Product Managers are responsible for securing the sales of their services and goods. They have a bright job outlook and this field is expected to grow faster than most of the occupations. Not only this, product managers also enjoy a lucrative salary package in the US.
This article has all the details about the profession but let’s begin with the basic duties of a product manager.
What Does a Product Manager Do?
Product managers perform a variety of tasks that vary with their field of expertise. The tasks may include:
Securing the sales of goods and services
Estimating demand of the product
Identifying potential customers
Overseeing planning and development of different marketing and advertising strategies
Should be able to generate new ideas
Expected to work with different departments including advertising, sales, public relations and research and development
Budgeting and managing time effectively
Steps to Become a Product Manager
Following are the steps to become a product manager.
To become a product manager, the first thing any student should do is to get a Bachelor’s degree in marketing. They may also choose to get their degree in business administration with a focus in marketing. This is a four-year program which includes courses like finance, organizational management and economics. Some students prefer to take courses in promotions and consumer marketing. These courses help them learn a lot of skills which prove to be beneficial in their practical life. Marketing research, business to business marketing and consumer marketing are among some of the offered courses.
Consumer marketing teaches various techniques like pricing strategy development, strategic business planning, monitoring trends and sales forecasting, etc. Other promotional skills like customer needs assessment, advertising strategies and trade show participation are also beneficial.
Initially, all professionals have to take entry level jobs which include product development coordinator, marketing assistant and marketing specialist among others. Along with multiple years of experience, advanced training and education in sales, consumer behavior and market research helps candidates secure promotions. Professionals are promoted to managerial positions once they get enough experience.
Obtain Your Certificate
Certification helps a professional display his expertise in marketing, research and analytics. Certified Product Marketing Manager (CPMM) is a designation offered by the Association of International Product Marketing and Management (AIPMM). AIPMM is a professional group which offers this certification to mid-level employees who are engaged in product management roles. MBA is recommended by the association for all the applicants.
As per the US Bureau of Labor Statistics, those who have a Master’s degree are given preference over the rest. Having a Master’s degree with multiple years of experience is a plus point for all applicants.
Networking professionals will help you know about the trends of the industry and may give you a few innovative ideas. The official website of AIPMM regularly posts about the upcoming events and industry related articles. Paid memberships also provide access to different discounts, exclusive resources and private AIPMM networking websites.
How Much Does a Product Manager Make in the US?
According to the US Bureau of Labor Statistics, the annual mean salary of Advertising and Promotions Managers was $141,890 in 2019. The top paying state for this occupation was New York, with a salary of $184,920.