Preface
This book will be incredibly utilitarian to specialists across the product development life cycle, such as designers, UX strategists, engineers, and data scientists, and covers areas specific to those roles.
The PM, as defined by us, wears many hats and is responsible for a wide range of activities, including, but not limited to, market research, product development, product positioning pricing, and go-to-market releases. They are the “glue” in the cross-functional team, managing designers, engineers, marketers, and sales teams with different degrees of authority, sometimes none at all. The role motivates and drives the vision, so the teams involved in the processes are aligned and contribute to a successful product, determined by the KPIs created in the strategy process. The PM also monitors product performance through qualitative and quantitative feedback, through platforms and processes such as analytics, and by gathering customer feedback to guide future product development efforts. And who is in charge of tracking that?
The role of the PM has evolved significantly over time. As technology has continued to expand and evolve, the role of the PM has expanded and evolved as well.
In the past, overseeing the development and launch of a single product or product line was the role of a PM. PMs may be responsible for a wide range of products and services today. The position may work across multiple teams and departments to ensure the successful development and launch of products.
As technology has become more advanced and users have become more sophisticated, the role of the PM has become increasingly focused on user-centered design. PMs must understand the needs and motivations of users and use this information to guide the development of products that meet those needs and use gamification as a tool to do so.
With the rise of big data and analytics, the role of the PM has become more data-driven. PMs use data and metrics to inform product development decisions and may conduct experiments and A/B tests to evaluate the effectiveness of different product features and strategies.
PMs may have worked in isolation in some cases, with limited collaboration across teams and departments. Today, the PM role is much more collaborative. PMs must work closely with designers, engineers, marketers, and other stakeholders to ensure that products have triumphant development and release of products and platform development.
PMs are considered leaders and educators in development methodologies, whether Agile, Scrum, Lean Six Sigma, Lean Startup, or others. With the increasing pace of technological change, the role of the PM has become more focused on becoming an expert in methodologies and rapid iteration. PMs must be able to work quickly and efficiently to develop and launch products and must be able to adapt to changing market conditions and user needs.
Product management roles have grown 32% in the two-year period from August 2017 to June 2019.
The average salary of a PM is $127,979 but is more than $250,000 at companies such as Meta and Amazon.
Being a PM is listed as one of the top 10 best jobs, according to Glassdoor.
So why does this matter?
As the popularity of being a PM continues to rise, so do the expectations and responsibilities. The ongoing joke among PMs is that if the product does well, we get none of the credit, and if it goes wrong, we get all of the blame. The key word in the role is responsibility.
To be an elite PM, you need to master the core functions, have a high level of emotional intelligence, and understand basic concepts in design, engineering, law, economics, policy, data, and marketing as they relate to your product. Gamification is a special set of knowledge and skills that give you a competitive advantage over your peers.
