product manager vacancy?
Applying for a product manager job is easy: create a Randstad profile and search our manager job offers. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
