A growth product manager is typically hired when a company already has a successful product in the market and wishes to broaden its customer base, generate more revenue, or enter new markets.
By leveraging their expertise, a growth product manager helps drive the growth strategy of the company by identifying opportunities for expansion and implementing effective strategies to achieve these objectives.
Their role involves conducting market research, analyzing data, and collaborating with cross-functional teams to develop and launch initiatives that will maximize the product's potential for growth.
Many successful companies such as Airbnb, Twilio, Segment, Noom, and Square have started hiring growth product managers. This emerging product role has gained significant attention according to Google Trends and LinkedIn data.
A growth product manager, also known as a growth PM, is responsible for driving the growth of a product or service. They use data-driven strategies to identify opportunities for expansion and implement tactics to achieve measurable results.
This role is crucial for companies looking to increase their user base, improve customer engagement, and drive revenue. By focusing on growth, these product managers play a vital role in the success of a product or service.
GitLab is seeking a Growth Product Manager to join their new growth team. The main objective of this role is to increase the adoption and usage of GitLab's product. While prior experience as a Product Manager is not mandatory, it is preferred.
The Growth Product Manager will be responsible for developing strategies and tactics to attract and retain more users. This will involve conducting market research, analyzing user behavior, and collaborating with cross-functional teams to optimize the product's growth metrics.
Key skills for this role include knowledge of growth hacking techniques, proficiency in data analysis, and strong communication and collaboration abilities. The Growth Product Manager will play a pivotal role in driving the success and expansion of GitLab's product in the market.
In 2019, LinkedIn published a list of highly sought-after emerging jobs for 2020, which included growth manager.
Currently, there is a notable number of job postings for growth product manager positions across the United States, according to LinkedIn.
If you are interested in learning more about what it means to be a growth product manager, the specific responsibilities of the role, and the necessary skills to excel in it, you can refer to Eleken's blog post titled "Growth Product Manager: Definition, Role, and Skills to Look For."
Engagement and optimization are key tasks for growth product managers and engineers. They often focus on making improvements to marketing and product experiences by working directly with code. However, they also depend on technology to efficiently create and test new experiments in order to move forward at a faster pace.
The emergence of the growth product manager role has brought about a greater emphasis on driving growth through product strategies and innovations. This role combines technical expertise with a deep understanding of user engagement and optimization.
A strategic product manager (PM) has the accountability of defining and communicating a strategic vision for a product. However, it is quite puzzling that finding time for strategic activities can prove to be a genuine challenge for PMs. PMs have a distinctive role that involves a combination of exploration, analysis, and strategic development.
Being a strategic product manager entails the responsibility of shaping and articulating a strategic vision for a product. Paradoxically, allocating time for strategic activities can be a genuine obstacle for PMs. This is because PMs have a unique role that involves a blend of exploration, analysis, and strategic development.
Product managers, as they have access to data, often expand their responsibilities and take on a more comprehensive role. Furthermore, the success of a product can be easily evaluated using various metrics, such as engagement, retention, and conversion, and product managers can play a significant role in improving these metrics. This is particularly relevant in the digital world.
Companies that have adopted the concept of product-led growth and prioritize customer satisfaction, engagement, and loyalty benefit greatly from growth product management. This strategy focuses on creating a positive user experience to allow the product to sell itself based on its perceived value to the customer.
Including quantifiable metrics in evaluating a product manager's performance provides several benefits. It enables a clear understanding of the starting point and helps determine if any progress is being made when given feedback to "do better" or "improve."
Product managers rely on key performance indicators (KPIs) as a valuable tool to measure progress within their teams, as well as the progress of the product and the business as a whole.
These KPIs encompass various metrics that pertain to the product itself, the customers, and the overall process of bringing a product to market.
By effectively utilizing these KPIs, product managers are able to more accurately assess performance and make informed decisions to drive success.
These business performance metrics are crucial for executives when making investment decisions, determining staffing needs, or deciding whether to proceed with a particular department or product. The table below highlights key performance indicators (KPIs) related to business performance, along with recommended frequency and descriptions.
Reference: Toptal's guide on product manager KPIs - Creating Success