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Whenever people think about their careers, the first thing that comes to mind is the salary they will earn. While many other factors people consider when embarking on a career, salary remains one of the top considerations. Most people would even like to look at their future earnings before pursuing a course. One of the top jobs that many graduates consider today is that of a product manager. But before you pursue a course in the subjects, it is worth knowing the product management salary in India and job prospects.
A product manager needs to possess the necessary skills and also have the qualification to handle this job. The Advanced Certificate Course In Operations, Supply Chain And Project Management is an excellent programme to acquire your skills and be ready to take up a challenging job. One can learn more about this course on our website.
If we look at the product management salary in India, we must also understand the job. As the name suggests, it is the management of a product right from conceiving it till it stops having a place in the market. In a start-up, this job may be handled by the founders and co-founders themselves. It is because they are the ones who are responsible for driving growth and owning the product vision, strategy and goals. But as the company grows, it will hand over this job to experts who know how to manage the product throughout its lifecycle.
Companies must perform various activities to ensure that the product stays on top of others in the market. The activity starts when the company thinks about launching a product. The product managers get market feedback to understand customer needs and what features in a product will satisfy them completely. They will also understand what the competitors do and try to stay one step ahead. Product management also involves making decisions regarding pricing, positioning and promotion. Because the person manages many activities, the product management salary in India is pretty good in most firms.
Also Read: 7 Dynamic Stages of the New-Age Product Development Process
Key Roles Of Product Management In India
- Formulating the product vision, roadmap and strategy.
- Deciding on the research needed for collecting market information regarding customer requirements.
- Guiding product portfolio planning.
- Reviewing product specifications and requirements.
- Evaluating new product ideas.
- Achieving business goals and ensuring customer satisfaction by coordinating with various departments.
- Comparing company products with that of competition and understanding the differences.
- Interacting with customers and field sales personnel to understand sales calls’ effectiveness and assess product market data.
- Defining the objectives of marketing communication.
- Analysing and Forecasting short-term and long-term sales.
- Arriving at product pricing based on market research.
- Analysing production and sales costs.
- Recruiting and training product management staff.
We have seen the key functions of the product manager. It is common in almost all industries but may vary slightly from company to company. Before knowing the product manager’s salary in India, it is necessary to look at the present and future demand for product managers.
Present State Of Product Management In India
With a single portal boasting more than twenty thousand jobs, the product manager job is in very high demand currently in India and abroad. The salaries in some other countries are much higher than in India, but the pay here is quite high for this job. Companies know that the right person can improve product sales and increase profits. It is why organisations are okay with increasing the product manager’s salary in India to the levels of other countries.
While experts predict the creation of around twenty-two million job openings worldwide, there is a small number of twenty thousand product managers in India. It could be the main reason companies offer a lucrative salary package for these professionals. There are plenty of opportunities in India, and those with the right skills can hope to earn a handsome salary. With even smaller companies realising the importance, the number of product managers required will surely increase greatly shortly. It will positively impact the product manager’s salary in India.
The Future Of Product Management In India
The future of this profession is highly promising. The initiatives by the government have led to a sudden surge in the number of digital start-ups spurring demand for more product managers. But the future belongs to data-driven companies. This means that those aspiring to become part of this profession in future should possess skills in data and analytics, user psychology, domain research and technology. The product manager’s salary in India is also certain to rise high, even if not to global levels.
Product management is among the top twenty-five jobs in the future globally. In India, the requirement for product managers will likely double soon. But the job is challenging as the person must wear multiple hats. A product manager must understand the customers, competitors and team members. The person must be able to coordinate with people from all departments. People in this profession must also come with the necessary certification to progress quickly in their careers. You don’t have to worry about the product manager’s salary in India as the demand for qualified people increases sharply.
While the salaries are high for these professionals, one must understand that the right certification matters greatly in calculating salaries. An Advanced Certificate Course In Operations, Supply Chain And Project Management from a reputed institution will help a lot in gaining the necessary skills and demanding a good salary from employers.
Product Manager Salary In India
It is now time to look at the product manager salary in India for both freshers and experienced persons. It is seen that the average salaries of these professionals are quite high across industries, and they can be termed as “highly paid” white-collar employees. The salaries can vary depending on various factors. The average salary for a product manager is around rupees seventeen lakhs per annum. However, this is only an average and salaries are seen to go up to thirty lakhs per annum with experience and additional skills.
