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By Pinkesh Shah – Chief Product Officer, Qualys
The world of product management is highly fascinating and captivating because of the high-growth potential and the scarcity of individuals possessing the necessary skill sets. There exists a rich tapestry of roles, each playing a vital part in the overall process. These roles encompass areas such as product design, and product operations. Let’s embark on a journey to explore the intricacies and nuances of product management careers, unraveling their inner workings and shedding light on their multifaceted nature.
The product management role is centered on strategic decision-making rather than mere execution. These roles delve into providing answers to the crucial “why” questions of every task and situation, along with mastering the vital intricate interplay of art and science.
As a product manager, you shoulder the responsibility of addressing three critical decisions that significantly impact the success of a product:
1. Feasibility: This involves evaluating do we possess the technological capabilities and human resources required to bring the product to fruition. Numerous factors must align cohesively for crafting a successful product within the desired budget, timeline, and quality, while also ensuring the right user interface and design. As a product manager, feasibility would include questioning yourself:
Can we develop something of significant value?
2. Desirability: This step revolves around understanding customer needs and ensuring that people truly love and embrace the product. As a product manager, desirability would include questioning yourself:
Is there a problem worth solving?
Is there genuine demand for our solution?
3. Viability: It is essential to foresee the eventual path to profitability of the product, even if it may not happen immediately. The product’s success hinges on whether it can achieve the management’s goals, such as fostering user growth, boosting revenue, and attaining overall profitability. As a product manager, viability would include questioning yourself:
Can the product be profitable in the long run?
Will it achieve management’s goals, such as user growth, revenue, and profitability?
A product manager’s role as discussed in the form of 3 important decisions involves analyzing all opportunities and ideas through innovative and imaginative thinking, which will require familiarity with various frameworks and a diverse skill set. Furthermore, they must diligently gather substantial evidence through thorough research, meticulous analysis, and an empathetic understanding of the customer’s needs and the competitive landscape. This comprehensive approach ensures a deep comprehension of every aspect involved.
The 5 core competencies could act as your guiding beacon, a comprehensive gap analysis that delineates where you currently stand and what is expected, playing crucial roles in the overall success of a product, these include:
1. Market Analysis: Market analysis involves researching and comprehending the market landscape, including customers, competitors, trends, and opportunities to identify target customer segments, their needs, and pain points.
2. Strategic Planning: Strategic planning is the process of defining the product’s long-term vision and goals by aligning the product strategy with the company’s overall objectives, considering factors like market positioning, growth targets, and competitive advantage.
3. Product Planning: Product planning focuses on defining the product roadmap and setting priorities for feature development to ensure that the product’s features align with customer needs and strategic goals.
4. Go-to-Market: Go-to-market (GTM) strategy involves planning and executing the product’s launch and subsequent marketing activities to determine target markets, messaging, pricing, distribution channels, and promotional campaigns.
5. Sales Enablement: Sales enablement involves providing the sales team with the necessary resources, training, and knowledge to effectively sell the product.
Within each of these categories, product management entails possessing five distinct competencies, leading to a total of about 25 competencies expected of a global product manager. This comprehensive competency grid is often the basis for hiring decisions, guiding the selection of hundreds and thousands of product managers worldwide. This grid also helps individuals recognize the areas where they are lagging, enabling them to proactively fill those gaps as they ascend the ladder in product management. The expectation is that you will develop a strong understanding, if not expertise, in each of these competencies.
The path to success basically involves three very simple steps, build the skills, and then construct a robust portfolio by applying those skills to real industry projects and finally build the network to leverage the power of networking for success.
1. Build the skills: The key approach here is to actually focus on amplifying your aptitude and capabilities, basically on strengthening the core 25 competencies by taking initiative, regardless of any inaccuracies or the source of knowledge. There are no limits, and you don’t need anyone’s permission to explore your ideas and put them into action. This proactive approach to showcasing your skills sets you apart and speaks volumes about your readiness to excel in a product management role.
While certifications and degrees can be beneficial, they should not be overrated in the context of product management, and hence we must give valuable to developing our skills but not earning more degrees.
2. Build your portfolio: The best way to demonstrate our product management (PM) skills is through action rather than just claiming skills on your resume. While resumes serve as declarations of knowledge and experiences, they fall short of truly demonstrating your abilities. To stand out in the hiring process or discussions about career growth, it is essential to go beyond declarations and present a portfolio that exemplifies your competencies. By building and presenting a portfolio that showcases tangible evidence of your skills, you strengthen your claim to being ready for a product management role.
For instance, if you claim to have prototyping skills, include an actual prototype you’ve created. Similarly, if you possess finance skills related to pricing and packaging, include a detailed cash flow analysis or business model that you’ve crafted, even if it’s for a fictional product or an existing company you’ve analyzed.
3. Build your network: Networking is a crucial aspect of your job search and making the right connections that can lead to meaningful opportunities in the product management space. Instead of simply sending resumes into the void, where they might end up unnoticed, focus on building meaningful connections. To maximize your chances, concentrate on specific companies and individuals who can offer valuable insights. Leverage your network, including coaches and mentors, to navigate your way.
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There are 4 specific entry points in the world of product management, each with unique opportunities and responsibilities, including:
Depending on your interests, strengths, and aspirations, you can choose a specific entry point that aligns with your career goals and complements your skill set.
1. Technical Product Manager (Product Owner): This entry point involves product planning and is often referred to as the Product Owner in agile methodologies. A Technical Product Manager collaborates closely with engineering teams, writing user stories, prioritizing tasks, conducting acceptance testing, and ensuring that the product is developed within the allocated budget and meets quality standards.
