what is a product manager?
As a product manager, you ensure a company produces relevant and profitable products matching users' needs. Aside from ensuring the products are feasible, you maximise the return on investment for your employer. Your job is to manage everything that falls outside the responsibilities of sales and marketing, developers, designers and end users. Since every business and product has a unique constellation of users and developers, your specific duties depend on the product niche. For instance, a consumer product is expected to serve millions of customers, and the product manager manages the design to suit many consumers.
what does a product manager do?
The role of a product manager involves liaising with stakeholders and management. For instance, you define the product vision by determining the problems it will solve and the target consumers. You also empower the design team to deliver the highest value by reviewing product specs and participating in testing. Product managers are experts in market trends, quantitative and qualitative data drawn from user research, and competitive analysis. When you understand the implications of the product, you can prioritise features and lay out an actionable plan for a product idea.
product manager jobsaverage salary of a product manager
The typical remuneration package for a product manager is $130,000 per year. New product managers start with a salary of $120,000 annually as they learn the ropes. When you are experienced in product management, your remuneration package increases to $140,000 annually. Your pay often includes various benefits and allowances.
what factors affect the salary of a product manager?
The remuneration package of a product manager depends on the industry, level of experience and the employer. Some industries require a high level of expertise due to complex duties. Hence, the salaries are higher in some business sectors compared to others. For instance, working in technology companies or developing technical products is likely to pay more than developing consumer goods in the retail sector.
When you work for a large company, your remuneration package matches the job complexity and the resources available. Small startups may not pay large salaries due to limited resources. Your education and level of experience also influence your salary. Your earnings are lower when you are new in the role due to your minimal experience. Having more years of experience attracts higher remuneration packages.
Want to know what you will earn as a product manager? Check out what you are worth with our salary checker.
types of product managers
Some of the types of product managers include:
- technical product managers: as a technical product manager, you work with engineering and product design teams to develop technical products. You analyse trends, study competitors' products and develop features to improve the performance of the technical products in the market.
- growth product managers: your job is to ensure the existing products maintain their competitiveness. You find avenues for product growth by working with the research and design teams to create new features to increase profitability.
- digital product managers: a digital product manager oversees the development and creation of digital products. You determine customer needs and translate them into product features. You also conduct extensive market research to balance customer expectations with business goals.
- software product managers: as a software product manager, you work with developers and designers to create functional software. You analyse software solutions and ensure the product is up to date.
working as a product manager
Product managers guide the product development team and help them actualise ideas. Check out a product manager's duties, work environment and work schedules.
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duties and responsibilities
Some of the duties and tasks of a product manager include:
- setting the product vision and strategy: as a product manager, you determine the direction and vision for a product. Your job is to articulate the product vision to ensure the team understands it. You lay out the investment areas and prioritise them to achieve product goals. The role also involves creating a product roadmap and timeline that visualises the product's delivery.
- evaluating ideas: as a product manager, you curate ideas and prioritise those that deliver value to customers. You run the company's idea management process and determine the ideas to be developed by the design team. After reviewing the ideas, you communicate their status to customers, partners and stakeholders.
- prioritising features: during idea conceptions, many features are suggested for a product, and it is your job to rank them. As a product manager, you prioritise features by ranking them against strategic goals and initiatives. Sometimes, the process involves making difficult trade-offs based on the value new features add to a product. Defining the product's featured requirements and desired user experience is essential when prioritising.
- creating the product roadmap: the roadmap you develop as a product manager defines how the product achieves business objectives and keeps work on track. You create different roadmaps for the executive teams and engineering teams.
- analysing and reporting work progress: as a product manager, it is important to focus on results. You oversee and monitor the progress of the product development stages. You also ensure the production team is efficient and maintains the production timeline. During production, you ensure the company doesn't suffer any capacity issues and that the team has the necessary raw materials. After production, you monitor the testing processes.
