If you’re interested in a new challenge, switching into a product manager role could set you up for a creative and rewarding career. Here we explore what product managers do, the top skills you need to succeed, and how you can break into this exciting, in-demand profession.

What is a product manager?  

A product manager is the architect of a product’s success. They are in charge of every stage of the product’s journey, from conception to market. They are the visionary, strategist and advocate rolled into one, responsible for guiding the product management lifecycle at every stage. This includes ideation, development, launch, iteration and more. 

Confusion often surrounds the product manager role, due in large part to its multifaceted nature. Some see them solely as project managers, while others mistake them for marketing specialists. The truth is they are neither. 

At its core, being a product manager demands a blend of skills from multiple disciplines, including business strategy, user experience (UX) design, technical knowledge and beyond. The very best product managers know how to balance the needs of stakeholders, market trends and user feedback to steer the product towards success. 

Product manager role 

The product manager role has changed over the years, but its relevance is stronger than ever – due in large part to the rate of technological change and the need for businesses to keep pace. With the growing adoption of agile methods and digital transformations, companies want to give their customers what they need quickly, and product managers make this happen by connecting what the business wants with what the customer wants. 

For the company itself, the value is obvious: a fully optimised product manager could deliver a 34.2 per cent boost to company profits. In order to achieve this, the product manager must have a clear purpose. They set the product vision and strategy, as well as manage the lifecycle of the product. The end goal is always to create both customer and business value. That is the product manager’s metric for success. 

“The product manager’s role is to create value for the business and for the customer, with the vehicle being the product or service that the customer purchases,” says Product Management Consultant and PM-Partners Training Facilitator Irene Liakos. 

Digital product manager  

A digital product manager focuses specifically on managing digital products or services, such as mobile apps, websites, software or digital platforms. They oversee the development, launch and ongoing improvement of these digital offerings so that they are continually meeting customer needs and business goals. 

Exactly what a digital product manager works on day-to-day will depend on the business and the product, however their work may involve creating intuitive user interfaces, optimising website experiences for e-commerce, developing new features for mobile apps, implementing data-driven strategies to boost user engagement, among many other tasks. Essentially, they sit at the intersection of technology and UX. 

What does a product manager do? 

The actual daily tasks of a product manager will vary depending on the industry, business, and of course the product itself. However, what product managers don’t focus on are writing tickets and QA testing – which is a common misconception. 

Instead, Liakos says there are a several key tasks that successful product managers do on a day-to-day basis, including:

• Checking the data: Analysing user data, behaviours and key numbers (like churn rate, acquisition metrics, revenue) to understand trends. Also, gathering insights from user research, surveys, interviews and customer support to identify problems and potential risks. 
• Assessing progress: Determining whether the product is aligning with company goals, OKRs and KPIs.
• Identifying priorities: Taking care of high-priority problems by collaborating with others and validating options with customers through hypothesis testing. 
• Understanding risks: Evaluating market conditions, competitors, and internal capabilities, as well as developing plans to thwart potential risks. 
• Communicating their vision: Clearly communicating the product vision and strategy to make sure everyone in the company is aligned. 
• Financial analysis: Working with commercial teams on financial business cases, considering costs and pricing based on the customer’s perceived value. 
• Designing user-centric products: Designing products that address customer pain points and provide a more seamless UX. 
• Iterative development: Building products iteratively based on constant user feedback. 
• Collaboration: Collaborating with internal and external stakeholders to deliver products that resonate with customers. 
• Prioritising requirements: Distilling product requirements into prioritised user stories and tasks. They will collaborate with the team to design and execute these. 
• Validating requests: Continuously validating product requests for their business and customer value (leveraging both qualitative and quantitative data). 

Product owner vs product manager 

The product owner and product manager roles are intertwined. Ideally, the strategic product manager job encompasses the product owner role. In some companies this is the same role. In others, you may find the product manager role and product owner role working very closely together.

A product manager focuses on the broader strategic vision and lifecycle of the product, matching it up with the company’s goals, the state of the market and understanding the customer. Through discovery they minimise the risk of the product not being desirable to customers, financially viable, technically feasible and profitable for the company. They are responsible for the overall success of the product and collaborate across the business.

