The growth product management is gradually evolving into standard product management, just like what happened with growth marketing not too long ago. This shift makes sense, especially with the rise of product-led companies where product managers are already driving revenue by enhancing user experience.
One way to enhance your capabilities as a growth product manager is by gaining experience in various roles. If you are at the beginning stages of your career, you can acquire practical knowledge by working in positions like social media manager or marketing coordinator, which will allow you to develop essential skills related to analysis, strategy, and marketing.
The popularity of product-led growth has led to the rise of growth product management. Companies have realized that product managers now have the responsibility to drive both product development and product demand, requiring them to handle multiple tasks and responsibilities.
A growth product manager is a specialized role that should be distinguished from core product managers. While they are peers to core product managers, their focus is not on owning a specific product. Instead, their main objective is to enhance a particular business metric or achieve a commercial goal.
According to Hotjar, growth product management is a distinct field that involves improving key performance indicators and driving revenue growth. It is a specialized discipline within the product management field.
Unlike core product managers who are responsible for the overall development and maintenance of a product, growth product managers concentrate on specific objectives and outcomes, working towards improving the business's performance in targeted areas.
In order to foster a growth culture within your current product team, it is important to invest in training new hires and providing opportunities for continued learning and upskilling. Unfortunately, many organizations overlook the importance of structured onboarding and training for their staff, which presents a missed opportunity for product managers to lead the product culture.
Product management is an exciting yet challenging field due to its dynamic and diverse workflow. Product managers are required to seamlessly transition between various roles and responsibilities at a rapid pace. They must be proficient communicators, strategists, innovators, organizers, and researchers, among other skills.
This constant juggling of roles can be demanding and present unique challenges for product managers. However, it is this very aspect that adds to the thrill and excitement of the job. Hotjar's article on "12 Product Management Challenges: What Makes The Job Hard?" delves deeper into these challenges.
Growth product manager skills encompass the abilities that a growth product manager employs to accomplish their objectives. These skills can be divided into hard skills, which are directly relevant to the marketing industry, such as proficiency in utilizing marketing analytics software, deciphering A/B testing outcomes, and strategizing marketing campaigns.
For example, a growth product manager may need to possess strong analytical skills to effectively analyze data and draw meaningful insights. Moreover, honing their ability to interpret A/B testing results can aid in making informed decisions to optimize product growth.
Additionally, being adept at developing and executing well-planned marketing campaigns can contribute to achieving growth targets. Enhancing these skills can assist growth product managers in successfully driving growth and meeting organizational objectives.
The job of a growth Product Manager (PM) begins with gaining an understanding of users and customers. They stay updated with the latest happenings in a product by analyzing data from various product growth tools. These tools include product analytics tools like MixPanel or ChartMogul, which allow the PM to track important quantitative metrics such as customer lifetime value (LTV) and churn rate.
A growth PM must possess essential skills, utilize the right tools, and focus on the correct metrics to effectively manage growth in a product.
Many product-led growth businesses have embraced the approach of cultivating growth teams, led by growth product managers. These companies recognize the product as a crucial driver of growth. Therefore, they prioritize hiring individuals who can effectively manage and guide the growth of their products.
Eleken's blog post provides an in-depth exploration of the role and responsibilities of a growth product manager. It also highlights the essential skills that businesses should look for when seeking to fill this important position.
According to Willie, a growth product manager is someone who has the ability to reconsider a business model. However, many companies prefer Sinduja's approach. Companies like Facebook and Pinterest, for example, have growth product managers who combine marketing and product development in order to drive product growth.