Product

How to Become a Product Manager: A Step by Step Guide

LinkedIn ranks Product Manager as one of the fastest growing jobs with a 30% year-on-year growth just in the US alone. In India, the demand for product managers is even higher especially with the growth in product based companies.

If you are thinking about a career in product management, you have come to the right place. This guide will cover everything that you need to know to get started even if you don’t have any prior experience.

Here’s how we have structured the guide:

What is product management

What does a product manager do

What skills do you need to become a product manager

Product manager career paths

Salaries of product managers in India

How to become a product manager: a step by step guide

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What is product management

Product management is the process of overseeing the development and lifecycle of a product, from its inception to its removal from the market. It is a cross-functional discipline that involves working with various teams, such as engineering, marketing, and design, to ensure that a product is viable, useful, and successful.

The role of a product manager is to understand the needs of the market and customers, and to translate those needs into specific product requirements. This involves conducting market research, gathering feedback from customers and stakeholders, and working with the engineering team to develop a product that meets those requirements.

In addition to managing the product development process, product managers are also responsible for setting the product strategy, defining the target market and positioning, and determining the pricing and go-to-market plan. They are also responsible for managing the product roadmap and ensuring that the product stays on track and meets its goals.

Product management is a critical role in any organisation that develops and sells products. It requires a combination of technical knowledge, business acumen, and strong communication skills, as well as the ability to work with a diverse team of individuals to bring a product to market successfully.

What does a product manager do?

The roles and responsibilities of a product manager vary depending on the organisation and industry. However, some common responsibilities include:

Developing a product vision and strategy. A product manager is responsible for defining the overall direction and vision for a product. This involves understanding customer needs and market trends, and using this information to create a product roadmap that outlines the features and milestones of a product.
Leading cross-functional teams. A product manager works closely with teams across the organisation, such as engineering, design, and marketing, to ensure that the product is developed and launched successfully. This involves coordinating the efforts of these teams and ensuring that they are working towards the same goals.
Managing the product life cycle. A product manager is responsible for overseeing the entire lifecycle of a product, from concept to launch and beyond. This involves defining the product requirements, setting the product timeline and budget, and ensuring that the product is delivered on time and within budget.
Gathering and analysing customer feedback. A product manager is responsible for gathering feedback from customers and using this information to improve the product. This may involve conducting market research, gathering customer feedback through surveys or focus groups, and analysing this information to identify areas for improvement.
Developing go-to-market strategies. A product manager is responsible for working with the sales and marketing teams to develop strategies for launching and promoting the product. This may involve creating marketing materials, defining pricing strategies, and identifying target markets for the product.

In summary, the roles and responsibilities of a product manager are wide-ranging and varied. They are responsible for defining the vision and strategy for a product, leading cross-functional teams, managing the product life cycle, gathering and analysing customer feedback, and developing go-to-market strategies. Given the challenging role of a product manager, they are one of the highest paid roles in any technology organisation. You can find sample salaries of product managers in India here.

What skills do you need to become a product manager

To become a successful product manager, there are several key skills that are essential to have. These include:

Strong communication skills: As a product manager, you will need to be able to effectively communicate with a wide range of individuals, including customers, stakeholders, and team members. This means being able to clearly articulate your ideas and product vision, and to persuade others to support your plans.
Technical knowledge: While you don't need to be a software engineer, having a basic understanding of technology and how products are built is essential for a product manager. This will allow you to understand the technical limitations and possibilities of a product, and to effectively communicate with the engineering team.
Business acumen: Product managers need to have a solid understanding of business principles, such as market research, pricing, and go-to-market strategies. This will allow them to make informed decisions about the product and its direction.
Leadership skills: As a product manager, you will be responsible for leading a team of individuals and coordinating their efforts to bring a product to market. This requires strong leadership skills, including the ability to motivate and inspire others, to delegate tasks effectively, and to resolve conflicts.
Problem-solving abilities: Product managers are often faced with complex problems that require creative and innovative solutions. Being able to think on your feet and come up with solutions to difficult challenges is essential for success in this role.

In addition to these core skills, product managers may also benefit from having experience in a related field, such as engineering, design, or marketing. This can provide valuable perspective and knowledge that can be applied to the product management role.

