The vision, insights, and experts largely contribute to the development of game-changing products. Since it is a crucial job role, the product management salary is pretty lucrative, with most of them earning an annual average of $147015. But if you want to ace the job role and become eligible for such high salaries, you must be aware of the key responsibilities. Delve deeper to explore the top 5 key responsibilities you will have to handle as a product manager.
Setting a Strategy
A product manager is in charge of specifying the vision and strategic position of a product. This role requires individuals to be clear about the use case of a particular feature and connect it to the product goals and visions. It is responsible for making the product development team discover why they are developing the product.
Strategic planning revolves around determining your priorities and achieving goals. The product manager will also have to create the product roadmap. It is the timeline that sheds light on what feature will be delivered and when.
Defining Releases
While looking for product manager jobs, you should know that you will be responsible for defining releases. Looking after the release process requires you to manage cross-functional dependencies. Therefore, you will have to bridge the gap between different functions inside the company and make key teams collaborate.
Idea Evaluation
Product managers need to curate and develop ideas that will offer value to customers. You will have to determine which ideas should be promoted to the backlog and move the product strategy forward. Moreover, product managers are responsible for integrating requests into the product planning and development process.
Feature Prioritization
Even in remote product manager jobs, feature prioritization is a key responsibility. Product managers are in charge of outlining the features that must be included to offer the ideal user experience. You collaborate closely with engineers for the technical requirements and see to it that cross-functional teams have all the data they require to successfully launch a product.
Tracking and Reporting Progress
Product managers are always focused on delivering top-notch results to customers as well as the business. Therefore, they should have complete knowledge about the team’s progress to understand whether the product is performing well. You need to consider both qualitative and quantitative data to track team efficiency and product usage. After that, you will have to create a detailed report regarding product goals.
Closing Thoughts
If you want to become a successful product manager, having the right skills and knowledge is crucial. upGrad offers the best product management course to acquire the necessary expertise to pursue all the key responsibilities with ease. Pursue the course today and embark on the path to positive career growth in the field of product management.
FAQs:
Q.1 What does a product manager do?
A product manager looks into ensuring the success of a product and leading a cross-functional team meant to constantly improve it. The job of a product manager is highly crucial, particularly in tech companies.
Q.2 What are the top 5 Ps of managing a product?
The 5Ps of managing a product include perspective, persistence, prioritization, passion, and presentation.
Q.3 What are the soft skills necessary in a product manager?
A product manager must have effective risk management and communication skills. Moreover, a product manager should be able to work in teams and maintain coordination.
