The average salary for a product manager falls between USD 65,000 to USD 85,000. However, different factors like location, years of experience, company type, company size, and employer play a major role in determining the final salary for these professionals.
Product management refers to the schematic development executed by an organization, while dealing with a product(s). It encompasses several steps, starting from basic planning to forecasting, advertising, and marketing the product. Anything that is related to the product life cycle comes under product management. Depending on the particular working area, there are two types―inbound product management, and outbound product marketing.
Behind impressive product life cycle stages, a product manager has a strong hand. Hence, hiring qualified employees is of utmost importance in the productive planning and releasing of the products. One of their main responsibilities is to generate maximum revenue concerning a particular product released by the company or organization.
Even though the actual profile varies according to the company or industry, the basic responsibilities of conducting research, market survey, selecting products, and developing them remain the same. A product manager is expected to practically conduct pilot programs, which include marketing products samples and analyzing customer reviews. For successful launching of products, both inbound managing and outbound marketing are collectively responsible.
A product manager has to track the products placed by the competing company, analyze them, and plan for tangible products, which will give customer satisfaction as well as profit to the company. He or she has to remain up-to-date about new products that come under the industry’s business. With all these responsibilities, it is expected that a prospective product manager will be paid a high salary.
As with any job profile, the salary is decided with respect to the employer, company size, company type, experience, and location. In case you are working for a nonprofit organization, obviously the salary scale will be lower than those working in big, successfully running industries. As far as company size is concerned, the more the number of employees hired by the organization, the higher will be the salary.
Speaking about salary scale with reference to years of experience, candidates who have more than 4 years experience earn approximately USD 48,000 to USD 75,000. Whereas 1 year or less experienced employees have a salary scale of about USD 42,000 and higher. Product managers having more than 10 years can earn up to USD 100,000. Those who are employed in industries that deal with medical devices have a higher salary package than finance, IT, or other fields. Also, higher the cost of living of the area, more will be the annual income of product managers. This holds true for all job profiles.
Apart from salary, bonuses and incentives are given annually based on performance. How much bonus will be offered to the employees is based on the monetary condition, in terms of profit and loss, during one financial year. To conclude, the earning potential of qualified product managers is relatively high. This salary information is applicable for product managers and product marketing managers who work for about fifty hours a week.