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A product manager is responsible for developing products, doing market research, and determining the product’s characteristics, pricing, and requirements. Product Managers work in co-ordination with UX, Tech and Business Development teams.
Product management is the complete management of the delivered product. It is important to remember that the term “management” is a subjective phrase that varies depending on the context. In the context of product management, it refers to a department within a company that oversees a product’s lifecycle. From the creation of an idea through the development of marketing strategies, product management encompasses everything that can be learned about a product until it is operational. Product manager salaries in India are among the highest due to high demand.
There are four stages to a product cycle, and at every stage, a different role is needed to satisfy the goal of that particular phase.
- Introduction: At this stage, a subject expert studies the market and customer needs and comes up with a product that would meet these demands.
- Growth: A growth hacker, at this stage, focuses on expanding reach, scale, and staying competitive among the competition.
- Maturity: At this stage of the product cycle, a retention strategist is focused on evolving value proposition while focusing on customer satisfaction and delight.
- Decline: It is the last stage of the product where a solution seeker is finding ways to strategically pivot, resurrect the current offering, or deciding whether to phase out.
Product Manager Job Description
Product Manager determines how long it will take to produce the product, how it will be marketed, and what other items they might be able to develop. Product development is a time-consuming process that necessitates the product manager to perform a number of activities. The primary tasks for a product manager are:
Selecting a Product
In most circumstances, a business has a number of prospective products on which to focus. It is the product manager’s obligation to determine which one is the best fit for the market’s situation and requirements.
The manager will be responsible for assessing the market, developing ROI (return-on-investment) assessments, and managing inventory turnover.
Taking Stock of the Competition
It doesn’t matter how good your product is if your competitors are doing something better. As a result, a product manager’s responsibilities also include evaluating competitors’ products and marketing efforts.
He or she must research rivals’ marketing campaigns and products in order to grasp their USPs and determine how his or her organization can provide a better solution.
Organizes the Group
A product manager is also in charge of the product’s staff. He or she is in charge of the employees’ recruiting, orientation, and training.
As a product manager, you’ll also need to ensure that your staff has the most up-to-date abilities and is conversant with market demands. As a result, a product manager often organizes workshops and training sessions for employees.
No wonder that the salary of a product manager is high considering all the duties he/she has to perform.
Duties of a Product Manager
Product managers have the following responsibilities, according to their job description:
- Defining the product’s vision, strategy, and roadmap.
- Defining the research required to obtain market data in order to determine and represent client wants.
- Providing perspectives and insights into product portfolio planning.
- Reviewing and assessing product specs and needs, as well as new product concepts.
- Working with marketing, sales, engineering, and support to ensure that business case goals are met and customers are satisfied.
- Identifying market competitiveness by contrasting the company’s products with those of competitors.
- Field salespeople call on clients to review sales call results and examine product market data.
- Defining the communication objectives for product marketing.
- Creating short- and long-term product sales predictions, reports, and analyses.
- Using market research data to determine product price and analyzing production and sales costs.
- Employees for product management are being recruited and trained.
Also Read about the Role of a Product Manager.
Skills needed to become a Product Manager
To advance your career as a Product Manager and earn the greatest potential product manager salary in India, you must keep up with the following information:
- Thinking strategically
The product manager must actualize the higher-level vision after establishing the product’s goals and major initiatives. Asking the correct questions is the first step, followed by a thorough understanding of the market and competitors.
- Outstanding Oratory Skills
Product managers coordinate with both internal and external stakeholders throughout the product life cycle, keeping a large number of people informed and adapting their language to the audience – from customers and salespeople to marketing and finance. This necessitates a greater level of knowledge in a variety of subjects. As a result, product managers have a plethora of options, and the indispensability of their work means that product manager salaries in India are extremely high.
- Negotiation Expertise
As previously said, a product manager collaborates with teams from several disciplines, both inside and externally. The product manager shakes hands with everyone from technology to marketing to sales to HR. He needs to get work done because he is the manager. To get things done quickly, you’ll need to be a skilled negotiator.
