Every company wants to succeed with its product. Executing and implementing the product successfully in the market needs a good Product Manager. They are the silent heroes of innovation. As you know, it is one of the most important job roles for any product-based company, as every decision, they take as a Product Manager can influence billions of users using the product.
Do you know on average a Product Manager is earning a whopping annual salary of $1,18,224 in the US?
You will get all your answers regarding the Product Manager’s Salary, and we hope you will make Product Management your career choice after reading this blog.
Table of Contents
Who is a Product Manager?
Product Managers are responsible for the product lifecycle. They need to have an understanding of what the customer wants, help the company build the right product, and help the company sell its products.
Moreover, they also develop, support, and market many new products and provide product vision and leadership to the sales function.They are responsible for business management and commercial success.
Here are some of the responsibilities of a Product Manager:
- Product profitability and performance management with proper business case management.
- Provide product and market information to stakeholders.
- Provide marketers with insights into key differentiators and messages.
- List the high-level requirements.
- Turn the business plan into a product plan.
- Product designing.
- Use productivity planning.
- Plan and create promotions.
- Assist product owners and suppliers.
- Manage all aspects of the product lifecycle, including customer comments, and requests, and solve user issues.
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They are the point of contact for any questions, or concerns that arise during the development process. The responsibilities vary depending on what type of product they are working on and where they are working.
What does a Product Manager do?
Now, as you know every job has something to do and for every position, there are various responsibilities to work on, so accordingly, Product Managers also have some duties to do. Let’s find it out from the below points:
- Define the product vision, strategy, and roadmap.
- Describes the research required to determine customer needs and obtain marketing information to meet them.
- Provide information and feedback on product deployment plans.
- Review and evaluate product specifications and requirements as well as new product ideas.
- Collaborate with sales, marketing, engineering, and support to ensure business objectives are met and customer satisfaction is achieved.
- Identify market opportunities by comparing the company’s products to competitors’ products.
- Determine communication goals for product marketing.
- Create short-term sales forecasts, reports, and analyses.
- Use market research data to determine product pricing and analyze production and sales.
Product Manager’s Salary based on location
The Product Manager position is one of the senior-most positions in an organization and it provides an ample salary for sure. So, you expect to be at this level when you start a Product Management job, but in some cases, salary payscale depends on some other factors such as location, company, etc, as discussed below in this article.
When you start as a Product Manager, your experience is more important than your starting salary. So you can build your career and earn higher salaries as you grow.
Salaries are expected to vary depending on the size of the company, your position, and the experience you bring to the field.
Product Manager’s Salary in India
Product Managers are in high demand and many companies offer attractive salaries for these positions. This is the main reason why Product Manager salaries are increasing in India.
They play a critical role in the success of the organization. On average, a Product Manager Salary in India is ₹15,86,800 with more experience it can go up to 31.52 lakhs per annum.
The starting salary for this post is also high in India.
Product Manager’s Salary in the US
- Senior Product Manager Salary-
They typically have at least 5-6 years of Product Management experience.
The average annual salary for a Senior Product Manager in the US is $145,882.
- Junior Product Manager Salary-
The average annual salary for Junior Product Managers in the US is $87,860.
- Product Technical Manager Salary-
The average annual salary for a Product Engineer is $133,700.
- Associate Product Manager Salary-
The average salary for an Associate Product Manager is $87,600. However, the salary can range from $79,550 to $97,542 per year.
The average Product Manager Salary based on various data that we have collected from our various sources is approximately $118,224 per year in the US.
The above-mentioned salaries are just an average; some Product Managers will make more than this while others will earn less. It completely depends on the product or what type of company. But still, there comes a question of how to become a Product Manager
Product Manager’s Salary Based on Experience
The average annual base salary for a fresher Product Manager is Rs. 9,25,450.
- Salary for 2-4 years mid-level-
The average annual base salary for a mid-level experienced Product Manager is Rs. 14,83,225.
The average annual base salary for an experienced Product Manager is more than Rs. 26,55,800 per year.
Skills Required for a Product Manager
There are some important skills that a Product Manager must have to achieve a high-quality product that meets the needs of users because their single decision might affect the customer’s sentiment towards that product.
We have categorized the skills required for a Product Manager into 2 parts:
- Soft skills
- Technical skills
Soft skills
Communication is an important part of the Product Manager’s job. In addition to the obvious communication challenges at work, Product Managers must understand how to communicate with a variety of employees, from CEOs to managers to consultants.
After identifying key product goals and initiatives, they must achieve a high-level vision. Asking the right questions is the first step. This is followed by a thorough understanding of the market and competitors.
As mentioned earlier, Product Managers work with cross-functional teams both inside and outside the company. They work hand-in-hand with everything from technology to marketing and from HR to sales. To get tasks completed and wrap up things in the meantime, you must be an excellent negotiator.
Product managers are valuable for their detailed problem-solving and analytical abilities in addition to their comprehensive approach to problem-solving. They are responsible for user interface, development, marketing, and visualization of results at the macro and micro levels. So smart and analytical skills are a must.
A good Product Manager should have the skillset of a detailed observer and have to take responsibility for detailed solutions that others can’t see beyond the track.
Product Management requires a strong and unique combination of leadership skills. While many management positions report directly to Product Managers. They often take the lead without formal reporting structure authority. As a result, They have to gain the respect of their colleagues and are to be trusted by everyone to lead their teams effectively.
Technical skills
Understanding the data related to an organization’s product or service is necessary for a Product Manager. Therefore, having strong data analytics knowledge is essential for product managers since this allows them to better understand market trends or consumer behavior, which in turn can help them design strategies going forward.
Product Managers must be familiar with the fundamentals of software engineering. This indicates that they should understand the engineering expertise required for creating apps or internet platforms, as well as knowledge of how such things might relate as well as what are the things to look after for them to be successful.
Today, the Agile methodology is the foundation for almost all SaaS product management and effective Product Managers. Agile is a project management concept that promotes efficiency and flexibility. Additionally, it goes beyond simply designing apps in the most effective manner possible; it also refers to finding ways to complete tasks quickly and on budget while maintaining the usability and functionality of the final product.
Conclusion
A Product Manager career along with the salary information attracts a lot of people. However, the work itself is an interesting, versatile, and useful introduction to management roles. Product Managers are in high demand these days, and their salaries reflect that. However, following some thorough research, we have given you a variety of data that will undoubtedly help you become the best Project Manager.