Show Me the Money: The Product Manager’s Salary
The product management position is booming in Silicon Valley. Good product managers are hard to find and companies are willing to pay big numbers to get them. According to Glassdoor, the average product manager in San Francisco makes $114,762, which is 11% higher than the average software developer. Why are they getting paid so much? Because they are worth it. Let’s explain.
A lot of product managers have previous experience as software developers, which is useful to understand the products and communicate with the tech team. Now, consider the value that a coder with business expertise brings to the company and we can start building up to the number mentioned above.
The “build it and they will come” myth has been busted. Product managers are in charge of getting their products in front of the people that need it. Marketing is just another hat that product managers must put on to do their jobs.
Product managers must obsess about their customers. The user’s experience with the product is one of the main concerns: when several companies compete to solve the same problem for the customer, the one that offers the best experience is the one that usually wins. Great product managers are well versed in UX/UI.
Huge amounts of data are collected every second, especially in tech companies. However, not all data is useful and navigating through it can be a true challenge. A product manager must be able to interpret the data and transform it into actionable insights.
Every skill mentioned above is a career in itself. The fact that a single position comprises all of them well justifies the salary of a product manager. In reality, when a company hires a product manager, it is filling several positions at once.
At Product School, we specialize in providing the training necessary to form excellent multidisciplinary professionals in just 8 weeks. If you are interested in knowing more about this exciting career path, I invite you to come talk to us in one of our weekly events and find out for yourself.