Product manager career paths

A career as a product manager can be an exciting and rewarding path, with plenty of opportunities for growth and advancement. Here are some common career paths for product managers:

Associate product manager: Many product managers start out in entry-level roles, where they assist senior product managers and gain hands-on experience in the field. In these roles, product managers may be responsible for conducting market research, gathering customer feedback, and helping to define product requirements.
Senior product manager: As a product manager gains experience and demonstrates success in their role, they may be promoted to a senior product manager position. In this role, product managers have more autonomy and are responsible for defining the product strategy, leading cross-functional teams, and making key decisions about the product.
Group Product Manager: Group product managers oversee the product development of a group of product features or a product area. They may also have people responsibilities with product managers or senior product managers reporting to them.
Director of product management: Directors of product management are responsible for overseeing the entire product management team and ensuring that products are developed and launched successfully. In this role, product managers may also be involved in setting the overall product vision and strategy for the organisation.
Vice President of product management / Chief Product Officer: At the highest level, product managers may become vice presidents of product management, where they are responsible for the overall direction and success of the product portfolio. In this role, product managers may have a significant impact on the organisation and its success.

In addition to these traditional career paths, product managers may also have the opportunity to move into other related roles, such as project management, product marketing or business development. The specific career path that a product manager takes will depend on their individual strengths, interests, and goals. Sachin Rekhi outlined the product career paths at top technology companies in a popular post.

Product managers have also been seen to grow into general management roles like the CEO with examples like Sundar Pichai who grew from being a product manager at Google to becoming the CEO of the Alphabet group. There are several examples of product managers venturing into the entrepreneurship track, either starting up new ventures or taking up a venture capitalist role.

Salaries of product managers in India

The salaries of product managers in India vary depending on their level of experience, the size of the company they work for, and the industry they are in. According to Glassdoor, the average salary for a product manager in India is Rs 15,60,000 per year. However, this number can range from around Rs 10,00,000 for an Associate Product Manager (APM) to over Rs 35,00,000 for a Senior Product Manager (SPM).

Experience plays a big role in determining the salary of a product manager in India. Associate Product Managers, who are just starting out in their careers, can expect to earn lower salaries than more experienced product managers. As they gain more experience and take on more responsibilities, their salaries will typically increase.

The size of the company can also impact a product manager's salary in India. Large companies, such as tech giants like Google and Microsoft, tend to offer higher salaries than smaller companies. This is because they have larger budgets and can afford to pay their product managers more.

The industry a product manager works in can also affect their salary in India. Product managers in the tech industry, for example, tend to earn higher salaries than those in other industries. This is because the tech industry is known for paying high salaries, especially in the competitive Indian market.

In addition to their base salary, product managers in India may also be eligible for bonuses, stock options, and other forms of compensation. These can add significantly to their overall earnings and can help to make the job of a product manager even more lucrative.

Overall, the salary of a product manager in India can vary depending on a variety of factors. However, with their crucial role in the success of a company and the potential for high earnings, a career as a product manager in India can be a rewarding and financially lucrative choice.

A step by step guide

Becoming a product manager requires a combination of 3 things -- education, skills and a way to showcase the skills required for the role. Here are some steps you can take to break into a product management role and become a successful product manager.

Develop key skills. Product managers need a wide range of hard and soft skills. Structured thinking, communication, user research, data analysis and problem-solving are key skills required for the role. You can develop these skills through work experience, education, and training. You can find more details on the skills required in a product management role here.
Get structured training via a course and get certified. There are several online courses on product management. An example is the NextLeap Product Manager Fellowship that has produced several success stories in the last few months. When searching for courses, you should focus on getting a hands-on learning experience versus a content led learning experience.
Showcase your skills through a portfolio. In the technology industry, hiring managers look for signals that show that you can do the job well. Unfortunately, a resume talks about your past and not about the skills you have. So, you need to build a portfolio (like this one) that showcases your skills. A portfolio with the relevant artefacts acts as a proof of skill. This builds confidence in the recruiter which helps you to get shortlisted.
Network and build relationships. The product management field is competitive. So it is important to network and build relationships with other professionals in the same field. This can help you learn about job opportunities and get advice from experienced product managers. Being a part of active communities and having a mentor to guide you through the process can be invaluable.
Stay up to date with technology and industry trends. The world of product management is evolving. So it's important to stay up to date with the latest trends and developments. This can help you stay competitive and bring value to your organisation. You can read TechCrunch, The Verge etc. and newsletters like Lenny’s Newsletter . Here is a list of newsletters and blogs to follow.
Be willing to take on new challenges. Product managers often work on complex projects that need them to think outside the box and come up with creative solutions. To succeed in this role, you need to be willing to take on new challenges and learn from your experiences.

In summary, becoming a product manager requires a combination of education, experience, and skills. If you're willing to put in the time and effort, you can build a successful career in this dynamic field.