Product managers or PMs are responsible for identifying customer needs and business objectives associated with the product while simultaneously maximizing the return on investment.
They are the people who connect customer requirements with business strategies and design knowledge to develop a product. PMs mainly work as a part of the product team but could have extended roles based on the organization.
The product team involves Product Designers and Product Developers responsible for drawing designs, testing prototypes, and identifying bugs. Together, they drive the product vision and guide the team to achieve it. PM’s role in the group includes defining the problems to solve and distributing information to everyone in the group.
While the demand for product managers is growing in 2022, product management salaries are rising. In this article, we’ll discuss the annual wages of product managers in 2022. But before that, let’s look at the responsibilities this role entails.
Responsibilities of Product Managers
Here’s a complete breakdown of a PM’s typical set of duties and responsibilities:
Conducting Market Research
A person in a typical PM role is to spend a more significant part of their career studying the market. That makes sense since, to develop new products, you need to know what the audience wants.
Once product managers identify the gaps in the market, they come up with fresh and innovative ideas for new products. At the same time, their focus is also on finding room for improvement in the existing products.
Developing Business Cases
Another crucial responsibility requires them to build strong cases in favor of their ideas by leveraging the research data. Convincing C-level executives is the goal behind this. In that case, they can focus on creating pitches for investors. That being said, this does not apply to every PM.
Designing the Products
The product manager oversees the product’s design based on what the market wants. This involves determining various elements, including the main features, the packaging (for products), the interface (for software), and more.
Developing Marketing Strategy
PM creates an appropriate pricing strategy considering all the costs involved and the competition. In addition, they also plan smart marketing strategies to promote their new product.
Collaborating with Multiple Departments
A PM is supposed to be a great team player. To ensure success, they may need to collaborate with other departments, including engineering and finance.
Product Manager Salary in India
Product management salary varies from industry to industry. According to Glassdoor, the average salary of a product manager in India is INR 1450000 per annum. Few statistics provided by payscale.com on product management salary in India says
• The average Product Manager’s salary for a fresher is INR 912329 per annum.
• The average entry-level Product Manager salary is INR 1313419 in a year.
• A Mid-career Product Manager earns an average salary of INR 1776152 per annum.
• The average salary for a Senior Product Manager is INR 21660039 per annum.
These numbers may vary depending on the company, experience, location, and skills. Below is the list provided by payscale.com about the average PM salary in India based on different software companies.
Amadeus India Pvt Ltd: INR 23,24,731
SAP Labs India: INR 20,00,000
Oracle: INR 18,75,000
Dell Inc.: INR 14,00,000
GlobalLogic: INR 8,25,000
Even the starting pay for a product manager role is quite high. So, if you are looking for a career in product management, there are certain skills you need to have to fulfill the responsibilities mentioned above. Product management courses in India are worth considering for equipping you with the required knowledge and skills.