Who is a Product Manager?

A product manager is a person responsible for handling the value of the products. He represents the community and works at his best to create a bridge between the company and the customer or developmental team. He motivates the team with whom he works and provides positive and elevating goals. Product Manager’s roles and responsibilities are challenging and need to be well-maintained.

In order to achieve your dream to be a Product Manager, you have to find the best Product Management Institute in Delhi.

Characteristics you must possess to be an effective Product Manager (PM):

Leader: The Product Manager guides his team, responsible for developing the project. He shall be highly optimistic and deliver proper guidelines to his development team. He shall rely on close collaborations with the other Scrum team members but should not have primary authority over them.

Visionary: The Product Manager should have the capability to envision the final product through completion. He should give formal requirements needed, track the progress, and provide creative thoughts and innovation. Madrid Software can help you achieve this.

Negotiator: The Product Manager should have effective communication skills and shall be able to communicate on different topics, including scrum, agile, marketing, customer needs, and other management topics.

Available and Committed: The Product Managers shall make themselves available to the team every time. It may not be possible for him to remain available 24*7. But he shall try his best to commit himself to the team. Discussions, acceptance, and rejection of work proposals. He shall not impose any formal orders uselessly.

product management course in delhi

Methodologies used by Product Manager :

The two famous methods preferred by most PM’s are - SCRUM and AGILE

1. AGILE -This methodology includes continuous iteration and checking the SDLC process. Agile breaks products into smaller units.

2. SCRUM - It is a modified agile process. It brings out the production values in the shortest possible time.

AGILE SCRUM
It is based on an iterative and incremental approach. Incremental builds are provided to the customer timely.
It is suitable for small projects. It is suitable for projects which have a high changing environment.
Working software is a crucial measure. Working software is not a key measure.
Leadership plays a vital role. The whole team is contributing here.
Excellence in Technical design is necessary. Collaboration, Creativity, and innovation are the main criteria.

How to carry out Product Management efficiently:

Maintain the Product Backlog: It’s the responsibility of the Product Manager to create a well-defined Product Backlog before the meeting so that that the team can remain productive from the very beginning. He shall maintain a regular update and proper grooming of the functionality of the products.

Manage the Finances: The Product Manager is responsible for making good decisions regarding economics and finances. The three main areas - Quality, Budget, and Time should be profitable from the investment made. He can also include the cost of each product backlog if necessary.

Participation in Events: The product is the sole person of planning, team management, iteration, review, meetings, and proposals. He should keep a weekly update of the variable environments (for scrum) or technology (for agile). He should ensure how his product can receive elite feedback but in an optimum way and determine a clear route for further development.

Fulfilling clients’ or customers’ needs: The Product Manager is the primary communicator between the client and the team. Having deep marketing knowledge makes them anticipate the problems -> solve them -> address them

Prioritizing needs: One of the essential responsibilities of the Product Manager is to prioritize the requirements without any bad impact on the team or product.
For example, suppose a business owner builds paper bags. In that case, he should enroll a proper project manager to handle the customer needs and understand the environment without any negative feedback on the company or product.

Use Statistical reports to address the product’s progress: Qualitative Statistical reports are easy to interpret, and the data can be well visualized than many texts and mathematics. You can convey the reports even to a little educated customer.

Do Product Management need User Stories :

Anybody can write user stories. It is the Product Manager’s responsibility to make sure that the user story of a scrum exists in a product backlog. The product Manager does not necessarily write the user stories.

Now, what is a User Story?

User Story contains a natural description of a product from the user’s perspective. User Stories may have different names like Themes, Epics, or Features, but all have the same format.

Average Salary of a Product Manager :

People are always curious to know about the salary, as it is essential to human life. Pay can vary among the companies with regions. However, the PM gets a good wage for their roles and responsibilities.

So, the average salary of a Product Manager is $109,005 per year in the United States.

In India, the average salary can be up to Rs 25,80,250 per year (company varies). But, for this, you need to get admitted into the best product management institute in Delhi, which is Madrid Software.

Emergence in the demand of Product Managers: Now it’s your turn

Till now, you have understood the roles and responsibilities of a Product Manager. Now you can very well understand why Product Managers are in high demand to be hired.

A Product Manager is a challenging task these days. One person can’t take so many responsibilities and execute them with perfect roles and responsibilities. So, PM has a considerable demand.

If you can create -

⮚ a healthy Backlog Model

⮚ think of different project types like the Octopus Project, Cinderella Project

⮚ an active development team, your success in this field is not far.