- Resourceful & Analytical
Product managers are praised for their in-depth analysis and problem-solving skills, as well as their holistic approach to problem-solving. These mini-CEOs may direct content, user interface, development, and marketing, as well as visualize the results on a macro and micro scale.
- Empathy Training
As a product manager, you must be comfortable while meditating on many skill sets such as data analysis, communication, user psychology, market research, and so on. At each stage, you’ll need to consider and weigh the viewpoints of stakeholders as well as the needs of the client.
- Exceptional Detail-Orientation
Where others would see nothing but a wasteland, a competent product manager can see the opportunities.
- The mindset of “fight, not flight”
To be a great product manager, you must be able to say NO repeatedly rather than succumbing to the circumstances. Because products are created with limited resources, time, and a flood of ideas, product managers are inextricably linked to their success and can deliver more than anyone else.
A smart product manager can quickly estimate the product’s approximate benefits by utilizing previous experiences and leveraging comparable benchmarks. They also aid in the measurement of interest once projects are launched, as well as the incorporation of those lessons into future prioritization and forecasting.
Also Read: Qualities of a Product Manager
What do you need to become a product manager?
- First and foremost you’ll need a bachelor’s or master’s degree in Business Administration, Computer Science, Finance, Engineering, Economics, or Marketing.
- You’ll also need at least 3-5 years of hands-on expertise in product development, strategy development, testing, or any level of product design.
- You should be familiar with Microsoft Excel, Google Sheets, and other comparable tools for creating and translating data reports.
- You’ll require good time management abilities, the ability to perform well under pressure, and the ability to meet tight deadlines.
- You must be capable of creating extensive competition reports from scratch, as well as determining marketing plans based on circumstances.
- You’re comfortable building/providing insights to product roadmaps for any level of product development, and you’re aware of resource allocation’s finer points.
- In-depth knowledge of practical interpersonal skills that may be applied to product development, delivery, and marketing.
- Believing in using the proper body language to create symbiotic relationships with your clients/business owners.
- Knowing how to deal with problems in a productive manner while still keeping the team motivated.
- Take on challenges head-on and devise strategies to overcome them while maintaining excellent communication across all media.
Also Read: Top Product Management Tools you must know
Product Manager Journey or Career Path
A list of typical product management roles
- Associate Product manager
- Product manager
- Senior Product manager
- Director of Product
- VP of Product
- Chief Product Officer
What is the average salary of a product manager in India?
Product managers in India earn an average of Rs.1,316,246 per year, according to PayScale. Although the typical product manager compensation in India is around 13 lakhs per year, with experience and additional abilities, it can rise to 30 lakhs per year.
Even the starting salary for this position is pretty substantial. When you first start out, you can anticipate earning roughly 5-8 lakhs per year. When profit sharing is added to the mix, you gain an extra 50,000 to 1 lakh in your income.
Product Manager Salaries in India: Factors to Consider
The following are the four primary aspects that influence Product Manager Salary in India:
- Firm – The company for which you work has a direct impact on the compensation you will receive.
- Experience – The more experience you have, the better you will be able to recognize barriers and deliver speedy bug fixes. Salary and positions that help make a difference will be determined by a combination of experience and company.
- Location – In the next few years, where you work will have less of an impact on your wage. Even so, your location will have an impact on the compensation you can ask for and receive from a potential employment.
- Skills – The better your ability to understand, the more important skills you have. In India, location is anticipated to play a significant influence in determining machine learning compensation.
Let’s break these down by categories.
Product Manager Salary in India: Based on Company
The market for these professionals is booming, and many organizations are willing to pay top dollar for them. That is one of the main reasons why product manager salaries in India are so high. The never-ending demand for a product manager is also one of the reasons the salaries are so high.
A product manager’s role is critical to an organization’s success since they oversee the creation and performance of the software product that the company relies on.
