If you’ve landed on this guide, odds are you’re ready for a career change (or upgrade). You may be looking for something that’s a little more future-proof than the average management gig. Or perhaps you know you’re ready for a more senior role, but you’re not keen on a traditional general management pathway. Whatever your motivation, product management is a possibility well worth exploring.
Product management is an exciting type of specialist managerial role. It’s great career for those who have developed technical expertise in a particular product or service, and want to step up within that area, instead of taking on a general management role. If you enjoy the pace and variety of project work, but also making a long-term difference in your organisation, then product management could be for you.
The job title ‘project manager’ isn’t new. In fact, it’s been a thing since 1931! It’s become more common over the last decade or two, thanks to the tech sector. Because products like software programs need to constantly change and improve, it’s extra important to have someone who can oversee and steer the whole process. Product managers are highly valued within any organisation – and the stats prove it. In fact:
- The average salary for a product manager is $137,634
- There are over 19,000 product managers in Australia
- Most product manager roles offer hybrid or remote work opportunities
In this guide, we’ll take a closer look at what’s involved in the day-to-day work of a product manager. We’ll also explore what you can do to step up into a product manager position in your industry.
Types of product management
Depending on the industry you’re in, ‘product management’ may mean a few different things to you. The truth is there are a few different types of product management out there, each driven by different traditions and standard management practices.
Innovation product management
Wondering what happened to the kids who wanted to be ‘inventors’ when they grew up? Chances are a few of them are innovation product managers. Innovation product managers are involved in creating entirely new products or entering new markets. They often work in startup environments or within innovation labs in larger companies. Their role involves identifying new opportunities, conducting market research, and experimenting with new ideas to bring breakthrough products to market.
Consumer product management
Consumer product managers focus on products that are used by individual consumers, such as mobile apps, electronics, or personal care products. They prioritise creating a user-friendly experience, understanding customer needs and preferences, and staying ahead of market trends to deliver products that resonate with consumers. For example, consumer product managers in the beauty industry have to stay ahead of fast-changing trends, and understand their competition inside out.
Technical product management
This type of product management is centred around products with a significant technical component, like software or hardware products. Technical product managers (TPMs) work closely with engineering teams to understand the technical details of the product, translate technical requirements into user-friendly features, and ensure that the product is technically feasible. Technical product managers usually have backgrounds as engineers or developers.
Growth product management
Growth product managers are focused on increasing the user base and driving the adoption of the product. They use data analysis, experimentation, and user feedback to identify opportunities to grow the product’s user base, such as improving user onboarding, reducing churn, or optimising the sales funnel. Growth product managers often have previous work experience in sales and marketing.
Enterprise product management
Enterprise product managers focus on products that are sold to businesses (B2B), such as software, tools, or industrial equipment. This includes platforms for managing business functions, such as client record management systems. They work closely with sales and marketing teams to understand the needs of business customers, often focusing on features that improve productivity, security, and integration with other business systems.
Data product management
Data product managers are responsible for products that involve data, such as analytics tools or data platforms. They ensure that data is collected, stored, and analysed effectively to provide valuable insights to users. They often work with data scientists and engineers to build products that leverage big data and machine learning. Data product managers need technical knowledge, but they also need awareness of how to maintain compliance with key legislation, such as privacy and data security laws.
A day in the life of a product manager
By now you should have a sense of the range of product manager roles out there. Once you know a bit about this, it makes sense that there’s no such thing as an ‘average’ working day! That said, there are some broad tasks that are part of the job description for almost all product managers.
Here are some of the major responsibilities you could take on as a product manager.
Product strategy and vision
A product manager is responsible for defining the product or service’s long-term vision and strategy, ensuring it aligns with the company’s overall goals. This involves setting priorities for features, enhancements, and improvements based on a balance of customer needs, business objectives, and feasibility (whether technical, logistical, or operational). The product manager is the custodian of the product or service’s direction, ensuring that every decision contributes to the broader vision.
Market and customer research
Understanding the market and the customer is crucial for a product manager, whether dealing with digital products, physical goods, or services. They conduct thorough market research, analysing trends, competitor offerings, and customer feedback to identify both opportunities and potential threats. Additionally, they focus on understanding customer needs through surveys, interviews, and data analysis, which provide insights into customer pain points, preferences, and behaviour that inform product or service decisions.
