In business-to-business marketing, it's not enough to develop a product and see who might be interested. It would be a huge waste of time, money, and resources to simply hope that someone would be interested in your product.
That's why businesses bring on product managers to research the competition, discover the products that are in demand, and help oversee the development of those products. Read on to discover more about this truly multifaceted career option.
Product managers follow a product from its development to its debut. These individuals investigate possible markets for a product, contact other businesses in need of that product, and then report back to their own employers about whether or not the product would be worth developing.
According to Indeed.com, people looking to enter careers as product managers have the best chances in the following areas:
After performing market research and investigation, product managers help oversee product development, ensuring the product matches the needs of the market. Throughout the development process, product managers communicate with their business partners to get feedback about the product.
Product managers don't only take a role in the developmental process, but also in the marketing of the product. This might involve setting up meetings between sales representatives and other businesses, developing a branding strategy for the product, and working with the advertising team.
Typically, product managers report directly to a CEO, and then communicate with the remaining departments of a business. Other professionals they work with include:
Most product managers have years of experience, coupled with educational backgrounds in business and marketing.
Business-to-business product managers are high-level employees who have expansive background in business and marketing. Because the job description of a product manager varies greatly depending on not only the stage of product development, but on the company they work for, different businesses will want different qualifications.
Given the years of experience and education needed to successfully perform as a business-to-business product manager, these individuals receive competitive pay. The average median income for product managers is $132,000. If you're interested in learning more about overseeing the development of products for a business, contact schools offering degrees in marketing.