In Agile, a product owner is defined by the role they play in delivery, prioritising the ‘product backlog’ and primarily operating within agile development methodologies, serving as the bridge between the development team and stakeholders. Their main focus is on collaborating and executing the product roadmap, gathering and documenting user stories, and making sure the development team (as well as UX and operations) understands and delivers what’s needed to meet customer requirements.

Together the activities of a product manager (strategy, discovery, value creation) and product owner (agile delivery) are crucial to the success of the product.

While both roles involve decision-making and ongoing communication, the product manager role tends to have a more strategic and holistic perspective, while the product owner role is more hands-on with the day-to-day execution of the development process. Having the knowledge and skills of both is unstoppable.

Product manager vs project manager 

At their core, the key difference between a product and a project lies is their objectives and lifecycles. A product is an ongoing offering that strives to meet customer needs and generate value over time, whereas a project is a temporary task with a specific goal and finite duration. 

Digging deeper, a product manager is committed to the strategic direction, market fit and long-term success of a product. By contrast, a project manager is responsible for planning, executing and delivering a project within various constraints (e.g. time, budget, scope). 

“A project is temporary and has a clear start and end date,” Liakos says. “Projects are managed by a dedicated team who implement a specific change. When the project is complete, the service, process or product is handed over to operations and the project team is then disbanded. This is in direct contrast to product management, where products and teams are long-lived.” 

How to become a product manager 

Becoming a product manager is an attractive career transition for many professionals, especially those at a mid-level role who want new challenges and ownership of the entire product lifecycle. It’s a popular second career choice, drawing people from diverse backgrounds like product owners, business analysts, software engineers, marketers and project managers. Many of those who are interested already work in companies that specialise in digital products rather than traditional product management. 

For career-changers in industries like banking, finance, insurance, telco and healthcare, transitioning to product management could be the ideal fit. Many professionals in these fields may feel stuck in their current roles and are eager to level up their skills and responsibilities. 

The best news is that these professionals bring with them a wealth of transferable skills, such as problem-solving, communication and project management. They understand market dynamics, user needs and business objectives, which makes them well-suited for product management roles. 

Learning how to be a great product manager takes time and experience, but it’s a journey you can get started on today. Aspiring product managers should focus on gaining relevant industry experience, networking with established product managers and investing in training and certifications. 

Product manager skills 

Product managers are the linchpins of successful product development, which means the role demands a diverse skillset. While certain qualifications and experience levels will vary depending on the specific role, there are several key skills that are essential for forging a career in product management:

• Curiosity: A strong desire to continuously learn and explore new ideas, technologies, industry trends and innovations. 
• Empathy: Being able to understand and empathise with customers, partners and stakeholders, which will help you as a product manager better anticipate their needs and deliver user-centred solutions. 
• Strategic thinking: Able to develop and articulate a clear product vision aligned with the business’s goals. 
• Market analysis: Proficiency at carrying out market research, analysing trends and spotting opportunities for product innovation. 
• Communication: Strong verbal and written communication skills to effectively convey your ideas, company requirements and potential strategies. You also need to be able to manage relationships with diverse stakeholders. 
• Leadership: Ability to inspire and lead cross-functional teams towards common objectives. 
• Analytical skills: Have an aptitude for data-driven decision-making, taking advantage of metrics and insights to drive product improvements. 
• Problem-solver: Capability to identify and solve complex problems. You must also be able to anticipate challenges and roll out effective solutions. 
• User-centric: Be understanding of your customers’ needs, behaviours and pain points. This will help ensure the product is both valuable and intuitive. 
• Adaptability: Flexibility – and willingness – to thrive in a dynamic and rapidly changing environment. Successful product managers can quickly adjust their strategies and priorities as needed to meet changing market demands. 

Beyond these essential skills, Liakos says the most important skill any product owner must possess is the ability to “create value for customers that is profitable and valuable for the business”. 

Transferable skills 

Product managers can come from all different walks of life. Liakos says she’s trained ex-lawyers and ex-accountants who were hired as product managers because the business had a legal and accounting product, respectively. So there are numerous transferable skills that you might not even realise will be highly regarded in product management. 

