Important Job Skills for Product Managers

Important Job Skills for Product Managers Important Job Skills for Product Managers Technology is developing new products at a fast rate. For example, 3D printing allows innovators and product developers to create prototypes and blueprints faster and cheaper than the world previously conceived.  When a new product catches the attention of companies and investors, the economy needs unique personnel with the expertise to guide a product’s path to market and distribution. These are product managers. What Skills Do You Need to be a Product Manager? Successful product managers are ambassadors of the product that they are carrying from conception through production and final launch. They must understand the market they are targeting with their new product and the competition it will face. They are also responsible for creating and executing a successful strategy that will ensure the seamless and cost-effective passage of their product through its research, development, engineering, manufacturing, launch, and distribution. As such, this job requires top-notch problem-solving skills and analytical abilities. Types of Product Manager Skills Interpersonal Skills Product managers influence many people along with the products that those people produce â€" from customers and sales personnel, to marketing, finance, and engineering teams. Thus, they must be able to  communicate and disseminate their vision  to everyone effectively. A product manager is a multi-faceted individual. More so, perhaps, than any other profession, product management requires a solid grasp of the demands of several disciplines in order to communicate productively across divisions. Although not an engineer, she must have enough technical knowledge to understand a product’s structure, composition, and applications. And while not a marketing specialist, the product manager must also be able to analyze market data and brand/position the product. Although not an accountant, he has to predict costs and manage budgets. Solid presentation skills are a necessity as the product manager is usually the president of the product s/he is in charge of and has to get others on board with his or her goals. When resources are limited and other products are also under development, he or she must be able to champion the product so that it enjoys a timely and successful launch. Active ListeningPresentationPublic SpeakingInviting FeedbackAddressing ObjectionsProblem SensitivityEmotional IntelligenceBearingCollaborationFacilitating MeetingsInfluencing OthersInterviewingLeadershipLeading Cross-Functional TeamsMaintaining Composure Under PressureManaging Partner RelationshipsVerbal CommunicationWritten CommunicationNegotiatingTeamwork Strategic Thinking Strategic thinking  begins with posing the right questions, then understanding the market and competition, and finally by defining the products road map. The product manager must be able to forecast how much time each stage of the production cycle will take, position their product to take advantage of market cycles, and formulate strategies to control costs and manage risks along the way. MarketingInnovationAudience SegmentationProduct Life CycleSWOT AnalysisCreating MilestonesGoal OrientedProject ManagementProduct DesignCreating and Managing BudgetsCreating Distribution StrategiesCustomer AnalysisDefining ObjectivesDefining RequirementsForecasting Sales Analytical Skills Analytical skills  follow on the heels of strategic thinking; its about researching and analyzing the right data to make product decisions with profit in mind. This is a data-driven skill rather than acting on instinct or innate response. A product manager with solid analytical skills knows how to use data (whether its paltry or prolific) to crunch numbers and create solutions for business strategy, product development, and pricing outlook. Beta TestingDeductive ReasoningInductive ReasoningEntrepreneurshipSWOT AnalysisData AnalysisStatisticsMarket ResearchBasic EngineeringQuantitative SkillsRisk ManagementSynthesizing DataTracking Progress Marketing Marketing is understanding how to promote, deliver, and service your products and customers. Frequently confused with advertising and sales, marketing is far broader. Product managers typically supervise advertising and sales as part of a bigger picture, the smoothness of the process of getting a product to market and delighting your customers before, during, and after a purchase. Customer ServiceCoordinationCreativityDeveloping Pricing FrameworksDeveloping Strategies for Product LaunchesDeveloping Value PropositionsEvaluating Advertising ProposalsPromotionResearching Market TrendsResponding to Changing DemandsTranslating Customer Feedback into Product ModificationAbility to Meet Deadlines More Product Manager Skills Attention to DetailCritical ThinkingOrganizationPrioritizingTime ManagementWorking IndependentlyCustomer Relationship Management (CRM)SupervisionDeveloping Cases for New Products/FeaturesDriving Product StrategyDocumentationProduct Feature DefinitionProduct ImplementationProduct ImprovementsProduct LaunchProduct StrategyVisual RepresentationFinancial AnalysisManaging Social Media SystemsMeasuring EffectivenessMeasuring Product FunctionalityMeasuring User AcceptanceMetricsCompetitive AnalysisCompiling Status Reports Microsoft Office SuiteVisio Key Takeaways Add Relevant Skills to Your Resume: The  keywords and keyword phrases  listed here are those that are frequently programmed into the  applicant tracking systems  that many employers now use to review applications. Incorporate them into your resume.Highlight Skills in Your Cover Letter: After highlighting the relevant skills in your resume, include a few in your cover letter, as well.Use Skill Words in Your Job Interview: Be prepared to share details of the experience (both direct and indirect) back each skill you’ve chosen to highlight in your resume.