A growth product manager’s responsibilities and home with the organization can be a bit different relying on the maturity of the company in which they reside. Which most growth PM roles have plenty in common.
What is the Growth Product Manager?
The growth product managers are peers to traditional or core product managers. They are not only focusing to own a specific product but the PM growth is trying to improve a specific business metric or commercial goal.
That metric or goal can associate with virtually any point in the user journey as the growth product manager responsibly covers the entire funnel from new user acquisition to all the way towards customer reservation and expansion. For improving the metrics they own the growth product managers depend on some short term experiments to gradually improve and make more efficiencies throughout the funnel.
The organizations are new to the function growth. A single growth product manager will typically check the entire engine from lead generation through monetization and reservation. Relying on the current focus of the business like what is the top priority this quarter or based on business case made by the growth product manager. They will improve in on one specific problem then perform hypotheses and operate experiments then move the needle until they Have enhanced the number.
The growth product manager and their team will meet on a daily basis to identify and decide on the highest impact actions in the latter scenario. They decided on designing experiments, improving shipping, and calculating results.
How to be a Growth Product Manager?
Analytics and data visualization
Growth product managers want deep, flexible, and comprehensive analytics covering the whole funnel from marketing acquiring the usage of the product.
Optimization and Engagement
The product managers and engineers often work directly in the code to benefit marketing and product experiences they also depend on technology to rapidly spin up new experiments, test hypotheses, and move faster.
with so many actions running in tandem and many teams involved in each one. Project management has become even more critical for growth product management as compared to traditional product management. In any growth stack, good project management software is compulsory.
The communicators of growth product managements need to be excellent and the right tools can permit that.
Skills Needed To Become a Growth Product Manager?
Growth and Acquisition Strategy
Establish a growth strategy plan to gather new customers through defining the target market identifying personas and associating them to most efficient acquisition channels. With the help of harnessing telemetry, customer feedbacks, market trends and competitive landscape data they expand into new markets. Also there is behavioral psychology applied to the customer purchase process for better product design and run A/B tests to assess success.
Activation and Retention Strategy
Get to know how to guide users to the a-ha moment of your product as soon as possible through the activation funnel and sign up flow. Best practices are also applied to deal and engage with customers and retain them for the long term. The user life cycle is analyzed also the activation, retention, resurrection phases, and dormancy and to make the lifetime value better and lower churn the deploy experiments are also performed.
It includes choosing key markets and build purchase and outreach channel paths that leverage industry case studies and moreover you can learn to make your product profitable. Experience design’s best practices can be applied and you can learn to calculate the profitability of your monetization strategy. Define and design of pricing plans that utilize qualitative methods.
Growth Product Manager Salary
- In the United States, the national average salary for a growth product manager is $USD 108,992/annually.
For the leading experimentation, the growth product manager is responsible, along with data-driven decision making in an organization to drive products for the next level of scale, impact, and profitability. To increase the revenue for the product in the long term goal.