What is a product manager?

A product manager is a professional who’s responsible for a company’s product development. Tasked with handling both the creation and the marketing of products once they’ve been produced, product manager roles and responsibilities include ensuring all product specifications and requirements are met. They also scope out the competition and analyze proposed products, among other duties. Product managers should have strong skills in planning, inventory control and strategy that can help take your small business to the next level.

Reasons to hire a product manager

Small businesses trying to make the leap to a medium or large operation sometimes find themselves in a slump for various reasons. Hiring an effective product manager can help with that by bringing much-needed skills to the table when you’re adding products to your line. In fact, one key responsibility of a product manager is analyzing customer needs, which helps your company create the best possible product or service.

Other reasons to hire a product manager include the need to:

• Compare current market trends with competitor offerings to see how you can make your product stand out in the crowded field
• Assess product requirements and craft effective programs to help employees successfully achieve your company’s vision
• Set, communicate and track production timelines across all related departments in your company to ensure smooth delivery
• Gauge new ideas for products and figure out how to best bring those new products to market after completion

Roles within product management teams

Several roles usually comprise a product management team. Consider these product manager roles and responsibilities when deciding what types of professionals to hire for your company.

Product manager

Product managers are responsible for developing products for a company or organization. They’re also tasked with creating an effective business strategy, creating requirements for the product’s development and negotiating with stakeholders. These professionals also assist in the promotion of the said product.

Like project managers, product managers communicate with stakeholders and clients and make them aware of the process progression. They also share duties with the product marketing manager, such as collecting customer feedback and performing market research.

Project manager

Project managers are professionals who are responsible for the planning and execution of a particular project, and they’re typically guided by the product manager responsible for the overarching product roll-out. They make sure the project has a streamlined developmental process by monitoring it from conception to completion. They’re also tasked with decision making revolving around the project and making sure the project stays on budget. 

Product marketing manager

The role of a product marketing manager revolves around the marketing of a product. Product marketing managers conduct market research, handle product packaging and plan events and activities to promote the product. These professionals also create and use user personas to help them effectively market the new product to consumers.

Stakeholders

Stakeholders are individuals who are interested in a company’s product, including customers who sometimes can’t articulate exactly what they want. Stakeholders can influence the development of the product and are often consulted when decisions need to be made. Examples of stakeholders include clients and investors as well as those who purchase the final product or service.

Business analyst

A business analyst is a member of the product development team who analyzes a company and its processes. These professionals serve as middlemen between stakeholders and the developmental team, making sense of the sometimes arcane business requirements of the former and translating that information into clear-cut tasks for the latter.

Product manager roles and responsibilities

If you’re searching for a product manager for your small business, it’s important to know what makes a product manager a successful professional. Here are some common product manager roles and responsibilities:

• Analyzing market competition by comparing competitor products with their own
• Conducting market research in line with customer and stakeholder needs and wants
• Planning products for the product management team to deliver to clients and customers
• Strategizing with team members to create an effective product roll-out roadmap
• Working with outside parties to determine licensing opportunities or product partnerships
• Using marketing knowledge to understand customer purchases and product competition
• Acting as a leader within the company

Required skills for product managers

Product managers have a variety of hard and soft skills that help them complete their work to the best of their ability. Some of their main skills include the following:

• Marketing: Product managers need to understand how to research market trends, promote your product and oversee the marketing side for product development from start to finish.
• Analysis: Strong analytical skills let successful product managers easily determine how to use market data to benefit your business in regards to strategy, development and pricing
• Problem solving: Excellent problem-solving skills help product managers recognize issues in the product development process as soon as possible and determine quick solutions
• Time management: Time is money, so you need a product manager who understands the importance of meeting internal deadlines as well as product timelines
• Communication: Product managers must keep everyone involved in development informed of progress or problems, making strong communication skills a must for your new hire
• Technical: A firm understanding of numerous processes, from programming and manufacturing to marketing and sales, ensures product managers can meet the technical demands of modern businesses
• Budgeting: Another responsibility of a product manager is setting a realistic budget for product development and ensuring it stays on track throughout the creative and production processes

Growing your business is a lot simpler when you have the right professionals on your staff to light the way. A product manager can help you better develop and promote your line by creating and implementing effective road maps to success.

Further reading about product managers

Use this related information about product managers to learn more about their skills and the roles they play in companies both large and small.

• Team-Building Tips and Activities to Boost Employee Morale and Engagement
• How to Manage Employees
• 7 Effective Skills to Help You Become a Better Leader

Product management FAQs

Here are some common FAQs about product management.

What are the three main areas of product management?

The three main areas of product management are discovery, planning and development. The discovery phase identifies unmet needs of consumers, assesses the competitive landscape and assesses opportunities for product development. The planning phase requires product managers to create a vision for the product, then line out a roadmap to get there by prioritizing goals and achievements. Lastly, the development phase encompasses meeting all the requirements, testing the product with end users and optimizing the product based on user feedback.

What are some of the qualifications for a product manager role?

The journey to becoming a product manager varies by your experience and background. Typically, job seekers need a bachelor’s degree in business or a similar field. Because product managers come from various backgrounds and work with diverse companies, they often take courses in marketing, customer support, engineering, and research and development.

What is the role of a product management assistant?

Product management assistants are responsible for assisting product managers in the development of new products or the promotion of others. These professionals work under the product manager, supporting them through the decision-making process and monitoring marketing efforts. Product management assistants also create strategies for product promotion based on several factors, including consumer needs and desires.