What is product management?
Product management generally refers to the responsibility and function inside an enterprise that is in charge of the overall success of a product. Those in charge of this are experts in marketing strategy and technology and have sound knowledge of the competition. They are responsible for coming up with strategies to ensure the product accomplishes its strategic and financial targets.
Continuing education is an important aspect in achieving success in any profession. Product management is a field that does not defy this fact. Thus, having a product management certification will leverage your resume and make you stand out among other candidates. However, in our digital era, where any information can be accessed in a single click, opting for an online certification course proves to be a convenient and more practical alternative than a conventional college degree. Some benefits of choosing an online course are stated here.
- Aside from the financial savings, we have the convenience of self-paced study that an online course provides. One may also take courses whenever it is convenient for them.
- Having to reach a fixed location at a fixed time can be inconvenient. Thus, online courses provide the benefit to attend classes from the convenience of one’s home.
This field is a constantly evolving product environment. However, nowadays, young and skilled individuals have access to a wealth of product management books, podcasts, and other educational resources covering a wide range of professional themes.
Product managers must have a thorough understanding of the market, their target audience, usability testing, and how to spot possibilities. On the business side, Product Managers must understand how to consider the organization’s strategic goals, the product’s value, and how to keep internal interest and buy-in in the product’s potential. Finally, Product Managers must be technology leaders who have a thorough awareness of development processes, resource requirements, and technical constraints.
It’s a lot to handle, which is why many in the industry encourage certification – not just to help you master those numerous competencies but also to help you feel confident and familiar with the processes that guide a product from conception to completion.
Key skills to be a product manager:
- Understanding, executing, and assessing product success metrics.
- Developing a product’s lifespan.
- Estimating pricing and revenue.
- Planning a product roadmap.
- Ability to develop technical products.
- Market analysis.
Here are listed a few of the benefits of having a certification in product management:
- A certification course can provide vital experience in modelling the entire product lifecycle, enabling Product Managers to understand better the possible pitfalls and setbacks they may encounter when steering a new product – all without the pressure of being under the microscope.
- Increasing the efficiency of tasks. Training exercises will take you beyond the basics and into the advanced tactics utilized by top professionals to advance in their profession.
- Getting a clearer idea of what the position entails. Certification programs will provide the chance to learn from professionals and extend your knowledge.
- Competing against other experts. Many companies search for certificates because they perceive them as a sign of commitment to the craft.
- Developing marketing and commercial abilities. Product managers who come from the IT industry may feel short-changed in these areas.
What it takes to be a product manager:
When aspiring to be a PM, one must consider the following main factors: ‘core competencies and emotional intelligence (EQ)’. The finest project managers have mastered the essential competencies, have high emotional intelligence, and work for the ideal firm. The latter necessitates consideration of the company’s technical skill requirements, the PM role’s mindset, the company’s stage, and the connection one will have with the senior management.
Many of these basic qualities may be learned in the classroom, but most are gained via experience, exposure to positive role models, and mentoring. These are some instances of these abilities:
- Performing user testing and customer interviews.
- Sprinting for design.
- Feature prioritization and road map planning is an art (not a science!) of resource allocation.
- Carrying out market research and turning business requirements into technical requirements, and vice versa.
- Modelling of pricing and revenue.
- Establishing and monitoring success metrics.
The basic key traits under this section are-
- Relationship management
- Social awareness
Product management certification has been increasing in demand in the past decade. As long as a company has a product to sell, it will need project managers for marketing its goods. In the current digital era, where consumers have a lot of information at their disposal around any product, it tends to make them more demanding. To market the goods in the market among such competition can prove to be a difficult job. That is the reason why product managers are at the center of all business strategies today. Their role is critical, and business owners understand that a smart product manager may greatly impact their success.
A list of typical product management roles
- Associate Product Manager- This is the first step in being a product manager. Associate product managers are all responsible for collecting research data, doing market research, coordinating with stakeholders, and envisioning and designing new features. The average salary of an associate product manager in India is ₹ 12.5 Lacs.
- Product Manager- A product manager develops the roadmap, focuses on strategy, and conveys the vision for the product in question.
- Senior Product Manager- Identify product roadmaps and lead product managers. They use feedback from market research, teams, and devising strategies to overcome shortcomings. The average salary of a senior product manager in India is 24.2 lacs and ranges between ₹ 8.2 Lacs to ₹ 51.0 Lacs.
- Director of Product
- VP of Product
- Chief Product Officer and Beyond
The compensation of a product manager in India is high since it is one of the most sought-after job profiles in the country. Product managers in India earn an average of 1,701,689 per year, according to PayScale. It can go up to $3,200,000 for skilled individuals in technological fields such as software development. Aside from technology, the logistics and supply chain industries pay the most for Product Managers.
Some of the top-paying companies in this field are Amazon, Flipkart, OYO rooms, ICICI, Paytm, Reliance.
Product management appears to have a bright future in terms of demand, scope, and professional advancement. We see high-end breakthroughs in new technologies such as AI, machine learning, IoT, cloud computing, and big data, all of which are poised to revolutionize our daily lives and balance with balancing goods and product-based services. The process of development is ongoing and difficult. As a result, the need for Product Management is projected to increase.
According to LinkedIn’s ‘The Most In-Demand Hard and Soft Skills of 2020’, AI, data, and UX design are the top three hard skills that will be the most sought after in the future amongst product managers. For soft skills, leadership, communication, and creativity are the top three skills.
There are plenty of courses in product management available online. So, if you are inspired to enter this field, now is the best time to go for it. If you are a professional in this field planning to expand your expertise and take your career to new heights, plenty of online resources will help you achieve your goals. Search for the best management courses available online and get going.