Product Manager Salary is a hot topic for career discussion now a days in this Tech startup era.
A product manager (PM) is involved with all the different aspects bringing a product into the world. This includes product development, market research, product specifications, production timetables, marketing of the product etc. A product manager, looks into the market and figures out what it is that the customer wants and attempts to make a product which will fit their needs. They will also have coordinate between various internal as well as external partners in order to bring a great product to the market. There are analytical, technical, managerial, and creative sides to this position. Product managers also have to keep a track on the performance of the product after it has entered the market. They must track the sales and the demographic information of the customers of the product. Based on which, they will have to make changes and alterations to the product.
PM typically works in very dynamic and cross functional teams which have a passion for creating great products and ideas and prototypes
Skills: As mentioned before, there are a multitude of skills which are important for a PM,
- Market Knowledge:
It is important for any product manager to have sufficient knowledge regarding the market in which they are involved in, this will be done by conducting market research as well as competitor research. This helps in the development of products and understanding the interests of the customers. Positioning the product is another task which having market knowledge will make a lot easier. Awareness of market, rising trends and competitors strategy boosts Product Manager Salary.
- Future Looking:
A good product manager must be able to see trends before they happen and ensure that their product line fits into the current trends. They must have a grasp of the newest and latest technology, and how to balance short term and long term goals of the company. Great product managers will be able to create market trends themselves
- Technical Knowledge:
They must also head the team creating the product, so it is an added advantage to have a handle of the technical aspects of the production process as well. While an in depth knowledge is not required, it is advisable and beneficial to understand the basic terminology and functioning, so while a PM may not know how to fix an issue with the technology or machinery part of the product, they should be able to understand the issue and problem. Product Manager Salary rises with their technical how knowledge and experience.
The PM job market in India given to make in India and startups, this is a good field to be a part of. The recent demand in product managers has been so high, that they have been jokingly referred to as the new software is currently doing quite well, with many product manager aspirants working well paying jobs. An according to Glass door, the median Product Manager Salary is in India has been Rs. 1577000. It is also a position which is highly demanded in start-ups.The position is also of high demand in countries outside of India, such as the US, UK and Australia. The high demands have also driven up salaries, with a 5.8% increase seen in the past 4 years.