Are you planning to be a product manager? If yes, you should be aware of the many categories of product managers. You can determine the specifics with the aid of this guide by a professional product management consulting firm.
You will understand what a product manager is, the various kinds of product managers, their tasks, how they affect any firm, seniority levels, and other crucial information at the end of this guide.
What is a Product Manager? A product manager controls how a business or organization develops its goods. Additionally, they develop and manage the plans for both physical and digital items.
Primary Roles
They participate in the design and development of the features and functions of a good or service. They also significantly impact introducing of new features, products, and services.
Product managers collaborate with other team members, such as product designers, data scientists, engineers, and others, to carry out their duties in any firm. They are in charge of ensuring the success of each product offered in their managerial capacity.
Some of the tasks you’ll carry out if you decide to pursue a profession in product management include the ones listed below:
- Determine the research needed to gather market data and understand client demands.
- Review the product’s specifications and features to identify improvements.
- Describe current product offers and provide information for marketing communications.
- Introduce fresh goods to the market
- Establish price
- Create time-based strategies. Collaborating with several divisions, including production, advertising, marketing, and sales
- Participate in the team effort to fulfill the company’s objective, vision, and goals.
Let us check out the five categories of PMs in this article’s post-pandemic work market.
1. Generalist Product Manager
The most prevalent position on the job market is that of a generalist PM.The generalist PM reviews and creates an equilibrium between market acceptance, delivery, and discovery. They must therefore possess a broad base of stakeholders to cultivate and be well-rounded across various fields. The people with the following backgrounds fit best in this position:
- Business analysts,
- marketers,
- project managers,
- customer success coordinators,
- salespeople,
- designers,
- engineers, and product owners
An excellent generalist PM should be well-balanced in all areas with a focus on product strategy and discovery.
Challenges that the Generalist PM typically faces include:
- Given the restricted scope, a generalist PM will require continuous communication to keep track of the more comprehensive picture with other PMs.
- A junior PM could quickly get overburdened by taking on too much, given their ability to dedicate themselves to numerous areas.
- Corporate restructuring or a change in the company’s strategy may also change the generalist PM role.
Glassdoor estimates that the average income is roughly USD 138,000, which is quite reasonable. (Note that your country’s actual payment may vary since this is a US rate.)
2. Product Manager for New Ventures
Owning the development and introduction of a new product is the New Venture Product Manager. They are the closest thing to a “mini-CEO,” which involves a lot of shaping the company’s direction and influencing many stakeholders.
Product managers for new ventures are experts at identifying new goods and have a firm grasp of product strategy and influence. They conduct extensive market and customer research daily while presenting a product plan.
- The people with the following backgrounds fit best in this position:
Entrepreneurs, general managers, former agencies, and freelancers
This kind of product manager is the most challenging due to the unknowns involved in creating a new product. The New Venture PM flourishes amid novelty and ambiguity before adapting to shocks (or firefighting, if needed). Vital product discovery and strategy skills are required, with managing external clients receiving less of their attention (until the product is in the market).
- Challenges the New Venture PM typically faces include: If you’re not careful, the role could be unclear and lack direction. PMs for new ventures must be realistic about providing additional value, and this strategy may seem counterintuitive for businesses that wish to conduct significant launches. Substantial obstacles facing this PM include:
Managing a variety of stakeholder perspectives and ideas on novel endeavors that are unknown to everyone.
Exerting considerable influence. The New Venture PM is a natural at convincing people.
Taking customers on the journey and juggling various responsibilities to get the product to market.
- Average Pay: According to Glassdoor, the average income is almost USD 138,000, comparable to the Generalist PM.
3. Product Manager for Platform
As the position title suggests, platform PMs work on platform innovations that benefit internal and external clients, i.e., while making high-impact product decisions, they should concentrate on the Platform’s size, cost-effectiveness, security, and dependability when making high-impact product decisions. No matter what happens in the future, this role will always be in demand because of its importance.
- The people with the following backgrounds fit best in this position:
Business analysts with a technical background in software.
- Challenges typically faced by PM for platform:
Platform PMs frequently need a high level of technical knowledge. They need to understand technological architectures, code bases, integrations, databases, and engineering techniques, but they can be something other than strong coders.
If priorities are not managed skillfully, the Platform may become a bottleneck for some Product Teams.
- Average Pay: According to Glassdoor, the average income for this position is slightly higher at USD 140,000 due to the niche nature of the job.
4. Product Manager with Domain Knowledge
The domain knowledge product manager requires deep domain expertise in one field, such as artificial intelligence, payments, e-commerce, mobile apps, etc.
They command attention for their subject area because they are the subject matter expert in it.
The PM spends a lot of effort training stakeholders, dispelling internal myths, and breaking down complex features into specific milestones. Additionally, they participate in practically all phases of the product life cycle.
- The people with the following backgrounds fit best in this position:
Generalist PM, business owners, researchers, software engineers, designers, customer success, marketers, and salespeople.
- Challenges typically faced by the domain knowledge PM:
The Domain Knowledge PM is a high-pressure position since it has the potential to be the only factor in success or failure. The difficulties this role may occasionally face are as follows:
Lots of internal stakeholder education to comprehend your domain
Finding designers and engineers aware of the context takes time and effort.
A tonne of documentation is needed to share your expertise with the rest of the organization.
- Average pay: The average salary can change depending on the firm’s policy. It starts at USD 138,000 and goes up to USD 180,000, according to Glassdoor.
5. Product Manager for Growth
The Growth-Focused Product Manager has the most significant direct commercial influence compared to other roles. A growth product manager (PM) collaborates closely with the growth team and other PMs to create growth flywheels that drive product acquisition, activation, retention, revenue, and referrals.
PMs who are growth-oriented have a broad range of responsibilities. They must work with various products and address issues across multiple domain contexts. It’s ideal for business-minded individuals who can handle high uncertainty.
- The people with the following backgrounds fit best in this position:
Ex-Businessmen, growth hackers, marketing and salespeople, consultants, general managers, engineers, and user experience designers
- Challenges the Growth PM typically faces include: As growth occurs across all domains, the lines between them are frequently blurred, and initiatives with other teams overlap. As a result, discussions about domain boundaries often come up with other PMs. Some significant difficulties include the following:
Because of the frequent blurring of domain boundaries, discussions are needed to maintain feature ownership. In small and medium-sized businesses, the job may need to be clarified.
The duties can vary depending on the company because this is a new role.
- Average Pay: According to Glassdoor, the average income for PM roles is about USD 139,000, comparable to other PM roles.
The estimated salary ranges shown here are approximations only. Depending on your level of experience and competence, specific organizations can provide a higher annual wage rate. Your chances of receiving a more substantial offer increase as you bring more to the table. Knowing about the FAQ of Product Manager Interview Questions can be a great tool while appearing for an interview.
