4 Things You Need to Become a Great Product Manager in Every Company

The role of a product manager (PM) is often likened to being the "CEO of the product." However, this analogy needs to be revised because product managers typically need more direct authority over many crucial aspects of product success, such as user and data research, design and development, marketing, sales, and support. Therefore, PMs are not the CEOs of their products, and their responsibilities can vary significantly based on various factors.

Product managers must do four key things:

• Excel in their core competencies;
• Possess high emotional intelligence;
• Find a company that aligns with their skills and values;
• Develop extensive connections with senior management or executives.

Successful PMs go beyond delivering new features regularly and mediating between engineering and design teams. Tcreateelop products that achieve strong user adoption drive exponential revenue growth and potentially disrupt industries.

Core competencies

PMs must develop essential core competencies, often starting in the classroom but mostly refined through experience and mentorship.

These competencies include but are not limited to the following:

• Strategic thinking;
• Data analytics;
• Conducting customer interviews and user testing;
• Translating business and technical requirements;
• Prioritising product backlog;
• Defining and tracking success metrics;

These are just some examples. Successful PMs have more than this, but the above-mentioned is an excellent place to start.

EQ - Emotional Intelligence

Effective PMs possess high emotional intelligence (EQ), allowing them to empathise with customers, interpret body language, and identify key pain points. EQ also helps PMs navigate internal and external challenges. Daniel Goleman's four key EQ traits relevant to PMs are:

• Relationship management: Having strong and genuine connections with stakeholders can help PMs in many sectors. Strong relationships can lead to increased support wherever it’s necessary. These relationships can also encourage customers to beta-test new features or try an MVP, turning potential issues into opportunities for positive engagement.
• Self-awareness: PMs must avoid projecting their preferences onto users. Being self-aware prevents prioritising features based on personal bias rather than user needs. For example, a PM overly attached to a feature might inadvertently influence users to give positive feedback, leading to false-positive validation. Self-aware PMs remain objective, focusing on customer data and feedback to guide their decisions.
• Self-management: PMs handle high stress from conflicting demands and tight deadlines. Maintaining composure ensures trust and confidence from stakeholders. Effective self-management allows PMs to push for priorities with urgency without causing panic, maintaining a productive and calm environment even under pressure. This ability to stay level-headed helps PMs manage complex projects and keep teams aligned toward common goals.
• Social awareness: Understanding the emotions and concerns of customers, sales, support, and engineering teams is vital. PMs must grasp the broader organisational context and build social capital to influence product success. Social awareness helps PMs secure necessary resources and support, ensuring their products address customer needs effectively and achieve product-market fit. This comprehensive understanding of various organisational perspectives enhances a PM's ability to deliver successful products.

Company conditions

Choosing the right company fit is as crucial as all the other competencies mentioned above. A PM's role is influenced by company size, product type, industry, and culture. Therefore, aspiring PMs should carefully evaluate potential employers to ensure alignment with their skills and values.

Technical Skill Requirements

The technical expertise required of a PM varies with the product and company type. For instance, companies like Google mandate technical proficiency for all PMs, while others may prioritise go-to-market and customer lifecycle experience over technical depth. PMs working on data science or machine learning products need significant technical knowledge to communicate effectively with engineering teams and customers. Regardless, a fundamental understanding of technical aspects and PM tools is crucial across all roles.

Company Philosophy on PM

Different companies have varying philosophies about the role of PMs in product development:

• PM Drives Engineering: PMs gather requirements and hand them off to engineering. This method allows engineers to focus on coding but may lead to a disconnect from customer needs.
  • Pros: Engineers can concentrate on development without distractions.
  • Cons: Engineers may need more empathy for users, leading to poor user experiences and unhealthy prioritisation conflicts.
• Engineering Drives Product: Engineers lead product innovation in tech-centric companies, and PMs facilitate market readiness.
  • Pros: Enables breakthrough innovations driven by technical advancements.
  • Cons: Engineers may over-architect solutions, ignoring basic customer needs and PM priorities.
• PM-Engineering Partnership: A collaborative approach where PMs and engineers work together, balancing technical and customer needs.
  • Pros: Streamlined prioritisation, improved user experiences, and higher team performance.
  • Cons: Potential slower time-to-market, though products are better aligned with customer needs.

Stage of the company is crucial too:

• Startup: PMs in startups often handle a wide range of responsibilities, including pricing, marketing, and support. These PMs thrive in dynamic environments with frequent changes.
  • Pros: Greater involvement in company strategy, exposure to leadership, more influence, and authority over resources.
  • Cons: Limited mentorship, tight budgets, and the necessity to navigate ambiguity.
• Mature Company: PMs have more defined roles and work within a larger team, often with established processes and standards.
  • Pros: Access to mentorship, best practices, strong long-term relationships, and an established customer base.
  • Cons: Less strategic exposure, the potential for being overshadowed by others, and dealing with more politics.

Choosing the right company is crucial for PMs to leverage their skills effectively and succeed. Understanding the technical requirements, company philosophy, and the stage of the company will help aspiring PMs find the best fit for their career goals.

Collaboration with Senior Management

It’s common for C-level executives to be involved in product processes, especially in early-stage companies. This can be good or bad, depending on each PM's goals. It would be ideal for PMs who want to work closely with high-level executives. However, for those who prefer working autonomously, it can feel frustrating. This is another factor that potential PMs should consider when looking for a company.

Usually, it is challenging to influence a product with enough support and buy-in from the company leadership. Establishing good connections is crucial to pushing a specific agenda. And, of course, we do not say that this has to be easy; this is a long journey, but if you would like to make a change, you are ready for challenges already, aren’t you?