Which product manager
What is a product manager?
The profession of Product manager is part of operational marketing and can be found in almost every company in a wide variety of industries. The product manager is responsible for the planning, coordination, marketing and control of the products and services to be marketed - from the product launch to the further development of existing products and services. As an interface between marketing, sales and production and development, the product manager orients himself to customer needs and uses this as a basis to determine the corresponding product requirements. The increasing globalization and digitization plays Product managers in the cards, because companies have to face these challenges and continuously develop. - The product manager is also in demand here. Career starters usually begin as junior product managers and are promoted to senior product managers in the course of their professional lives and with the appropriate qualifications. That means not only a higher salary, but also more responsibility. Management positions in marketing or sales management can also be obtained. In the case of internationally operating companies, it is not uncommon for them to go abroad.
What are the tasks of a product manager?
The activity of a Product manager is one of the most varied professions of all. They vary depending on the industry and company tasks in product management. Often one designates product manager also as an interface manager whose work affects different areas of the company.
Usually he is responsible product manager a special product in the company. To do this, he coordinates various corporate divisions that are jointly responsible for this product. The product manager works closely with the production department on product development. He designs prototypes and works them out, helps design the product and analyzes the entire range of products. So that current trends and customer needs and wishes can be taken into account, the product manager regularly carries out market and competition analyzes in order to obtain relevant information. In addition, he develops communication strategies with the help of suitable marketing instruments for the successful positioning of the products. For this purpose, the product manager creates targeted marketing campaigns. Together with the sales department, he determines sales targets and defines appropriate sales channels. He monitors the budget available for sales policy measures and advertising campaigns. Controlling is also a typical activity of the product manager. Once the product has been launched on the market, he controls the product life cycle and derives appropriate measures. He also has the task of preparing strategic decision-making documents, including all market data and analyzes, competitors, strengths and weaknesses of the product and the potential target group for the management. Professional product management enables both the management and the marketing and sales management to make better market-related decisions with regard to competitors and customers.
The advancing digitization and the increasing online offer are creating new job profiles, namely that of the online product manager. Take over here product manager For example, site and campaign planning, the strategic development of digital services or the implementation of web analyzes and tests with regard to user-friendliness or user experience.
What skills does a product manager need?
Depending on the industry, company and product product manager used either in strategic or technical product management. So that the product manager To be able to do his job successfully, he must understand the product or service in all its details. That is why it is very important in this professional field to be able to identify with the industry. The product manager has to understand business-related interrelationships and needs a sound understanding of marketing, because it is important to effectively play the keyboard of the marketing mix in relation to the product phases. In order for the product manager to be able to steer his projects actively and purposefully, he also needs special method know-how and tools for professional process control.
In addition to his technical knowledge, the product manager through a variety of social Competencies, such as excellent communication and negotiation skills, as his work depends on working together in a team and with different areas of the company. It is not uncommon for the product manager to be faced with the challenge of having to win over different departments with different interests to work together. In cases like these, empathy, the ability to argue and persuasive are required so that everyone involved ultimately pulls together. In addition, it is the product manager's task to work creatively, think innovatively and act with foresight. Internationalization leads to new forms of work across national borders. For this, the product manager needs a sound knowledge of English. A certain willingness to travel is also one of the requirements of the product manager in order to be able to visit and coordinate global company headquarters. Programming knowledge or tool skills are often important prerequisites for this profession, especially in technical product management.
How do you become a product manager?
Although almost every company product manager busy, there is still no regulated training. The way to product manager usually leads to a degree in business administration or other economics courses. Graduates with a degree in natural sciences also have access to the job of product manager - especially in technical product management. It is usually important to employers that the candidate for the position of product manager has professional experience. However, some companies also give graduates with no professional experience a chance, but then in the role of junior product manager who does not have full responsibility for a product. In this way, they can learn the necessary skills "on the job" and develop them further through targeted training.
However, the path to product management is also open to aspirants with commercial training who have basic economic knowledge, experience in customer contact and marketing and sales know-how. They can acquire a lack of know-how in product management courses. Incidentally, these are also very suitable for career changers who have a high level of motivation and passion for the product. Even long-standing product managers should receive further training from time to time, because the market is changing rapidly due to new developments and trends.
How much does a product manager earn?
What does a product manager earn? The salarya product manager usually varies greatly, depending on which company and in which industry he is active. In addition, it is often also dependent on the expected or current sales potential of the product area. In general, the position of product manager is one of the attractive professional fields in the marketing environment with excellent opportunities for advancement.
According to the StepStone job portal, young professionals as junior product managers earn an average of € 35,000 gross annually. With increasing professional experience and specialist knowledge, but without personnel responsibility, the annual income for product managers rises to up to € 54,000. product manager with personnel responsibility and several years of professional experience earn between € 55,000 and € 75,000 gross per year.
The best Product manager salaries are paid in the pharmaceutical industry, but consumer goods, automobiles, electrical engineering and banks are also above average. The size of the company is also decisive for the salary. The bigger the company, the higher the wages. Large companies with a large number of employees often work subject to collective bargaining agreements and pay a corresponding minimum salary. In addition, the large companies achieve a significantly higher turnover. A lucrative salary beckons especially in large international companies that are looking for "Global Product Managers" with personnel responsibility.
The company's location also has an impact on the salary. Earn according to the portal www.absolventa.de product manager in the old federal states still better than in Berlin, Thuringia and Co. So if you are flexible in your choice of where you live and also make it dependent on the expected wage, you should orientate yourself towards southern Germany. The highest salaries are paid in Hesse, Baden-Württemberg and Bavaria. Hamburg is average. Saxony and Brandenburg bring up the rear.
With the appropriate qualifications, you can product manager take over the management of product management or move up to marketing and sales manager or division manager, which in turn is coupled with high salary jumps.
Further training for product managers
The product manager forms the crucial interface between the departments of his company, external partners and customers. As an important contact person, he must know their needs and wishes. In order to be able to generate profitable (product) strategies, he needs up-to-date marketing knowledge. In order to be able to receive and process the information that it receives from all sides in a targeted manner, the use of Work techniqueswith whom he can communicate and organize efficiently, helpful. Also effective Self and time management is an important qualification of a product manager.
The product manager must estimate and budget effort, costs as well as demand and profit. For this he has to Key figures with which he can adjust marketing and sales. Sound business knowledge is therefore absolutely essential for a product manager. In times of digital media, he also has to align his sales strategy to the new channels (social media marketing) and know their potential. Product managers who carefully align their strategy to the market, plan and pursue marketing measures for specific target groups and finally master the techniques of controlling will achieve the desired sales success in the long term. PurposefulTraining measures support the product manager this way.
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