Before a product can enter the market, it must be developed, tested, packed for local markets, and launched successfully. While multiple departments are involved in the overall success of a company’s product launch, they all report to the product manager.
Identifying customer needs and designing a product that aligns with the company’s vision and has the potential to be profitable for the business falls within the job scope of a project manager. In this article, we will cover how to become a product manager, what they do, and the best industries in which to work.
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What is Product Management?
Product management involves identifying a need, designing a product or service, and developing its features before launching it into the market. Additionally, it requires working with cross-functional teams to get the product from the design table into consumers’ hands.
There is no clear educational degree for how to become a product manager, rather, product managers come from varied backgrounds. A Bachelor of Business Administration (BBA) can help build skills such as problem-solving and negotiation tactics required in product management. Technical degrees such as computer science or engineering can also lead individuals to a career in product management.
The product management field is vast, and the product management role can vary across companies. In most instances, it means working on a product from its inception until launch. In other companies, it could focus on research and development, launch and sales, or maintenance.
What does a Product Manager do?
A product manager leads the product management division and constantly conducts market research and analyses trends. This helps them identify market gaps and design products that promote the company’s vision while meeting customer needs.
If one wonders what a product manager does all day, the simple answer is that it varies. They constantly improve the product features so that the end product is user-friendly and helps meet customer needs.
Before covering how to become a product manager, let us look at product manager duties:
- Market research
- Product vision
- Product strategy
- Cross-functional collaboration
- Product development
- Product launch
- Collect feedback for improvements
Qualifications Required to Become a Product Manager?
Product managers are in high demand since companies need to constantly improve and introduce new products into the market to stay relevant and meet consumers’ changing needs. However, no one degree trains students to become product managers.
This is because product managers are required in most industries. Therefore, the best advice on how to become a product manager would be to complete an undergraduate degree and gain relevant work experience before applying for a product manager role. Individuals can also opt for a short diploma or certification in product management after completing their degree programme.
Product managers from technical backgrounds such as engineering or software development might have an edge over the competition because they can better understand how to implement the product vision.
What are the Advantages and Disadvantages of Becoming a Product Manager?
We have covered what is product management and how to become a product manager. Product management can be a challenging profile where individuals can apply their technical knowledge to create profitable products and services that help meet consumer needs.
As with any job profile, becoming a product manager has advantages and disadvantages. As managers gain experience, they learn to navigate the complexities of the job and learn from their mistakes.
Advantages of becoming a product manager
- Creativity
- Opportunity to work with cross-functional teams
- Variety from working multiple roles
- High-demand
- Able to witness the impact of your product
Disadvantages of becoming a product manager
- Broad skill set required
- Complete accountability
- Navigating internal conflicts and hurdles
Step-by-step Guide on How to Become a Product Manager?
Becoming a product manager can be a rewarding experience. Managers oversee the product from inception to launch and are involved every step of the way. They must interact with various departments and collaborate with cross-functional teams to realise their vision.
Product managers have years of practical experience honing their technical and soft skills. They also come from strong educational backgrounds that allow them to bridge the gap between vision and reality.
Learn how to become a product manager:
- Complete a relevant undergraduate degree: individuals need to hold a relevant undergraduate degree in engineering, computer science, data analysis, etc.
- Gain work experience in the field: Before becoming a product manager, working in junior positions or other departments is essential to gain experience and learn how the industry functions.
- Improve soft skills: Product managers are strong leaders adept at negotiating and problem-solving while working seamlessly with multiple teams.
- Take a product management course: It might be helpful to undergo a short training program in product management that aligns with your field of work.
- Customise the resume and cover letter for the position: Update the resume and cover letter to align with a product manager position. Include relevant work experience that can improve your chances of being hired.
- Apply for open roles and through references in your network: To apply for a product manager role, one can use job portals such as LinkedIn or ask for references from one’s network.
- Ace the product manager interview questions: Research the company, its products/services, and how your experience can be an asset for them.