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work environment
A product manager works in diverse settings depending on the industry and the products they produce. For instance, if you work in the manufacturing industry, you regularly visit the production floors to ensure everything runs as expected. In pharmaceutical and technical companies, you also work with the teams on production floors. However, software product managers work on products that don't require working in a climate-controlled facility. Aside from supervising production, product managers attend meetings with stakeholders and complete administrative functions. Hence, product managers also work from an office. The role may involve travelling if the company has offsite production facilities. Sometimes, you attend conferences and tradeshows in your industry. Working remotely or from home is possible for product managers. However, you can regularly supervise projects onsite.
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who are your colleagues?
Depending on your employer and the industry you work in, your colleagues might include scrum masters, procurement specialists and logistics managers. You might also be working in close proximity to project engineers and project managers, as well as other specialists that could include, but not be limited to, supervisors, mining managers, marketing managers, marketing coordinators, and brand managers.
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work schedule
A product manager works regular business hours regardless of the industry or business sector. Product managers rarely work evenings unless they attend a client meeting or are trying to meet a deadline. Sometimes, you work weekends to assist the design or production team in keeping up with deadlines. Product managers may also work outside the 9 am to 5 pm hours if the company has an office in other time zones. Most companies employ product managers in full-time positions. Part-time and temporary contracts are rare. However, you can secure a temporary position if you manage one aspect of a larger product.
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job outlook
Most product managers start as part of the product team focusing on one aspect of the production before moving to senior roles. At the entry level, you oversee a small product team before moving to senior product manager roles that involve monitoring an entire production department. Most product managers progress to executive levels like vice president of product, chief technology officer, chief marketing officer or chief operating officer.
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advantages of finding a product manager job through randstad
Finding your product manager job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a product manager is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too.
education and skills
Formal qualifications are not mandatory for becoming a product manager, but the following qualifications improve your employment prospects:
- education: you require training in a related discipline like business, marketing, science, IT or computer science. Your educational qualifications help you gain knowledge relevant to idea generation and product development. You can also complete a product management course or certification to improve your skills and experience.
- work experience: you cannot work as a product manager without gaining work experience. Find entry-level jobs to help you develop the necessary skills and improve your experience.
skills and competencies
Some of the qualities of a product manager include the following:
- commercial awareness: as a product manager, being familiar with the company's target market is crucial. To develop product ideas, you rely on sales statistics, value propositions, key product features and market demographics. Having commercial insight and knowledge of market statistics helps you create profitable products that match the market requirements.
- analytical skills: as a product manager, you conduct research to determine the strengths and opportunities in the market. You rely on your analytical skills to perform the SWOT and data analysis that aid decision-making.
- problem-solving skills: as a product manager, you develop a product that solves specific customer problems. Your problem-solving skills help you find innovative solutions and upgrades for products. A product manager with problem-solving ability can brainstorm product ideas and find solutions to various problems.
- presentation skills: the role of a product manager involves making presentations in webinars and giving demos to product teams. You require presentation skills to make concise and engaging presentations.
FAQs about working as a product manager
Here are the most asked questions about working as a product manager:
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what are the main responsibilities of a product manager?
The main role of a product manager is to develop a new product or update product features to match the market's needs. You monitor the market, define a product vision and align stakeholders around the concept. You also supervise the idea generation, product development and introduction of new products to the market.
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what does a product manager earn in australia?
A product manager takes home a salary of $130,000 annually in Australia. At entry-level positions, your salary is slightly lower, and you take home $120,000 yearly, while experienced product managers take home $140,000 per year. The remuneration package depends on the complexity of tasks and level of experience.
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is a product manager a good career?
Becoming a product manager is an exciting career with great prospects. You make a real impact on people's lives by developing products that solve their problems.
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are product managers in demand in australia?
Product managers are in demand in Australia, with a projected job growth rate of 10.3% in five years. With the increasing demand for the role, you can explore careers in various business sectors.
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how do I apply for a product manager vacancy?
Applying for a product manager job is easy: create a Randstad profile and search our product manager job offers. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here.