Product Managers are in high demand in India because they play an important role in product development and innovation. They are responsible for planning, designing, and growing products that meet the needs of clients and markets. Product manager salary in India have seen a rise in recent years due to the increasing demand for skilled product managers. Product Manager Salary is 16-20 lakhs per annum. The salary depends on different factors like experience, talents, location, and company. Read this article to know more about product managers, their average salary in India, factors that affect the salary of product managers, skills, roles and responsibilities, career scope, etc
Who is a Product Manager?
A product manager is someone who looks at a product, different types of products, or a provider from concept to manager (PM). A skilled product manager is responsible for implementing a product method to add value for clients and convey the product’s vision to the team.
When figuring out what should be planned immediately, the chance of increasing consumer rate and organizational impact are the 2 vital factors to not forget. To increase the company value, the product manager must maximize each of the types. Theoretically, this results in products that are useful to the customer and ensure growth for the company
What Does a Product Manager Do?
To ensure that everyone is on an equal page and operating towards a single goal, product managers collaborate with numerous stakeholders. A product manager handles the day-to-day tasks as follows as
- Assembling and ranking ideas
- Establishing the technical specs
- Presenting to the control
- Carrying out research
- Conducting trials to find regions for development
Product Manager Average salary in India?
Product managers in India earn an average of Rs.1,316,246 per year. Although the senior-level product manager salary in India is around 13 lakhs per year, with experience and further skills, it may increase to 30 lakhs per year. Even the starting salary for this role is quite good. When you start, you can get a salary range of 5-8 lakhs per year. However, with increasing experience and improving skills, product manager skills will increase and enhance career opportunities.
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Product Manager Salary in India: Based on Company
The market for these specialists is booming, and many businesses are willing to pay good salary packages for them. It is the main reason why product manager salary are high. A product manager’s role is critical to an agency’s fulfillment on account that they look at the creation and overall performance of the software program product that the business enterprise is based on.
Big corporations pay their executives well, while tiny businesses compete for their skills. Let’s look at product manager salary in India, based on the company.
| Company | Average salary per annum in India |
|---|---|
| Flipkart | 28,00,000/- |
| Microsoft | 24,10,000/- |
| Paytm | 20,00,000/- |
| TCS(Tata Consultancy Services) | 15,00,000/- |
| Kotak Mahindra Bank | 10,00,000/- |
| Axis Bank | 9,00,000/- |
| HDFC Bank | 7,84,000/- |
Also Read:- Fashion Designer Salary in India 2024 | Web Developer Salary in India 2024
Product Manager Salary Based on Location
Here is the table shows the salary of product managers in India, based on the city where they get a job
| City | Salary | City | Salary |
|---|---|---|---|
| Chennai | 11,21,478/- p.A | Hyderabad | 10,72,249/- p.A |
| Delhi | 11,38,421/- p.A | Bangalore | 10,02,973/- p.A |
| Mumbai | 10,22,564/- p.A | Gurgaon | 8,84,682/- p.A |
Product Manager Salary in India: Based on Job Roles
The job role is another factor that affects the product manager salary. Here is the table below shows salary based on their job roles
| Job Role/Careers | Salary Range Per Annum in INR |
|---|---|
| Assistant Product Manager Salary | 3,56,000 – 12,00,000 |
| Product Manager Salary | 4,80,000 – 30,00,000 |
| Product Marketing Manager Salary | 5,50,000 – 25,00,000 |
| Senior Product Manager Salary | 10,20,000 – 45,00,000 |
| Group Product Manager Salary | 8,26,000 – 65,20,000 |
| Director – Product Management Salary | 25,30,000 – 80,00,000 |
| VP – Product Management Salary | 20,00,000 – 90,00,000 |
| Chief Product Officer Salary | 15,00,000 – 87,00,000 |
Product Manager Salary in India: Based on Experience
Experience is another important factor that affects the salary of a Product Manager. Obtaining the certifications can be important to improve the individual’s career possibilities in management and software development fields. Here’s a breakdown of the product manager salary in India at unique ranges of product control
| Beginner | Intermediate | Advanced |
|---|---|---|
| Rs 1,10,2000 | Rs 1,679,068 | Rs 2,008,430 |
Product Manager Salary in India: Based on Skills
One of the most important factors determining a product manager’s salary is skills. Product Management, Financial Planning and Strategy, Product Development, and People Management are the most important skills that candidates should have who want to get the job of product manager. Here is a table below shows salary based on skills
| Skill | Average Salary |
|---|---|
| Product Management | Rs. 1,327,401 |
| Product Development | Rs. 1,403,854 |
| Product Marketing | Rs. 1,166,528 |
| Strategic Planning | Rs. 1,212,891 |
| Project Management | Rs. 1,228,645 |
Factors Affecting Product Manager Salary in India
Now, permit’s delve into the elements that have a considerable effect on a product manager’s salary in India. Understanding these elements assists you in navigating your career and negotiating the salary package.