- Land the job
What are the Best Industries and Companies to Pursue a Career as a Product Manager?
Many companies require a product manager to help them continuously meet consumer demands and upgrade their current products and services. In some industries such as technology, the role of a product manager could extend beyond the launch. It can include post-launch maintenance and keeping the product bug-free and running smoothly.
We have looked at how to become a product manager, let us now explore are some industries where product managers are required in South Africa.
- Technology and Software: In this sector, they can help design services and apps that improve organizational efficiency and productivity. They can also create apps for wellness companies, banks, etc., that help provide solutions.
- Naspers
- Rectron
- Westech
- Finance: Financial technology or FinTech is a booming field and product managers help to create digital banking solutions, mobile payments, and investment apps.
- JUMO
- Standard Bank
- MFS Africa
- Consumer Goods: Companies need to launch innovative products and designs to survive and turn profits in this competitive industry. Product managers help create seasonal and need-specific products.
- Tiger Brands
- Unilever
- Astral Foods
- Online Retail: With thousands of design options, retail product managers need to be creative to help their brand stand out from the competition. Product managers can also be involved in launching and maintaining e-commerce platforms for a seamless user experience.
- Takealot
- Shoprite
- Shopify
What is the average salary for a Product Manager?
Before landing the product manager role, the candidate comes with fears of work experience in a relevant industry. When they move to the product manager role, they are taking a lateral promotion within the industry. Therefore, they can expect salaries that consider their relevant past work experience and the skill set they bring to the role.
As of October 2024, the average salary of a product manager in South Africa is R38,394. The average salary in Sandton is R52,864, and in Johannesburg, it is R44,523.
Salaries can be dependent on certain factors, such as:
- Industry: Salaries will be higher for companies working within the finance and technology sector.
- Company Size: Well-established companies and highly valued start-ups are more likely to offer higher salaries.
- Location: Salaries will be higher in major South African cities such as Cape Town and Johannesburg.
What is the Career Path of a Product Manager?
Over the years, product manager roles have increased in demand as companies try to stay relevant in a highly competitive market. We have covered how to become a product manager, this section will cover how to advance in your career once the role in secured.
Product managers can rise in rank within a company or join as junior product managers. Others can gain technical work experience in a relevant field before making a lateral shift in their career.
- Entry Level Roles
- Junior Product Manager
- Product Analyst
- Middle-Level Roles
- Product Manager
- Senior Product Manager
- Executive Level Roles
- Director of Product
- Vice President of Product
- Chief Product Officer
Conclusion
Product managers are crucial in successfully introducing products that meet customer needs. The position demands a combination of technical expertise and strong leadership skills, allowing them to navigate organisational challenges.
Those researching how to become a product manager should focus on gaining practical experience and enhancing their soft skills to succeed. The landscape is vast, with opportunities across industries like technology, finance, and consumer goods. As companies continuously seek to innovate, product managers are essential for maintaining competitive advantage.
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How to Become a Product Manager? – FAQs
What is the average salary for a product manager in South Africa?
As of October 2024, the average salary for a product manager in South Africa is approximately R38,394 per month, with variations based on industry, location, and company size.
What are the potential career advancement opportunities for product managers?
Depending on their experience and expertise, product managers can advance to roles such as Senior Product Manager, Director of Product, Vice President of Product, and even Chief Product Officer.
What industries hire product managers?
Product managers are in demand across various industries, including technology, finance, consumer goods, healthcare, and e-commerce.
How to become a product manager?
While there’s no specific degree, a background in business, engineering, or related fields is beneficial. Gaining relevant experience and pursuing a certification in product management can also enhance your resume.
What do product managers do?
A product manager helps to identify a gap in the market, design a product, enhance its features, develop, and launch it in the market. They are responsible for the product from the inception stage.
What are some product manager requirements?
Product managers must be technically skilled. At the same time, they must also possess soft skills such as leadership, negotiation, and problem-solving that can help them work with various departments and cross-functional teams.
