Navigating the Ever-Changing Landscape of Product Management
As the business world continues to evolve, the role of product management has become increasingly complex. With the end of the Zero Interest Rate Policy (ZIRP) era, companies are shifting their focus towards sustainable growth, and product managers must adapt to these changes.
What is a Product Manager?
A product manager drives success through products, which can be services, digital subscriptions, or any other form of business transaction with a user or customer. Their primary focus areas are desirability, feasibility, and viability. While engineering plays a significant role in feasibility, product managers are crucial in determining desirability and business viability.
Career Paths for Product Managers
There are two main paths for product managers: individual contributor and management. Each path requires different skills, and personalities tend to perform better in one or the other. However, these paths are not mutually exclusive, and individuals often switch between them throughout their careers.
Career Progression
Product managers come from diverse backgrounds, and their career progression varies accordingly. A typical path for a product manager in a tech company with a functional department structure involves progressing from an associate product manager to a senior product manager, and then choosing between an individual contributor or management path.
Significance and Level in a Company
The significance of a product manager role depends on the company, its product culture, and how it hires into the product manager role. Some companies, like Google, have a well-defined career path for product managers, while others may not staff product managers at junior levels.
Challenges in Landing a Product Manager Role
Landing a product manager role can be challenging without direct experience. To overcome this, individuals can leverage their current experience in an adjacent area or identify a secondment opportunity.
Skills and Qualifications
To advance in product management, individuals must assess their company’s specific needs and take an inventory of their skills and qualifications. Variables such as company stage, industry, and product culture can impact the required skills.
Company Stage
Company stage plays a significant role in a product manager’s career path and development. Different stages require different skills, and individuals must consider these factors when planning their career.
Product Manager Specializations
Product managers are becoming increasingly specialized, with roles such as growth product manager, technical product manager, and platform product manager. Each specialization serves a different set of customers with unique needs.
Salaries and Compensation
Product manager salaries and compensation vary widely based on factors such as geography, company size, and brand name. Individuals must research and understand the market rates to negotiate fair compensation.
Key Takeaways
Product management is a complex and ever-changing field, and charting a career path can be challenging. Individuals must break out their “wide lens” and look broadly when it comes to their career, considering factors such as company stage, industry, and product culture. With the right skills and qualifications, product managers can navigate the changing landscape and achieve success.