- Company: The company you work for is a key factor in your salary. Different businesses have varying salary structures, and larger organizations give handsome salaries. However, smaller organizations and startups may offer lower salaries than bigger companies.
- Years of Experience: Experience is one of the most important factors that affect the salary of a product manager. As you gain more experience and get enough knowledge of successful product launches, your salary will increase.
- Location: The city or region where you perform a pivotal function in figuring out your salary. Tech hubs like Bangalore, Gurgaon, and Hyderabad offer higher salaries to candidates. However, it’s crucial to not forget the cost of living in these towns, which affects your salary.
- Skills: Specialized skills are more rewarded in the area of product control. Investing in ongoing expert development and acquiring information in Agile Software Development, Product Strategy, and Go-to-Market Strategy can result in higher salaries. Employers can understand the cost of those abilities and are willing to pay extra for them.
Skills Required to Become the Product Manager
To boost your career as a Product Manager and earn the best capability product manager salary in India, you need to keep up with the following information.
- Thinking strategically
The product manager needs to actualize the better stage, imaginative, and prescient after organizing the product’s dreams and major tasks. Asking the correct questions is step one, followed by a thorough know-how of the market and competitors.
- Outstanding Skills
Product managers coordinate with both inner and external stakeholders during the product life cycle, maintaining the number of people informed and adapting their language to the audience – from customers and salespeople to marketing and finance. As a result, product managers have a plethora of options and the ability to work in their way.
- Negotiation Expertise
A product manager collaborates with groups from several disciplines, both internally and externally. The product manager works with all from technology to advertising to sales to HR. He needs to get work done because he is the manager. To get things finished rapidly, you’ll want to be a skilled negotiator.
- Resourceful & Analytical
Product managers are praised for their well-researched and problem-fixing abilities and their holistic technique to error-fixing. These mini-CEOs may also direct content material, user interface, development, and advertising and visualize the outcomes on a macro and micro scale.
- Empathy Training
As a product manager, you need to be comfortable and focus on many skills, including data evaluation, communication, user psychology, market studies, etc. At every stage, you’ll need to not forget and weigh the viewpoints of stakeholders as well as the needs of customers.
- Exceptional Detail-Orientation
Where others would see not nothing but a barren region, a capable product manager can see the possibilities.
- Long-sightedness
A smart product manager can quickly estimate the product’s benefits by using previous reports and leveraging benchmarks. They are also useful resources in areas of interest as soon as projects are launched, as well as the incorporation of these categories into future prioritization and forecasting.
Role of a Product Manager
Now you understand what a Product Manager is all about. It’s time to study what they do. There is a top job profile of a product manager in a company. Here are a few roles and responsibilities of a product manager
- Strategic Planning: Develop and implement a strategic plan for the product line, aligning with the overall business goals.
- Roadmap Development: Create and save a product roadmap, outlining key milestones and timelines for product development and release.
- Feature Specification: Define and prioritize product features based on customer needs and business targets.
- Blend of Business Acumen and Technical Knowledge: Possess great information on the marketplace world and the technical aspects of the product to make informed decisions.
- Understanding Customer Experiences: Deeply understand customer reports to make certain the product meets and meets customer needs.
- Leadership: Act as a ‘mini-CEO’ for the product, the main move-practical group to obtain product goals.
- Decision Making: Make vital choices regarding the product’s direction, balancing numerous stakeholder pastimes.
- Customer Insight: Gather and answer purchaser comments on manual product development and development.
- Team Leadership: Lead and inspire groups, fostering a collaborative environment to carry product thoughts to life.
- Market Analysis: Conduct market studies and competitive evaluation to become aware of opportunities and threats.
- Performance Monitoring: Track the product’s overall performance in opposition to key metrics and modify techniques as important.
- Stakeholder Communication: Effectively communicate with all stakeholders, including customers, crew individuals, and senior control, to keep every person knowledgeable and aligned.
Future Scope of Product Manager in India
The rise of product businesses will increase the demand for product managers in India. Companies will hire licensed product managers to oversee the product development technique and force innovation. With the growing possibilities for product managers in India, the salaries of these professionals will keep growing.
Conclusion
A career as a product manager provides promising possibilities for professionals throughout various industries, including era, finance, healthcare, and more. The number of product managers is stimulated by various key factors. Firstly, process titles and responsibilities in the role can impact salary, with senior-level positions getting better salaries. Secondly, experience performs an important role because experienced product managers can earn higher salaries.
Additionally, the reputation and size of the company, as well as the geographical place of the job, also contribute to the salary range. Therefore, knowledge of these salary developments and thinking about various factors, which include company requirements, company size, and cost of living, is essential for individuals to make informed selections about their career paths and salary potential in the dynamic subject of product management.