Product Management is one of the fastest-growing, most lucrative careers in the business world. It’s no wonder that new positions for qualified Product Managers open every day.
To excel in the Product Management field, it’s no surprise that you’ll need a few skills at your disposal. Let’s explore some of the most important skills that Product Managers might need, below.
What are the best skills for Product Management?
The following list consists of the top 8 skills a Product Manager might need for success in their role.
1. Understanding market and industry trends
You might not need a business degree to become a Product Manager, but you absolutely need to know the basics of the business world (such as marketing, sales, negotiating). You’ll also need to know the specifics of your industry. For example, if you work for a company that creates sports products, you will most likely need to understand the customers who shop at your store. It’s one thing to know your product inside and out — it’s another to know the ins and outs of the market, industry and relevant business trends.
2. Setting and tracking KPIs
You’ll work with several different teams as a Product Manager. To lead those teams effectively, you’ll need to be able to set and track Key Performance Indicators (KPIs). Tracking these metrics will help you keep all team members accountable for their tasks, and will help you identify exactly when your department and your company will reach growth goals.
3. Conducting market research
Market research can help you identify a direction for your company’s products. With the right research, you can even understand which products your customers might prefer, and how to go about creating those products. The same research can help you identify new audiences to sell your products to.
4. Implementing UX and UI best practices
As a Product Manager, it’s also important to have a complete understanding of UX and UI. UX, or user experience, and UI, or user interface, help you create products that are easy to use and understand. Before releasing one or more products to the market, Product Managers depend on UX and UI skills to make sure they have created products that customers will find easy to use and benefit from.
5. Thinking critically
Product Managers must be able to understand and analyze large amounts of data, and be able to interpret that data in ways that allows the company to grow. You’ll need skills in decision making and critical thinking in order to handle your daily responsibilities as a Product Manager.
6. Taking initiative
Leadership skills are essential in any management position, and Product Management is no exception. As a Product Manager, you’ll be expected to support, encourage, mentor, motivate and strategically lead your team. You’ll also need to take initiative in order to make sure you hit deadlines.
7. Adapting to change
Even if your products don’t change, your customers and your market will always change with time. As a Product Manager, it’s important that you stay aware of any large changes in your industry. If your customers’ needs or desires change, you’ll need to modify products in ways that make them continually accessible and appealing.
8. Communicating effectively
Communication skills are always important in the Product Management world. You’ll need to be able to communicate effectively, both in writing and in verbal conversation. Particularly with so many employees now working virtually, Product Managers should be able to communicate well across in-person and virtual communication tools. You’ll also need the same communication skills in order to dialogue with members of your product team.
Advance your Product Management career today
A Product Management bootcamp allows you to participate in flexible, self-paced lessons that give you hands-on experience within the industry, access a network of Product Management professionals and build your portfolio. As an alternative to an expensive, lengthy college degree, Product Management bootcamps provide accelerated education in the skills you’ll actually need to get hired.
At Pace, we offer more than isolated Product Management education. Our Product Management Bootcamp teaches next-level skills in disciplines that all Product Management professionals need to thrive. Whether you're a current Product manager or an aspiring Product Management professional, our bootcamp can take you from learner to earner in a fraction of the traditional education time.
Contact our Admissions department today to get started.