What about the pay, though? Are product managers compensated well? Simply put, yes—and you’ll find all the evidence to support it in this manual. To locate the product manager salary information you’re most interested in, simply utilize this blog to get deeper insights.
Product Management
Product management is an organizational function that directs each phase of the lifespan of a product, from development to positioning and pricing, by placing the customer and the product first. Product managers represent customers’ interests within the company and ensure that the voice of the market is heard in order to create the greatest product possible.
Below mentioned are the topic for this blog:
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What is Product Management?
Let’s review the definition of product management and the duties of a product manager.
A department or function inside an organization that is in charge of making sure a product or service is successful overall is known as product management. It includes everything that is covered by the product life cycle, including product discovery, development, launching, and growth.
It all comes down to managing the product (or service) in a way that promotes business growth because product management is a strategic function. Product managers are in charge of establishing a product vision and creating a plan for putting that goal into action.
This field is controlled by the Product Manager who is responsible for the business case, envisioning, planning, developing, and promoting products, as well as delivering them to their intended market. Product management has many different tasks and functions, depending on the size, sector, and history of the organization. Profit and Loss (P&L) accountability is frequently used as a major metric for assessing the success of product managers.
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Who is a Product Manager?
A product manager is a person who oversees every aspect of a product, piece of software, or service from conception to maintenance (PM).
A skilled product manager knows how to implement a product strategy to add value for customers and convey the product’s vision to internal staff.
When deciding what should be built right away, the likelihood of increasing customer value and organizational impact are the two most crucial factors to consider. To maximize value for the organization, the product manager must maximize each of the categories. Theoretically, this results in products that are beneficial to the client and successful for the business.
What does a product manager do?
To make sure that everyone is on the same page and working toward a single objective, they collaborate with a wide range of various stakeholders. A product manager’s daily tasks frequently center on:
- Assembling and ranking ideas
- Establishing the technical specifications
- Presenting to the management
- Carrying out research
- Conducting trials to find areas for improvement
As you can see, the job of a product manager is very diversified and calls for a wide range of abilities. In this article, we’ve listed the top 11 product management competencies.
But for now, let’s focus on the important question at hand: How much do product managers actually make?
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Prerequisites to Become a Product Manager
Before beginning a career in product management, there are several prerequisites to take into account. These specifications differ from position to position, but candidates for product management positions often need the following skills:
While not all product leadership positions do, the vast majority of them do. In 2018, Google announced that it would no longer require four-year degrees for any new product development and product marketing leadership roles. Even though this is an exciting benefit, not every business is Google.
Product management roles often demand a number of years of work experience. Depending on the particular position, the duration often varies. An example could be a director, who requires between five and ten years of management experience.
Based on the position and thus the company, varying kinds of experience and knowledge are essential. However, the majority of employers prefer to have their employees undergo a sort of training.
Likewise, companies can be asking for applicants with coding as well as customer experience.
Qualifications Required to Become a Product Manager
In India, the following are the prerequisites for becoming a product manager:
- degree in business administration, management, computer science, engineering, marketing, economics, or a related discipline from a relevant bachelor’s or master’s program
- 2 to 5 years of practical experience in product design, testing, or development.
- understanding of Google Office, Microsoft Excel, and associated software.
How to get started in product management?
Start by expanding your knowledge base if you want to get into product management. Explore important terms and ideas such as the product life cycle, the product development process, basic product management principles, and product roadmaps using blogs, books, and podcasts.
You’ll start to develop a deeper understanding of product management by immersing yourself in the subject, creating the groundwork for more structured, formal learning. At the same time, you’ll start to seriously consider whether product management is a career path you want to take.
Here are the important points that will help you to kickstart your career in product management:
- Acquire more background information
- Develop your product management.
- Become a product manager certified
- Create a portfolio for your product management work.
- Network in the industry
- Submit a resume for a position in product management (or go for an internal transfer)
Preparing for jobs? Take a look at our list of the most asked Project Management Interview Questions!
Product Manager Salary in India
Product Manager professionals are in high demand, and many businesses offer lucrative salaries for these positions. The main cause of the higher product manager salaries in India is this.