Many product managers working in remote areas in medium or small companies earn around six to seven lakhs in a year. They can also aspire to earn much more if they move to other companies or locations. The good news is that close to fifty per cent of product managers are reported to be earning in the range of twenty-five to thirty lakhs in a year, along with bonuses and other perks. Product managers also work in different departments and functions, and this will also affect their salaries greatly. Let us look at the product management salary in India for different functions.
Product Marketing Managers – These professionals work in both small and large firms across the nation. The information collected from various product marketing managers put their salaries at around fifteen lakhs per annum. This is for large multinational companies, whereas those working for mid-sized firms earn around eight to nine lakh rupees per year. On the other hand, those who have ten to fifteen years of experience in the job earn close to thirty lakhs plus bonuses and a share of the profits.
Associate Product Managers – This position is lower than that of the product manager, and hence they earn less. Their average salary is around eleven to twelve lakhs per annum. There are also those working in smaller firms or in remote locations who earn as little as six to seven lakh rupees per year. This can be considered to be very low, looking at the number of tasks these people have to perform. There are also those with experience who earn around fourteen to fifteen lakhs per annum.
Product Manager In Amazon – Amazon is one of the highest-paying companies when it comes to product managers. But only those who are highly skilled and experienced get to work for this company. The job is also highly demanding, with employees having to put in long working hours. They must also be highly efficient in their jobs. Some of the experienced product managers in this company are reported to be earning close to thirty-five lakhs which is the highest product manager salary in India.
There are also those in this firm that earn around twenty to twenty-two lakhs per annum. This itself is very high compared to many other firms in India. Some of the highly skilled and experienced product managers in this firm are known to draw close to fifty lakhs. These professionals have many years of experience and a thorough knowledge of the market. They come with around fifteen to twenty years of job experience. Their salary is considered to be the highest in India. Now we know the product management salary in India of an experienced person.
Also Read: Brand Management v/s Product Management: Know Key Differences
Product Manager In Facebook – This is yet another company that pays its product managers a very high salary. According to reports, a product manager on Facebook earns close to thirty lakhs per annum plus bonuses and perks. This is close to what Amazon pays its PMs. These specialists are highly skilled in designing and marketing a product or service. This is why they are paid such hefty salaries. Some of the more experienced product managers are reported to be earning close to fifty lakhs per annum.
Technical Product Manager – The average salary of a technical product manager is slightly higher than other PMs and stands at around eighteen to nineteen lakhs. Freshers and those with less than five years of experience working in metropolitan areas earn between twelve and fourteen lakhs. Professionals having an experience of ten to fifteen years take home a high pay of thirty to thirty-five lakhs a year. We can see that the product manager’s salary in India is quite high, and this is what makes this profession highly lucrative.
Director Of Product Management – Dependable reports state that people in this position earn an average of twenty-five to thirty lakhs per annum, including bonuses and other benefits. There may be some who earn less than this. But industry information also shows that there are many with more than twenty years of experience earning around eighty to ninety lakh rupees per annum as salary. These people are highly valued by organisations, and they bring a lot of benefits to the firms where they work.
While there are some standards in the salaries paid to product managers, they also vary depending on various factors. Let us see what factors affect the product manager’s salary in India.
Factors Affecting Product Manager Salary In India
Company – The size of the company matters a lot when it comes to the product manager’s salary in India. The size of the company and what industry it operates in decide the salary it pays to its product managers.
Experience – This is another factor that greatly affects the salary paid to a product manager. Those with a lot of years of experience get a much higher salary than the freshers. These people possess the ability to solve problems quickly and go forward to achieve goals. A combination of good company and experience can get a product manager very high salaries.
Location – Though it is likely to play a much smaller role in the future, presently, the location of the company has a big influence on what someone earns as a product manager. In India, Bengaluru is reported to get you the highest salaries.
Skills – Having the necessary skills is the clue to getting the maximum salary. One should try to acquire all the skills needed for the job. It is then possible to demand a high salary.
We have seen the different levels of product management salary in India and the factors that influence salaries for the position. To learn more about this job and become an expert in it, you can join the Advanced Certificate Course In Operations, Supply Chain, And Projects Management offered by reputed institutions. Our website will give you more details about this programme.
Conclusion
The demand for product managers is increasing in India. This means that the salaries for these professionals are also likely to see a huge increase. The key to getting good salaries is to acquire the necessary skills needed for the job and to join the industry that pays the most. The more experience you acquire in this field, the better the salary and perks will be.
More Information:
What Are The Reasons for Variations in Product? Causes & Reasons
Product Management Frameworks Every PM Must Know
