Well, it cannot be questioned that - Product Manager (PM) has become one of the most critical role for any organization, be it IT, Banking, Manufacturing, eCommerce or any other industry. Everyday hundreds of products, applications or services (online or offline) are being launched or enhanced with new capabilities to cater the need of market and PM's are accountable to manage those products.
So, it seems just logical that PM's decisions & critical thinking decide the fate of the products and hence has a huge impact on bottom line of the organization. Let's understand at a high level, what does a PM do? Of course, when it comes to real world challenges, PM would need to deliver even more than what is listed below.
As a PM, your role is to oversee the development and success of a specific product or multiple products or product line within a company. This involves working closely with cross-functional teams, including marketing, engineering, and sales, to ensure that the product meets the needs of the target market and aligns with the company's overall strategy.
One of the main responsibilities of a PM is to identify and prioritize product features and capabilities. This requires a deep understanding of the target market, including their needs, pain points, and preferences. You will also need to consider the competitive landscape and how your product compares to other offerings in the market.
Once you have identified the key features and capabilities for your product, you will need to work with the engineering team to design and develop the product. This involves creating detailed product specifications and working with the team to ensure that the product is delivered on time and on budget.
In addition to managing the development of the product, you will also be responsible for overseeing the product's launch and ongoing marketing efforts. This may include creating marketing materials and campaigns, as well as working with the sales team to ensure that the product is properly positioned and promoted to potential customers.
As a PM, you will also be responsible for tracking and analyzing the performance of your product. This includes monitoring key metrics such as revenue, customer satisfaction, and market share, and using this data to make informed decisions about the direction of the product.
Effective communication and collaboration skills are essential for a product manager. You will need to be able to effectively communicate your vision for the product to cross-functional teams, as well as to senior management and stakeholders. You will also need to be able to build strong relationships with key stakeholders and partners, both within and outside of the company.
In addition to technical and business skills, a successful product manager must also have strong leadership abilities. This includes the ability to inspire and motivate team members, as well as to make difficult decisions when necessary.
The role of a PM can be challenging, but it is also extremely rewarding. As the person responsible for the success of a product, you will have the opportunity to make a significant impact on the company and the market. If you are a strategic & critical thinker with strong communication and leadership skills, and a passion for driving product development and success, a career as a product manager may be the perfect fit for you.