The constant rise in demand is because they oversee both the performance and development of the software product that the organization depends on, product managers are essential to the success of an organization.
While small businesses also provide competition for their managers, big businesses pay their managers richly. As an illustration, the annual average salary of a product manager in India at Citibank is Rs. 17 Lakh, while HDFC Bank was determined to pay this position at roughly Rs. 9 Lakh.
On the other hand, IBM India pays its product managers about Rs 20 lakh. SAP pays its product managers a comparable wage. For this position, other tech businesses also pay around 20 lahks.
The typical compensation for a product manager in India
The typical annual income for a product manager in India is roughly $13,000 USD. This is significantly more than the national average wage of Rs. 3,87,500 ($5,000) each year.
These are the differences in product manager pay in Indian cities:
- Bengaluru: ₹12,00,102
- Mumbai: ₹10,30,468
- Hyderabad: ₹9,50,408
- Jaipur: ₹8,80,011
- Delhi: ₹8,70,617
Company-Specific Salary in India
These professionals are in high demand, and many businesses offer lucrative salaries for these positions. The main cause of the high product manager salaries in India is this. the constant rise in demand.
Because they oversee both the performance and development of the software product that the organization depends on, product managers are essential to the success of an organization.
While small businesses also provide competition for their managers, big businesses pay their managers richly.
As an illustration, Citibank pays its product managers an average salary of Rs. 17 lakh annually, while HDFC Bank was determined to pay this position at roughly Rs. 9 lakh.
On the other hand, IBM India pays its product managers about Rs 20 lakh. SAP pays its product managers a comparable wage. For this position, other tech businesses also pay around 20 lakh.
Product Manager Salaries by Company
If you are a product manager looking to choose between various job openings, pay close attention to the following factors. Check out our carefully picked list of the finest firms to work for after that. Rest assured that we didn’t simply concentrate on the well-known brands; we also reserved space for intriguing startups and smaller businesses that would substantially benefit from your project management skills as Amazon’s Average Salary is Rs 1,74,771 per month and if we talk about the growing company that is Paypal which pays Rs 194,449 per month to the product manager.
The top three responding organizations for the position of Product Manager, Software, are SAP Labs India, Oracle, and Dell, Inc. Automatic Data Processing, Inc. (ADP), where the average compensation is $2,348,936, has the highest reported salaries. Amadeus India Pvt Ltd and SAP Labs India are two other employers that pay well for this position, with annual wages of about 2,324,731 and $2,000,000. The lowest paying is GlobalLogic, at about $825,000. The lowest-paid companies are Dell, Inc., and ZOHO Corporation, which each pay 1,400,000 and 1,575,000 respectively.
How can Product Managers increase their salaries?
It’s time to request a pay raise when your employer starts to see success with your items and an increase in customers. You can definitely seek better product manager compensation if you’re meeting your objectives and goals.
Here are the following points which can intend to increase a product manager’s salary:
- It’s important to study before pay negotiations.
- Respect it and show compassion for it
- Instead of just a single figure, present a salary range.
- Even if you feel your offer is fair, be ready for rejection.
- Product managers need to be soft and competent.
Got amazed by the salary. Prepare yourself for this job interview through Product Manager Interview Questions.
Product manager salaries based on seniority
The product manager’s compensation fluctuates according to seniority, as it does in every field. Let’s look at the typical salaries in the US for various product manager job titles:
- Pay for a junior product manager: $70,630
- Pay for an associate product manager: $71,825
- Pay for a product manager: $90,536
- Salary for a senior product manager: $124,868
- Salary for a director of product management: $155,464
- Salary for the principal product manager: $167,097
- Vice President of Product Management: $190,021
Once more, we obtained all of our pay information from Indeed. You can see how your income potential as a product manager increases dramatically as you gain more expertise in the industry.
We suggest exploring these job titles to see how the product manager job descriptions change and understanding what sets a junior product manager apart from a senior or a senior apart from a director if you’re interested in learning more.
Conclusion
This blog aims to assist beginners by providing guidance on how to improve their knowledge of product management, its responsibilities, various jobs, and the astronomical product manager salary paid to product managers in many areas.
We feel that everything is now understandable, and we helped you to extend your viewpoint on product management.