Big firms pay their executives well, while tiny businesses compete for their talent. Let’s have a look at that:
|Company||Average salary per annum in India|
|TCS(Tata Consultancy Services)||15,00,000/-|
|Kotak Mahindra Bank||10,00,000/-|
Product Manager Salary in India: Based on Location
|Chennai||11,21,478/- p.a||Hyderabad||10,72,249/- p.a|
|Delhi||11,38,421/- p.a||Bangalore||10,02,973/- p.a|
|Mumbai||10,22,564/- p.a||Gurgaon||8,84,682/- p.a|
Product Manager Salary in India: Based on Job Roles
|Job Role/Careers||Salary range per annum in INR|
|Assistant Product Manager||3,56,000 – 12,00,000|
|Product Manager||4,80,000 – 30,00,000|
|Product Marketing Manager||5,50,000 – 25,00,000|
|Senior Product Manager||10,20,000 – 45,00,000|
|Group Product Manager||8,26,000 – 65,20,000|
|Director – Product Management||25,30,000 – 80,00,000|
|VP – Product Management||20,00,000 – 90,00,000|
|Chief Product Officer||15,00,000 – 87,00,000|
Product Manager Salary in India: Based on Experience
Product Manager Salary for Freshers in India
Average Base Salary = Rs. 885,000 per year
Product Manager Salary for Mid Career Level in India
Average Base Salary = Rs. 1,413,175 per year
Product Manager Salary for Experienced in India
Average Base Salary = Rs. 2,700,000 per year
Product Manager Salary in India: Based on Skills
As previously said, one of the most essential variables determining a product manager’s remuneration is a skill. You’ve probably observed from the job description how varied and demanding this position is. This function necessitates the mastery of multiple different abilities due to its dynamic requirements.
Product Management, Financial Planning and Strategy, Product Development, and People Management are the most common skills among product managers.
|Product Management||Rs. 1,327,401|
|Product Development||Rs. 1,403,854|
|Product Marketing||Rs. 1,166,528|
|Strategic Planning||Rs. 1,212,891|
|Project Management||Rs. 1,228,645|
Make sure you have these talents if you want to get a better job, as they can help you earn more money.
User Experience Design, Product Management, and Business Strategy skills are linked to higher compensation than average. Product marketing, project management, and strategic planning are examples of skills that pay less than the market rate.
Product Manager Salary in USA
Product Manager Salary: Based on Job Roles/Experience
|Job Role/Careers||Salary per annum in USD|
|Assistant Product Manager||40,500 – 105,000|
|Product Manager||68,100 – 155,000|
|Product Marketing Manager||75,300 – 153,000|
|Senior Product Manager||103,000 – 180,000|
|Group Product Manager||130,000 – 245,000|
|Director – Product Management||117,000 – 220,000|
|VP – Product Management||135,000 – 285,000|
|Chief Product Officer||100,000 – 300,000|
Product Manager Salary in USA: Based on Location
|Location||Salary range per annum in USD|
|New York||80,000 – 161,000|
|Boston||73,200 – 145,000|
|Los Angeles||60,000 – 150,000|
|San Francisco||100,000 – 190,000|
|Seattle||75,000 – 165,000|
|Chicago||72,000 – 135,000|
|Denver||71,000 – 135,000|
|Citi Minneapolis||66,000 – 129,000|
Product Manager Salary in USA: Based on Company
|Company||Salary range per annum in USD|
|135,000 – 215,000|
|Amazon||80,000 – 150,000|
|Meta (previously Facebook)||130,000 – 225,000|
|Cisco||100,000 – 170,000|
|Microsoft||110,000 – 160,000|
|Apple||105,000 – 180,000|
|Citi||80,000 – 150,000|
In the industry, product managers are in high demand. To succeed in this market, companies must deploy an increasing number of software products, which they cannot do without the help of talented product managers.
We hope you enjoyed our post on the compensation of a product manager in India. These figures are approximate and subject to change. The abilities you have, the mastery you have achieved over them, and how quickly you progress and help the organization expand are the actual determinants of your income.
Product managers will continue to be in demand in the coming years, according to wage figures. So make sure that you upskill yourself with all the necessary skills that are in demand for a product manager.
Source: GreatLearning Blog