Opportunities and Outlook for Product Managers
With the increasing introduction of digital products, the demand for product management professionals remains robust. Product management professionals will continue to be in demand if there are customer needs and challenges to address. In 2022, LinkedIn ranked the product manager role as the 11th job on their “Jobs on the Rise” list, with 62% of companies worldwide planning to hire between one and five product managers in the upcoming year.
As reported by Glassdoor, the average base salary for a product manager in 2023 is $102,223 annually, with a range spanning from $77,000 to $218,000. Reflecting the growing need for digital product managers, top employers in this field include leading companies like Meta, AWS, Google, and other major digital firms.
6 Skills needed for Future Product Managers
Strategic Foresight
Product managers are tasked with overseeing both the overall vision and the detailed steps required to bring a product to life. They must think strategically about the long-term goals and impacts of their products, devising plans and processes to achieve these objectives.
Problem Solving
Effective problem-solving is crucial for product managers. They must find innovative solutions to customer challenges and pain points while also addressing and resolving any issues that arise within the team’s processes. This includes overcoming daily obstacles that could hinder progress.
Strong Communication Skills
Strong communication skills are essential for product managers. They need to clearly convey the product’s vision and objectives to the team to ensure everyone is aligned and working towards the same goals. Additionally, they must communicate effectively with senior leadership and other stakeholders, providing updates on the process, objectives, and final goals. Being able to tell a compelling story about the product is also important for gaining support and buy-in.
Understanding of the Product Lifecycle
A deep understanding of the entire product lifecycle is necessary for product managers. They need to know how to manage each stage of the process and coordinate multiple moving parts simultaneously. This requires being adept at multitasking and ensuring all aspects of product development are progressing smoothly.
Interpersonal and Leadership Skills
Product managers must possess strong leadership abilities and the desire to inspire and influence their team members. They need to clearly articulate the product vision, manage workflows to ensure timely and accurate development, and foster employee growth. These interpersonal skills are also valuable when interacting with customers to identify and solve their problems.
Domain Knowledge
Industry-specific knowledge is vital for product managers to ensure products are developed correctly. For physical products, this includes understanding manufacturing processes, sourcing raw materials, and adhering to regulatory standards. For digital products, it involves knowledge of software development, data privacy and security, and familiarity with coding languages.
Learning Product Management goes beyond acquiring a skill. Mastering Product Management is not solely about enhancing product design and performance; it’s a journey where every decision and strategy creates something new that impacts customers.