2. Inbound Product Management (Product Management): As an Inbound Product Manager, you take on a business architect’s role, focusing on essential areas such as defining the business model, revenue generation, identifying the target customers, and determining the build-versus-partner strategy. This involves deciding whether to build, partner, or package solutions to meet customer needs.
3. Outbound Product Management (Product Marketing): This entry point is centered around product marketing. As an Outbound Product Manager, you work on effectively communicating the product’s value proposition to the target audience, crafting marketing strategies, and positioning the product in the market. This role involves understanding customer needs and preferences, competitive analysis, and devising go-to-market plans.
4. Customer-Centric Functional Management (Product Leader): As a Product Leader, your focus is on customer-centric functional management. You oversee the overall product strategy, ensuring that customer needs and feedback drive product decisions. This role requires a deep understanding of the market, customer behavior, and the ability to align the product roadmap with organizational goals and vision.
The Product Management career path is evolving and becoming increasingly important in today’s business world. Traditionally, CEOs often came from sales backgrounds, but there is now a growing trend of product managers ascending to top leadership positions. This trend is exemplified by several well-known figures, such as Satya Nadella, who not only became the CEO of Microsoft but also assumed the role of Chairman, making him the first CEO in the company’s history to hold both positions. Other notable examples include Sundar Pichai, Marissa Mayer, and Shantanu Narayen, who all started their careers as product managers before becoming CEOs of major companies.
So, what does the path actually look like?
1. Associate Product Manager or Technical Product Manager: This is the entry-level position for individuals starting their careers in Product Management. They work closely with more experienced product managers and other teams to understand the product development process.
2. Senior Product Manager: After gaining experience and expertise in product management, individuals can move up to a senior product management role. In this position, they take on more significant responsibilities and may lead product teams or manage complex product initiatives.
3. Group/Product Portfolio Manager: As product managers gain experience and demonstrate their ability to manage multiple products or a portfolio of products, they can move up to group or product portfolio manager roles. In these positions, they oversee a collection of products and take a more strategic approach to product development and management.
4. Senior Director of Product Management: At this stage, product managers move into more senior leadership positions, where they have broader responsibilities and may manage multiple product portfolios or teams.
5. Vice President (VP) of Product Management: VPs of Product Management take on a leadership role in defining and executing the overall product strategy for a company or a significant business unit.
6. Chief Product Officer (CPO): The CPO is a high-level executive responsible for the entire product organization and the overall product strategy of the company. They collaborate with other senior executives and play a crucial role in driving the company’s growth and success through effective product management.
7. General Manager (GM) and CEO: Some successful product managers may eventually transition into broader leadership roles, such as General Manager or even CEO, where they oversee not just the product function but the entire company or business unit.
It’s essential to note that this career path may vary depending on the company’s structure and size, as well as individual skills, ambitions, and opportunities. To succeed in this career path, it’s crucial for aspiring product managers to focus on continually improving their skills, gaining valuable experience, and demonstrating a strong track record of successful product management. This includes a deep understanding of customer needs, market dynamics, strategic vision, and the ability to lead and collaborate with cross-functional teams.
The career path for a product manager typically involves progressive stages of responsibility and leadership. It often starts with entry-level positions, such as associate product manager or product coordinator. As experience grows, individuals may advance to roles like product manager, senior product manager, director of product management, and eventually Chief Product Officer (CPO) or other executive roles. Along this path, gaining expertise in different industries, leading cross-functional teams, and managing diverse product portfolios are common steps.
Yes, product management is widely considered a rewarding and fulfilling career. Product managers play a pivotal role in shaping the success of a product and contribute significantly to a company's growth. The role is dynamic, involving a mix of strategic thinking, problem-solving, and collaboration with various teams. Successful product managers often find themselves at the intersection of technology, business, and user experience, making it a versatile and impactful career choice.
The career scope for a product manager is expansive. With experience, product managers can transition to leadership roles, such as Director of Product Management, VP of Product, or Chief Product Officer. Additionally, they may explore entrepreneurial opportunities, consulting, or specialize in specific industries or types of products. The skills gained in product management, including strategic thinking, communication, and leadership, are transferable and valuable in various professional contexts.
Yes, the role of product managers is expected to remain vital in the future. As businesses continue to embrace digital transformation and technology plays an increasingly central role in product development, the demand for skilled product managers is likely to grow. Product managers bring a unique skill set that bridges the gap between business strategy and technical implementation, making them valuable contributors to innovation and organizational success.
Starting a career as a product manager typically involves a combination of education, relevant experience, and skill development. Here are steps to consider:
a. Education: Obtain a relevant degree in business, marketing, engineering, or a related field.
b. Gain Experience: Start in entry-level roles such as product coordinator, and gradually work your way up. Internships or entry-level positions in marketing, project management, or business analysis can provide valuable experience.
c. Build Skills: Develop skills in areas such as market research, data analysis, communication, and project management. Familiarize yourself with product management methodologies like Agile.
d. Networking: Connect with professionals in the field, attend industry events, and join online communities. Networking can open doors to opportunities and provide insights into the industry.
e. Create a Portfolio: Showcase your skills and experience through a portfolio that highlights your contributions to product development and your understanding of the product management process.
f. Continuous Learning: Stay updated on industry trends, tools, and methodologies. Continuous learning is essential in a field that evolves rapidly.
By combining education, practical experience, and a proactive approach to skill development, you can pave the way for a successful career in product management.
Pinkesh Shah – Chief Product Officer, Qualys
Pinkesh Shah is a Silicon Valley Executive with an overall experience of 20 plus years as a Product Management Executive. Previously he was the global Vice President of Product Management at McAfee R&C BU (now part of Intel Corp.) for around 14 years in the US.