Product roadmap and backlog management
Maintaining the product or service roadmap is a key task for product managers. They create and update this roadmap to outline the timeline for upcoming features, improvements, or service enhancements, ensuring that development or delivery stays on track. Alongside this, they manage the backlog, working closely with the engineering, manufacturing, or operations team to prioritise tasks, features, and improvements that need to be implemented, keeping the backlog aligned with the strategic goals of the product or service.
Collaboration with cross-functional teams
Collaboration is at the heart of a product manager’s role, regardless of the product type. They work closely with engineering or manufacturing teams to ensure that product requirements are clear, feasible, and aligned with the overall vision. They also coordinate with design teams, like the UX/UI designers for digital products, or industrial design for physical products, to create user-centric designs that meet customer needs and enhance the product experience. Furthermore, product managers engage with marketing and sales teams to develop effective go-to-market strategies, messaging, and materials that clearly communicate the value proposition of the product or service.
Stakeholder communication
Product managers regularly interact with various stakeholders, both internal and external, including executives, customers, suppliers, and partners. They keep stakeholders informed through regular meetings, providing updates on product or service progress, gathering feedback, and aligning on priorities. Product managers are often responsible for presenting updates, sharing new features, improvements, or service enhancements, performance metrics, and upcoming plans to ensure everyone is aligned.
Product development and release/launch management
Product managers ensure that the product is being developed or the service is being refined according to specifications, on time, and within budget. Additionally, they manage the release or launch process, coordinating with engineering, manufacturing, operations, quality assurance, and marketing teams to ensure a smooth and successful introduction to the market.
Data analysis and performance monitoring
Product managers frequently analyse metrics, such as user engagement, customer satisfaction, retention rates, and sales figures, to assess the health of the product or service and identify areas for improvement. They also conduct A/B testing and other experiments, whether digital or physical, to validate hypotheses, optimise features or services, and make data-driven decisions that enhance performance.
Problem solving and issue resolution
A significant part of a product manager’s day involves addressing issues and solving problems that arise during the development or delivery process. Whether it’s technical roadblocks, manufacturing issues, customer complaints, or internal misalignments, they must respond quickly and effectively. They facilitate decision-making by mediating discussions between different teams, resolving conflicts, making trade-offs, and reaching consensus on key decisions related to the product or service.
Documentation and communication
Writing and maintaining documentation is another essential task. Product managers document requirements, user stories, technical specifications, or service procedures to guide the development or delivery team. They also ensure that all relevant documentation (such as product specs, user guides, service manuals, and release notes) is kept up to date and is easily accessible to the team and other stakeholders.
Continuous learning and improvement
Finally, product managers are committed to continuous learning and improvement. They stay updated on the latest practices, tools, and industry trends relevant to both digital and physical products, as well as services. They also establish and maintain feedback loops with customers, the development or delivery team, and other stakeholders to continually improve the product or service, ensuring it meets the evolving needs of the market and users.
Product manager-related courses
There’s no one official qualification you need in order to become a product manager. That makes things easier in some ways, because you’ve got fewer barriers to entry. On the other hand, it can be hard to know what to do in order to a) get the knowledge you need, and b) stand out from other candidates.
Some product managers are university-qualified, either in business and management, or in a technical area that’s relevant to their industry. For example, a Bachelor of Business degree often includes several product-management-related topics, from advanced problem-solving, to project management methodologies.
Others work their way up to product manager positions from junior engineering, development, design, creative, and service management roles. For example, it’s common for software product managers to work their way up from junior development roles over time. They may do this by seeking experience on complex projects, getting to know more about the business context of products, collaborating with other teams, and gradually taking on more leadership responsibilities, one at a time.
If you want to stay in the general industry in which you’ve gained most of your work experience, a vocational qualification could be right for you. This pathway can shorten the time it takes you to become a product manager once you’ve got the necessary experience. And a qualification may help you stand out from other candidates relying on work experience alone.
Monarch Institute offers a variety of nationally-accredited courses to help aspiring product managers get a head start. The Advanced Diploma of Leadership and Management is popular with professionals looking to certify their management abilities, while picking up new skills for the future (like managing innovation and continuous improvement). Our specialist Diploma of Business options may also help balance out your current practical experience with the extra skills and knowledge you need.
To top up an official qualification, you can take a range of short courses in product management. Options include intensive workshops and self-paced online-only courses, with providers ranging from major universities to specialist digital career institutions. To prepare for these courses, it’s good to have some experience in online learning, and planning out your self-paced study.
Still not sure on your next move? Check out our guides to alternative careers that may also fit the bill for you, such as project management or operations management. If you need a little more guidance on the best option for your goals and circumstances, chat to one of our friendly course consultants today.
