Product management
Written by Pushpavalli R
Are you ready to experience the adrenaline rush of innovation? Can you imagine being at the forefront of cutting-edge products that revolutionise industries? It all starts with the exhilarating world of product management. How do innovative thinkers and strategic visionaries shape the products that shape our lives? What drives these exceptional individuals to propel their companies to unprecedented success? Join us on a thrilling journey as we explore the interconnected realms of product management, engineering and executive leadership. Get ready for an inspiring blog where we unravel the skills, tools, strategies, and invaluable lessons that fuel the art of product management.
Companies with great product management have a much higher degree of success. But what is product management? The following sections shed some light on what a product manager actually does.
Defining product management
You can think of product management as the crucial role in a company that ensures every product they offer succeeds. In essence, the entire triumph of a product must be assumed by a product manager. The product manager takes charge of everything related to the product’s success, even without formal authority or a team reporting to them. They lead and influence in clever ways to make things happen. It’s a big responsibility, both in the short term and the long term.
The Product manager is responsible for ensuring that the engineering team’s work results in a valuable product. How this is done can vary depending on the organisation, team, and individual. As a member of the team, the Product manager provides clarity to the team about the product’s vision and goal. All work is derived and prioritised based on the Product Goal in order to deliver value to all stakeholders, including those within the organisation and all users, both internal and external. Product managers identify, measure, and maximise value throughout the entire product lifecycle.
While a product manager sets the vision, goals, and business trajectory of a product, a project manager leads the many projects to make those goals a reality. It’s a bit like the relationship between a chef and a sous chef. The chef comes up with the menu, and the sous chef makes sure that the food gets cooked and served to the customers.
Product Management: Fact Versus Fiction
The previous description of the product manager’s job and the organisational structures that affect it was general. However, there are always exceptions to the rules. Even within a specific organisational type, the product manager’s job can vary depending on the industry and the product.
Here are some examples of how the product manager’s job can vary:
- In a startup, the product manager may have more responsibility for the overall product development process, while in a larger company, the product manager may focus on a specific area of the product.
- In a B2C company, the product manager may focus on user experience, while in a B2B company, the product manager may focus on technical requirements.
- In a product-based company, the product manager may be responsible for generating demand, while in a service-based company, the product manager may be responsible for managing customer relationships.
Ultimately, the product manager’s job is to ensure that the product meets the needs of the users and achieves the business goals. The specific responsibilities of the product manager will vary depending on the organisation, the industry, and the product.
The Importance of Product Management
The Product Management team implements business strategy and advocates for the market. They ensure that implemented ideas align with the overall corporate strategy, guide resource allocation for competitive products, and collaborate with other teams to achieve business goals. They play a crucial role across the product life-cycle, from development to end-of-life. As the voice of the market, Product Management provides actionable market insights to executive management and other departments. They maintain alignment between market, product, and strategy to maximise profits. They prioritise market needs over new innovations and prevent distractions. Product Management serves as a central hub of product and market information, facilitating communication among various internal groups. They communicate effectively with customers and translate messages for different stakeholders. Product managers strive to become experts in all aspects of their products and develop winning strategies aligned with company goals. They balance tactical execution and strategic planning to support the current product portfolio and ensure future competitiveness.
State of Product Management in India
India has become the global powerhouse in software services. Initially, the industry grew mainly through outsourced projects for clients in the United States. Big powerhouses such as Infosys and Wipro grew to what are now worldwide brands. Then, over the years, as companies worldwide realised the talent available in India, multi-national companies started arriving in droves. Microsoft, Intel, IBM, GE, Google, you name it, started opening development offices in India.
But, will India be a one trick pony — delivering just services?
India used to be a service economy, but now it’s product-ing! There are a number of reasons for this, including the availability of skilled talent, a growing middle class, and favourable government policies. As a result, we’re seeing more and more Indian companies develop innovative products that are used by people all over the world.
This is a great thing for India, as it’s helping to boost the economy and create jobs. It’s also a great thing for the world, as it’s giving us access to new and innovative products that make our lives better.
So next time you’re using an Indian-made product, take a moment to appreciate it. It’s a sign of the country’s growing tech prowess and its bright future.
Paving way to executive roles
Many CEOs started in product management as their training ground. Some notable examples include Marissa Mayer (who started at Google, moved into product management, and became CEO of Yahoo!), Steve Ballmer (who started as a product manager at Proctor & Gamble and became CEO of Microsoft), and Scott Cook (who started as a product and brand manager at Proctor & Gamble and later founded Intuit, the maker of Quicken, Mint, QuickBooks, and Turbo Tax).
The much-needed overhaul in the global economy that demands greater efficiency and productivity, which is popularly called ‘Digital Transformation’ in today’s time, is already brewing. And, Product Managers are the front-riders of this new wave.
Let us give an insight into how crucial Product Managers are in an organisation. The highest-paid workers in Silicon Valley are no longer Engineers — they are Product Managers. At the heart of the above-mentioned IT revolution, Product Managers, on average, earn approximately 900 USD more than Engineers annually.
Currently(as of 2023), in the US, there are about 1.8 million people in Product Management roles. While the demand for most other jobs is growing at an average 6.6% rate in the US, the need for a Product Manager role is growing at a whopping 32% rate.
Product management is a lot like being a ringmaster in a circus. You have to juggle a lot of different things, from customer needs to market trends to deadlines. But if you do it right, you can create something truly amazing.
So if you’re looking for a career that’s both challenging and rewarding, product management might be the right fit for you. Just remember to keep your customers in mind, be data-driven, and be prepared to adapt. And most importantly, have fun!
