What Is Product Management?

Product management is a role in a business that connects other important areas— business operations, analytics, engineering, sales, and even customer service.

It mainly involves planning, developing, and launching a new product or service. Product management overlooks the entire lifecycle of a product, from identifying pain points to product conception and gaining user feedback.

What Are Product Managers and What Do They Do?

Once you're a product manager, you become a professional who takes responsibility for creating a product or service. You'll collaborate with almost all the departments in your company. 

A product manager will team up with marketing and design, development, finance, and other relevant people in the company, sometimes outside it too. Like a project manager, you will ensure the alignment of tasks and see that what you're developing meets the customer's needs.

If you have any experience with the tech industry, you may also find yourself using these skills in this new position. A product manager also interfaces with diverse stakeholders. They possess necessary product management skills like leadership, problem-solving, and good communication. 

You'll act as a bridge between customers, internal or external teams, and stakeholders while overseeing the vision of the product or service.

How Much Do Product Managers Make?

Product management can be a lucrative opportunity. According to Glassdoor, the average total pay range for product managers is $147K - $188K per year. 

For senior product managers, the pay scale ranges from $154K to $247K per year. 

Still, salaries indicated on product manager job postings may depend on your location, the size of the company, your level of experience, and what industry you will be.

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Should I Join a Product Management Bootcamp or Sprint?

Aspiring product managers may find enrolling in a product management bootcamp beneficial, but this depends greatly on your specific case. There are other engaging online classes or in-person courses out there that could be a great stepping stone before diving into a more comprehensive product management bootcamp.

If you're a newbie with minimal prior industry experience, a product management sprint can help you hone your hard and soft skills. These programs are typically only a few weeks long and provide the essential information newcomers need to understand product management.

This can help you learn the basics of creating a product strategy and help build a product management portfolio.

Sprints can also be an introductory experience to prepare you for a more complex program. The best product management bootcamps are usually more intensive and tackle the topic in-depth. Bootcamps are also often team experiences.

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What You'll Learn From a Product Management Bootcamp

If you're currently in a different field—tech, marketing, or even research, it's crucial to have a clear expectation of what you'll gain from product management bootcamps. 

You'll acquire in-demand skills and develop the expertise needed as a product manager, but what specific skills would these be?

With these in-person or online education programs, you will be able to:

• Know the Ins and Outs of A Product's Lifecycle: Learn all the steps of an agile product sprint and how to plan and execute them.
• Master Project Management Tools: Become an expert in using product analytics tools and other in-demand industry tools that can help you stay ahead in the rapidly evolving tech landscape.
• Learn and Manage Roadmap Development: Prioritize product features and utilize company resources to effectively achieve end goals.
• Undergo Value Proposition Creation: Create effective user stories to connect with an audience. Gain insights on user story creation and value proposition canvas to make your product or service sell.
• Conduct Market Analysis: Learn the true meaning behind the phrase "know your target audience" and identify product and service opportunities for international and local market demand through market research.
• Develop Effective Communication Skills: Learn how to properly connect with your market, team members, and stakeholders.
• Learn Data Visualization: Know the techniques to effectively present insights and ensure every presentation makes a visual impact.
• Develop Basic Software Development Skills: Familiarize yourself with web development skills to optimize new product development.
• Hone Tech Skills: Master the technical (coding, AI, writing series to pull usage data) skills needed to be on top of the market.
• Completing Real-World Projects: Manage real projects from rapid prototyping to shipping to actual users.

Joining a product management bootcamp is beneficial when planning to land a product management job. You can gain real experience, know the ins and outs of the business, and develop the necessary skills to make you more effective in creating a product or service that would be helpful for users.

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Conclusion

At Co.Lab, we believe the best way to learn product management skills is by being part of it. Our online product management bootcamp will let you experience everything—from problem definition, collaborating with cross-functional teams, using tools, and synthesizing user experience.

Our eight-week program contains live virtual classes led by real product experts who can help you build a robust portfolio. For career support, we can offer you exclusive tips you can use for job interviews, along with additional benefits for dedicated career preparation.

Check out our product management bootcamp and other online education programs, and enroll at Co.Lab today!

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