Product management is an all-around process that involves planning, development, launching, marketing, and post-sales improvement of a product and service. Product Management includes the complete lifecycle of the product or service, from idea generation to development of the product to the final launch. In this article, we will discuss whether product management is a good option for a career or not.
Why Should You Consider Product Management as a Career Option?
Here are the following reasons that can answer the above question to you:
Product Management as a career option
Salary:
- Product managers frequently earn attractive pay, particularly in fields where there is a strong need for qualified workers.
- Experience, well-received product introductions, and the company’s overall growth all tend to translate into higher compensation.
Here is some information on product manager salaries in India & USA:
India:
- Entry-Level: ₹8-15 lakhs per annum
- Mid-Level: ₹15-25 lakhs per annum
- Senior-Level: ₹25 lakhs and above per annum
United States (USA):
- Entry-Level: $80,000 – $120,000 per annum
- Mid-Level: $100,000 – $150,000 per annum
- Senior-Level: $120,000 and above per annum
Work Culture:
- Product management positions frequently flourish in cooperative settings that promote cooperation amongst departments and across functional boundaries.
- The work environment might have a dynamic culture that blends creativity, problem-solving, and strategic thinking.
- Nonetheless, there may be a lot of high-pressure circumstances and close deadlines, which can occasionally result in stressful work environments.
Growth:
- Product managers have excellent growth opportunities, and many of their accomplished colleagues go on to hold leadership roles.
- A company’s growth potential may be affected by variables like the industry’s total product demand, the company’s size and direction, and individual success.
Managerial Position:
- Product managers are powerful individuals who work with different teams and shape the product strategy.
- A proper balance of strategic decision-making and practical operational participation is needed for this role.
- Although managerial roles confer control and influence over others, they also include greater levels of accountability and responsibility.
Easily Job Switch:
- Professionals can move sectors due to the transferrable nature of product management abilities.
- However, there could be a learning curve when changing industries, and success hinges on flexibility and the capacity to use knowledge wisely in unfamiliar situations.
- People should evaluate the market need for product management expertise in the targeted industry before changing jobs to make sure it aligns with their long-term professional objectives.
Some Misconceptions about Product Management:
Product Managers are Project Managers:
While some product managers work directly with project management, most companies employ a dedicated project manager position that oversees the project’s schedule. Project timeframes are not as important to product managers as identifying consumer pain areas and then working with engineering and UX designers to find solutions for them.
Product Management is a Technical Role:
There are others who believe that product managers are engineers. As a result, it is acceptable to keep them out of the more strategic conversations since they won’t comprehend the other facets of the offering. It’s also a common misconception that product managers are technical specialists who can take over for engineering managers in an emergency. They can dive right into the details and have little trouble understanding the system architecture, database structure, etc.
Product Managers come up with all the ideas:
This false belief holds that the only people who can encourage creativity and innovation within their teams are product managers. It implies that product managers need to always come up with new ideas and features in order to retain their goods. Product managers are not creative thinkers, in actuality. They are curators of ideas. They must gather, verify, and rank ideas from a variety of sources, including clients, users, rival businesses, market trends, internal input, and their own instincts.