How to Be a Successful Product Manager: A Comprehensive Guide

A product manager is a skilled professional who identifies customer needs, aligns them with business objectives, sets the vision of a successful product, and collaborates with a team to turn that vision into reality. They play an integral role in the product life cycle. Before diving deep into the roles and responsibilities of a product manager, let’s first understand product management. 

What is Product Management? 

Whenever a product is launched in a market, it must serve the customer’s purpose and help the business grow. Product management refers to tracking all activities related to the product lifecycle, from development to positioning, pricing, and enhancing customer experience. 

It is also about identifying and analyzing the benefits that a product will bring to its users. Additionally, it means planning, forecasting, and marketing products to customers at the right time. 

Who is a Product Manager? 

A product manager is responsible for the development and marketing of a product. They are trained professionals with strong product management, planning, and inventory control skills.   

Roles and Responsibilities of a Product Manager

Product managers play a vital role in an organization. They research, review, and communicate customer needs to different departments. They decide the business’s profitability as they are a critical part of the product life cycle.  

There are various types of product manager roles in a business, which are significantly different from each other. Here are a few common product manager roles are:  

1# Tech Product Manager

A tech product manager works on technical products. They define the need for tech products and care for all the related functions. 

2# Designer Product Manager

The designer product manager strategies and designs the look of a product. They try to understand the user’s needs and improve the product’s functionality according to their needs.  

3# Business Product Manager

A business product manager determines the future of a product. Their role is more in marketing, finance, and operations. 

4# Growth Product Manager

The growth product manager is responsible for identifying any problems in the product. They bridge the gap between supply and demand. 

Below are some responsibilities of a product manager:

• Defines product vision and creates a roadmap to reach the vision  
• Creates a strategy for product development and launch, focusing on generating profits and reducing costs  
• Aligns the company’s product with the customer’s requirement  
• Works closely with different departments of an organization  
• Reviews the progress in the making of the product and answer all queries related to the product 

What Are the Skills of a Product Manager

To perform the roles and responsibilities of a product manager effectively, every PM must have a unique mix of hard and soft skills. Here are the top product manager skills.  

Hard Skills

1. Knowing web development: Although a product manager need not necessarily know coding and programming, knowing web development helps communicate effectively with the engineers. Moreover, it helps a product manager to have complete knowledge of the product. 
2. Writing technical specifications: An efficient product manager should be able to create technical specs and requirements. Such skills help product managers create new product ideas and innovations and provide direction to the team. 
3. Ability to conduct market research: A product manager should be capable of conducting market research. Market research helps a product manager understand the product’s customers and how they can be best served.  
4. Knowledge of UI/UX: Although a product team has a dedicated group of UI and UX experts. Knowledge of UI and UX helps a product manager create product wireframes, communicate effectively with the team and understand the turnaround time.  

Soft Skills

1. Strategic thinking and decision-making capabilities: Making product decisions require a product manager to think critically and provide actionable insights to the team. Right decision-making capabilities help a product manager develop products that add value to the business and the customers. 
2. Leadership skills: Leadership skills are not just required for senior positions. A product manager at any level must possess leadership skills. It helps a PM to develop new products and meet deadlines. Moreover, product managers have to deal with cross-functional teams, and having leadership skills helps all of them to work cohesively towards the common goal. 

Besides these skills, there are other soft skills, such as time management, communication, and problem-solving skills, that a product manager must have. 

Also Read: 7 Best Product Management Tools Of 2023 Along With Its Features, Benefits, and Limitations

What Are the Functions of a Product Manager?

• A product manager’s first and most important function is collaborating with different teams. They must act as the central point of communication
• Product managers must supervise the features and other aspects of the product 
• Product managers devise strategies for positioning the product in the market 
• Product managers also provide guidance in terms of making the product. The requirements are then translated to the engineering department

How to Become a Product Manager?

Here’s a step-by-step guide on how to become a product manager:  

Step 1: To build a strong foundation, you can pursue a bachelor’s degree in product management or a similar field. Additionally, you can also take a master’s degree or certificate course to enhance your career prospects.  

Step 2: Develop product management skills like communication, problem-solving, strategic thinking, leadership, and others. These skills will improve your capability to perform difficult tasks effectively.  

Step 3: Apply for a product management role. You can start with an entry-level position, like an executive or assistant, and then move on to become a product manager.  

How to Perform the Roles and Responsibilities Of a Product Manager?

Here are some tips on how to perform the roles and responsibilities of a product manager with excellence. 

• Before beginning product development, an excellent product manager undertakes thorough research. They analyze the demand for the product and how it will fit in the market. 
• Effective product managers define the product’s roadmap, including the direction to follow while creating the product. They also underline the product’s features. 
• A good product manager tests the product before its launch in the market. They perform various experiments to identify challenges if any. 

Product managers must consistently upgrade their product management skills to stay ahead of the competition and perform the roles and responsibilities of a product manager efficiently. A product manager should keenly understand upcoming technologies to help the team perform better. You can take up different certification courses to upskill your product management skills.  

Emeritus offers various product management  courses to help you advance your career. The programs are offered in association with prestigious institutes like IIT and IIM.  Enroll now and take a hike in your knowledge and career. 

Frequently Asked Questions

1. What Industries Does a Product Manager Work In?

Product managers work across industries such as IT, e-commerce, finance, retail, and healthcare.  

2. How Much Does a Product Manager Earn in India?

Product managers earn INR 15,00,000 to INR 30,00,000 on average in India. (Source) 

3. How Are Product Managers and Project Managers Different?

Project managers manage projects. They plan, develop, execute, and monitor all activities associated with a project from start to finish. Here are some of the roles and responsibilities of a project manager:  

• Defining the project scope  
• Collaborating with different departments  
• Monitoring the project  
• Managing costs  

On the other hand, product managers are responsible for managing a product throughout its life cycle. Below are the duties of a product manager.  

• Defining the product vision 
• Conducting market research and understanding customer requirements  
• Developing a marketing plan