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We have seen swelling opportunities in the area of Software Product Management over the last one year in India. Large consumer internet companies as well as small and large enterprise software companies have been hiring Product Managers.

Everyday we see a growing number of products that influence us or are part of our lives in different realms whether it is personal care products, automation products, or services provided by organizations based on new products.

Some of them are innovative, creative, and provide new value while others tend to be run of the mill trying to catch an existing market wave. Whatever the ultimate form and nature of a product is and its success in the market is, there is one function that is ultimately responsible for it: Product Management.

Product Management is a corporate function that’s about managing the creation of products that really make a difference to the consumer, can sustain themselves in the market in the long run and possibly become a leader in that market space. This is not a new function in the world or in India.
For decades, we have seen “product managers” in India make a huge difference whether it is in the consumer markets, high tech or financial services industries. This function may not necessarily be called by one formal name but it is required in one form or the other to ensure success of products in their respective market place.

We have seen swelling opportunities in the area of Software Product Management over the last one year in India. Large consumer internet companies as well as small and large enterprise software companies have been hiring Product Managers. So, what is it that a software product manager does? What qualifications should one have to become a product manager? Product Management is about creating products that are innovative and provide a very compelling value proposition to the consumer of those products. Well, there are many engineers who want to create innovative products. So, why do we need product managers?

The answer is that while products need to be innovative, they also need to solve a real problem for a consumer or a business problem for an enterprise. Creating a product based on “cool” technology doesn’t necessarily ensure its success in the market space.

It needs to have a value proposition that will make consumers pay for that product. For a long term success of the product, its value needs to be differentiated from similar products in the market. Product Managers perform a variety of tasks that includes market analysis, requirements research (either through primary or secondary research), competitive analysis, pricing analysis, product structure definition and packaging, sales channel strategy, partner development programs, field enablement among others.

Some large organizations have these various activities split into a Product Marketing and then a Product Management role but in many cases it is hard to clearly draw a boundary on which activity belongs where and it primarily boils down to the skill-sets that individuals with in the Product Management organization bring to the table. In order to be able to perform these activities, Product Managers need to have a keen business sense, be able to see the big picture and draw insights, think strategic as well as focus on the tactical activities. As one of my excellent Product Management friends puts it, what sets great Product Managers apart from the okay types is their ability to look forward and draw practical insights much before others do.

In order to be able to execute on that vision and roadmap, they should have the ability to follow through, be a great influencer on their engineering partners to deliver the product in a timely fashion while utilizing the best technologies available and to ensure success. This requires a multi-faceted skill set that includes both business skills and good technology skills. Software engineers with a substantial experience in a particular domain could take up technical marketing or pre-sales roles that could ready them to take up Product Management roles in the future. Fresh MBAs with a technical degree or experience can take up Product Analyst roles and then gain the experience required to be Product Managers. Product Managers can naturally progress to lead a product line or a business unit, lead marketing units or even a company itself. So, if you are the creative types with a lot of entrepreneurial spirit and have the ability to execute with perseverance, Product Management can be a very promising career choice for you.

Glued under: Software