Here are some additional skills you might bring to the table when switching careers to become a product manager:

• Stakeholder management: Experience in collaborating with various stakeholders to gather requirements, communicate updates and align priorities. 
• Project management: Proficiency in planning and executing projects within set timelines and under budget. 
• Decision-making: Being able to make well-informed decisions based on data analysis, stakeholder input and strategic considerations. 
• Time management: You thrive on prioritising tasks, managing deadlines and optimising resources so that the project is executed as efficiently as possible. 

Product manager courses

Product manager courses are an invaluable way for professionals to upskill and grow their credibility in the field. Training and certification programs are a structured way to become a master of essential topics like product strategy, market analysis, agile methodologies and more. 

These courses will not only deepen your knowledge but also validate your expertise. The result is being seen as a more confident and credible professional in the eyes of employers and peers. Getting certified also demonstrates your commitment to continuous learning and professional development, which can increase your career prospects and open doors to new opportunities. 

You can start your transition into the product manager role by taking PM-Partners’ Product Management course, where you will become an ICAgile Certified Professional in Product Management (ICP-PDM). 

Where a product manager role can take you 

The product manager role is your doorway into a dynamic career path with so many opportunities for growth. Some of the most exciting pathways and industries you can work in as a product manager include healthcare, banking and finance, software and even entertainment. 

It’s an in-demand profession thanks to our ever-evolving digital landscape, which means product managers are highly sought after across most major industries. From tech startups to established corporations, you can find your ideal fit in an industry and company that matches your talents. 

While most product managers don’t start their careers here, they also don’t usually end it here either – it can be a stepping stone to various other career pathways. Being successful as a product manager can guide you towards leadership positions such as Chief Product Officer or Chief Technology Officer, which come with greater responsibilities and strategic influence within the business. Moreover, the skills and experiences you gain as a product manager will be highly transferable, opening doors to entrepreneurial ventures, consulting roles, executive-leadership positions and more. 

“Many of my peers from product management are highly successful today because they understand the problem,” Liakos says. “A lot of them have started their own businesses and enjoy success. Others are on boards of major companies or in the C-suite.” 

Product manager salary 

Depending on your level of experience and whether you are just starting out in this type of work or are a career-changer from project management or business analysis, for example, the average salary for a product manager in Australia is anywhere from $110,000 to $130,000 annually. 

Some industries do have a higher-than-average pay packet, particularly information and communication technology, and insurance and superannuation. 

Where you are located around the country will also influence your salary, with product managers in Canberra and Melbourne earning more on average compared to those in Adelaide or the Gold Coast. 

6 steps to start your product manager career 

1. Build your knowledge base: Dive into resources recommended by leading product thinkers like Marty Cagan’s Inspired and Melissa Perri’s Escaping the Build Trap. They can provide you with the foundational knowledge and strategic insights that are essential for success in product management. 

2. Engage on social media: Follow key terms and hashtags related to product management on platforms like LinkedIn and X. Join discussions and follow thought leaders to stay updated on the latest industry trends and best practices. 

3. Join communities: Engage with product management communities on platforms like Medium or Substack. Irene Liakos writes on Substack at The Product Venn, and you can attend fortnightly virtual meetups with industry experts on her Product Circle Chat Community. 

4. Network: Attend product management events, workshops and conferences to connect with industry professionals and expand your network. You can also network with product groups on digital meetup platforms like ProductTank. 

5. Uplift capabilities: Identify areas for your own upskilling and enrol in dedicated product management training. Our Product Management course is a way to get certified while boosting your credibility and marketability in the field. 

6. Get certified: You might also want to pursue additional certifications like Agile Coaching or Scrum Product Owner Certified (SPOC) to stand out from other product managers. 

Entering or switching into the product management field can open up a world of possibilities for your professional growth. With strong demand for skilled product managers across many diverse industries, now is the perfect time to take the leap into this hugely rewarding career path. 

By following the actionable steps outlined here and enrolling in our Product Management course, you can build the ideal platform and set yourself up for a successful future. 

Unlock your true potential to drive innovation and make a lasting impact in the world of product management. Contact our development team to find out more about switching into a product manager role and enrolling in our Product Management course, or call us on 1300 70 13 14 today.