Your salary as a product manager may vary depending on your level of experience and expertise, your geographic location, the industry you choose to work in and the size of your employer. These professionals also earn an average of $8,000 in cash bonuses per year. Product managers make a national average salary of $99,361 per year. Related: What Is the Job Description of a Product Manager? How much money does a product manager make? Tracking key performance indicators and analyzing sales results Presenting product development strategies to key stakeholders and company leaders Preparing both long- and short-term product sales forecastsĮstablishing the long-term vision and goals for each product Using market research to identify opportunities for new product lines in the futureĬomparing product price points with similar items that are available from competitorsĮnsuring effective communication between the research and development, sales and marketing departments Reviewing and evaluating each product's requirements and specifications Overseeing the development of new products to ensure they meet consumers' desires and needs Gathering information about competitors and their products Some other common tasks product managers complete include: For example, as the president of product management and operations at DDC Consulting, my primary job duties include maintaining inventory and purchasing all products in the company’s different areas for sales. While the exact job duties a product manager performs may vary depending on the industry they work in, the size of the organization they work for and the types of products they oversee, there are a few key tasks you can expect to be responsible for in this role. Their primary goals are to oversee the development of new products and increase the profitability of existing products.
They may also identify what types of products the organization they work for should purchase from third-party vendors to sell to customers based on market trends and consumer data. They develop the vision for each product and communicate it with the company's development, sales and marketing teams. In this article, I explain what a product manager does, provide some steps you can take to become one, list skills that can help you excel in this role and share some advice from my own experience in the field.Ī product manager is a professional who supervises the development and continued success of a product. If you’re interested in becoming a product manager, you may be wondering what steps you can take to prepare for this role throughout your career. Product managers play a dynamic role in this process by collaborating with multiple departments to ensure the success of each product they oversee. Developing and marketing a new product effectively requires a wide range of skills and knowledge.
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