Top 5 Product Management myths busted

1. Introduction
2. Who are Product Managers?
3. 5 Product Management Myths
   • Myth 1 – Product managers are the CEOs of the products
   • Myth 2 – Product managers must have a technical background
   • Myth 3 – Project manager and Product manager are the same things
   • Myth 4 – There is no fixed educational qualification for Product management
   • Myth 5 – The Product manager’s job is done once the product is launched
4. How can you be a Great Product Manager?
5. Wrapping up

Introduction

The question – “What is product management?” is frequently asked even by seasoned business professionals. One reason for this is that product management covers such a broad range of tasks, and the function varies greatly depending on the organization. 

The good news is that the role is increasingly being viewed as crucial to a company’s success. As a result, more people are exploring Product Management as a career option.

A search done by The Product Manager found that 698,945 individuals listed their profiles as Product managers on LinkedIn (August 22, 2020). 

Who are Product Managers?

Product managers (PMs) work at the nexus of development (design and engineering) and commercialization (sales and marketing), where they conduct market research, leadership strategy and implement features from ideation to execution. They come from diverse backgrounds, have different responsibilities, and have varied roles defined across firms. 

Whether you would like to be a PM, want to further your career as one, or work with them as colleagues, there are a variety of myths about the role, and we are here to dispel a few of them.

Top 5 Product Management Myths

Myth 1: Product managers are the CEOs of the products 

It was a popular expression back when product management was still in its early stages, and no one understood how to describe it. PMs, like CEOs, are in charge of the product vision and leading the teams forward. However, the one aspect of a CEO’s position that a Product manager does not have any control over is Authority. 

Product managers develop products in emerging markets, but they have no control over which emerging markets they operate in or how they partner with other brands. In short, a CEO’s toolbox contains necessary tools that PMs do not have access to.

As Product managers do not have direct authority, they get things done by leveraging their influence. They achieve this by always using data to back up their views, empathising and communicating effectively with their teammates, and earning the respect of the product teams.

Myth 2: Product managers must have a technical background

PMs work at the crossroads of technology and business to ensure that the product is well-built. They interact directly with engineers, which requires them to communicate in their language, understand issues, and explain business requirements.

Some product management positions do demand a higher level of technical expertise. Product managers at Apple, Google, and Microsoft, for example, will almost certainly be required to have a computer science (CS) degree or a track record of success in highly technical positions. However, this is entirely dependent on the firm, the product, and the job.

Myth 3: Project manager and Product manager are the same things

Product managers are in charge of leading product development from a strategic standpoint, while project managers are in charge of supervising the implementation of those development plans.

A project has a predetermined scope, time, and cost, and it takes a company from one point to another. A product may have started as a project, which meant it was created, developed, and launched. However, once it is released, it becomes a product that must be maintained, enhanced, and, in some circumstances, reinvented to get better results. That is how the Product Manager comes into the picture.

Myth 4: There is no fixed educational qualification for Product management

This myth originates from the fact that you can’t major in Product management in college, which seemed to delegitimize the profession until recently. Product managers can get the closest to their dream job by studying Business Management or Computer Science at a college or university. 

Professional training outside of traditional schools is now known as a valid approach to master a skill. As the role of a product manager continues to be redefined and reinvented, online product management certifications are becoming more popular, with experts discovering innovative ways to transmit what they know to future product managers. 

Myth 5: The Product manager’s job is done once the product is launched

Product planning does not stop once the product reaches the customers; in fact, it is far from over. Many experts claim that the task of a product manager has just begun!

Successful product management necessitates the ability to both collect and act on consumer feedback. A product manager skims through the product reviews to see what consumers are saying and looks at the stats to check their demands. They use it to generate ideas on improving the product and developing the roadmap for the next release.

It’s also a product manager’s job to evaluate how well the teams collaborated throughout the previous sprint. They look after the communication and workflow of the teams, as well as the outcomes, seeing where silos can be dissolved across teams and how obstacles can be avoided in the next stage of the product’s lifecycle.

How can you be a great Product Manager?

Product managers must always be data-driven and customer-focused, regardless of the size of their data sets (big or small) or who their customers are. Here are a few qualities of great product managers –

• They think ahead and work backwards, focusing on the impact of their work on customers and the results.
• They boost the effectiveness of their teams.
• They make excellent judgments, are learning-oriented, and execute flawlessly.
• They have a deep sense of product design, a strong command of data, and a firm grasp of technology.

Product managers wear different hats and come from many walks of life. If you have the ability and passion required to be a product manager, there is a job out there for you.

Wrapping up

Although not new, the concept of a Product Manager has been progressively gaining traction in various businesses. As a result, certain professions with the same name but very distinct functions get mistaken. What other product management myths have you heard about? Let us know in the comments section below. 

Has busting these myths piqued your interest in knowing more about Product Management? Then check out the PG Program in Product Management and Analytics offered by Great Lakes Executive Learning. It’s a 6-month Online Mentorship program that includes 65+ hours of self-paced video lectures from the Great Lakes Faculty and industry leaders. Don’t miss out on this chance to build a successful career. Register now!