Product management is an essential function in many businesses. A lead product manager may be responsible for developing, launching, and maintaining a new product or service.
They also work with other departments to coordinate the production of a final product or service that satisfies customer needs and helps the company achieve its goals. This post will talk about what it takes to be a lead product manager and the specific responsibilities they have in a company.
What is a Lead Product Manager?
A lead product manager is someone who has the responsibility of managing a team of product managers and ensuring that all teams are aligned with each other. Great PMs often have extensive experience in working on complex projects, including both successes and failures when creating the best products in today’s market.
Lead product manager roles and responsibilities
The product management role includes developing new products or services so PMs can meet customer needs while helping the company achieve its goals.
In order to develop successful products, these professionals work closely with many different departments outside their own: marketing, design research, or engineering (to name just a few).
This involvement helps ensure success from start to finish by aligning all aspects of development such as pricing strategy, production schedule, customer service plans, etc., which ensures that there are no surprises during the launch.
Let’s take a look at some of the most common tasks for this job title:
1. Work on the product development process from initial research to production.
This includes understanding customer needs and expectations, as well as what the product will cost to create or acquire. From there, a lead product manager may work with marketing on promotional materials for the launch of their new products and services.
The lead product manager can also be responsible for coordinating all aspects such as pricing strategy, production schedule, supplier relationships, etc., which ensures that there are no surprises during the launch. The goal is always to get customers excited about your offer at just the right time.
2. Create functional product roadmaps
A roadmap is a plan for products and services that will be developed in the future. A lead product manager can create these plans by identifying what needs to be done, how it should be prioritized, and who’s going to do which tasks.
This helps ensure that there are no surprises with any of your new products or services launching into the market. Roadmaps also help establish an understanding between key stakeholders about what they need from each other overtime on this project or milestone.
3. Work on the product vision along with the product team
A product vision is a statement of the purpose, values, and design attributes of an existing or proposed product. This helps ensure that all the development team members are working towards the same goals when they’re developing new products. It also serves as a guide to how you want customers to experience using those products in day-to-day life.
4. Analyze important metrics and statistics
A lead product manager is also responsible for analyzing the metrics and statistics that are important to their team. They might work with a variety of different data sources including web analytics, social media posts, customer feedback surveys and others.
5. Participate in the product strategy creation and implementation
A lead product manager is also responsible for the strategy that will be used to create and implement a new or existing product during the product lifecycle. They are often in charge of setting product management goals, priorities, and deadlines for their team members.
6. Work with relevant stakeholders
A lead product manager also needs to coordinate with relevant stakeholders. This includes working closely with other departments, including marketing and sales, in order to make sure the new or existing products are aligned with company goals.
7. Analyze product requirements
A lead product manager also needs to analyze the requirements for a new or existing product. This includes identifying and organizing all of the features, benefits and other aspects of the products in order to determine what will create value for their customers.
In order to do this, a lead product manager needs to be able to analyze and prioritize all of the features, benefits, and other aspects. Their goal is typically for the customer’s experience with a company’s products to be as valuable as possible.
8. Do backlog prioritization
A lead product manager will also have to do backlog prioritization. This includes figuring out what a team should work on next and in what order, based on deadlines or other factors.
The goal of this is often to find the best way for the business’s project portfolio to be completed so that it meets its goals but also doesn’t cause too much stress for members of the team.
This can include things like making sure there are enough resources available (including people) and working with stakeholders who may need something from them as well.
9. Work on the product launch stage
A lead product manager might also be involved in the product launch stage. This is one of the most important stages for a company’s product, as it involves getting feedback on who liked and didn’t like things about them.
This can involve talking with customers to find out what they thought (and taking this into account when deciding where to go next), writing up reports on what people said or responded well to, and figuring out ways that this information can continue being used going forward.
10. Improve user experience
A lead product manager might also be interested in figuring out ways to improve the user experience with their company’s products. They may work on things like pricing models, developing new features or refreshing old ones, and more.
This could involve looking closely at how people use a product today and then thinking of what they would need from it going forward (which is different for everyone). It can mean finding out about customer needs that have been overlooked so far. This person will use all this information to figure out which changes are best for them overall.
Lead Product Management Skills
The skills required for this role can vary depending on what sort of product a company is working on, but there are some that almost always apply.
1. A Basic understanding of Agile methodology
When working with a team, you will use Agile for most things and this means understanding what it is all about. It’s not just an easy way to organize work – some of the methods are key in terms of coming up with better solutions.
2. Solid product management skills
A lot of the time, companies will need a product manager to work on their new products. This means understanding what features are needed and how they could be improved. To that end, lead product managements need to adopt the mindset of a product strategist.
The skills don’t stop there either – you also have to know about pricing strategies, marketing for your particular niche, and more.
3. Excellent communication skills
One of the most important skills a lead PM should have is excellent communication. This means being able to not only come up with what needs to be said but also defending their idea if people are criticizing it and making sure that others understand.
Apart from just talking about a product, this will help when dealing with clients too – ensuring they know exactly how much work goes into choosing pricing strategies or coming up with marketing campaigns.
4. Deep understanding of customer needs
A decent understanding of customer needs is important for any PM, but it’s especially crucial to the lead product manager.
This means knowing if a particular feature will be useful and what customers are looking out for in a particular niche.
They also need to know about feedback; whether it comes from surveys or interviews, this information has got to get into the hands of people who have the power to act on it (like marketing managers).
5. Experience in product development
Great product managers need to be able to work with developers and designers in order to come up with a product that’s not only well-functioning but attractive too.
This means they need experience developing products themselves as well as working alongside other people who do it all day every day – which is where the lead product manager comes in.
They may have less experience than their team members when it comes right down to it, but having knowledge of how various stages of production works will make them more valuable in this role.
Lead product manager average salary
This is a very broad question and really depends on the specific industry. Some industries are more lucrative than others, but it all boils down to your individual experience level in this field.
That said, the average lead product manager salary in the U.S. is $151,508 according to Glassdoor.
How to Become a Lead Product Manager?
The lead product manager career path is a bit different than some other roles. Often, they are promoted from product manager or director because of their experience and expertise in the field.
Naturally, there are some product management education requirements. You will need to demonstrate your technical background through education and previous years of experience.
Although it is possible to be hired without a degree, it may take more time and effort.
The education for this position varies depending on the company standards or requirements in your geographical location, as well as if you are working at a startup or an established company,
Typically, entry-level lead product manager jobs are available at software companies but they might also work with other industries such as manufacturing if there’s an opportunity for their skillset.