What Are the Top Product Management Skills?

What Are the Top Product Management Skills?

The role of a product manager is complex and one that is constantly evolving. A product manager must be able to perform several duties and oversee work from teams in various departments. They must also have an extensive set of both hard and soft skills to navigate the successful development of their product. Here, we’ll take a look at the key product management skills needed in order to be a successful product manager.

First, let’s look at what a product manager is and what their key responsibilities are.

What is a product manager?

A product manager is responsible for the development of a product from the beginning to the end of its life cycle. They work with a cross-functional team to create, develop and eventually launch their product to market, where it can be utilized by customers.

 A product manager’s typical responsibilities include:

• Liaising with suppliers and manufacturers to build physical products
• Doing market research on potential customers for a product
• Creating a product plan and roadmap for completion
• Overseeing various teams’ progress as they work on the product
• Managing potential risks and obstacles to product completion
• Working with
• product marketers to bring the product successfully to market
• Closing off a product life cycle with lessons learned and guidelines for the next product

What are the key product management skills?

Product managers need a number of different skills to succeed in their role. These can change depending on the nature of the product and its organization, but generally, product management skills can include:

Communication skills

A good product manager needs to be capable of relaying information in a clear and concise manner to stakeholders and fellow team members. Whether it’s through a presentation or in a quick update to a colleague, communication skills that allow data and information to be understood quickly and effectively is crucial to product management.

Technical knowledge

Although it is not essential for a product manager to have an in-depth knowledge of technology, it is important to know the basics, especially if your product is closely related to IT or other tech areas.

Strategic thinking and planning skills

Product managers should be able to apply critical thinking to each stage of the product life cycle, evaluating what is best for the product to move to the next stage, and adopting a ‘big-picture’ mentality for its success.

Research skills

A key part of a product manager’s role is researching and curating data on what their customer needs from their product. A great product manager understands the intricacies of their intended audience, and how to bring them a product that will relieve their pain points and retain them as loyal customers into the future. 

Project management expertise

Many of the concepts and processes of project management are used in product management as well. Creating a product management plan, visualizing the product’s life cycle, and managing the product’s resources, costs, timelines, and stakeholder expectations are all key requirements for a product manager.

Marketing skills

While the product manager is separate from the product marketing team, they do work closely together to successfully launch and market the product. A product manager must have a good understanding of the fundamentals of marketing, and how to best communicate with their customers.

Business skills

Basic business knowledge can come in handy for product managers at various stages of their role. For example, when mapping a product’s budget, it’s important to understand how cash flows and profits work to effectively plan ahead. 

Delegation skills

A product manager leads the charge for successful product launches, and one of the most important skills they can have is understanding how to delegate effectively. Surround yourself with a team full of multi-talented members, and understand where their skills may supplement your gaps. 

Leadership skills

Being a leader is not just about getting the credit for the work being done. It’s about actively listening to team concerns and issues, navigating obstacles effectively, and taking charge when things become difficult.

Design and UX knowledge

Just like with technical knowledge, a product manager does not need to have a degree in graphic design to be good at their role. But a decent understanding of user experience, and how design plays into a successful product can make their lives, and the lives of their team members, much easier and smoother throughout the product life cycle.