What Is the Salary of a Group Product Manager?

What Is the Salary of a Group Product Manager?

Is Product management one of the most sought-after professional pathways for undergraduate and MBA candidates? 

It was recently listed as one of the top 10 jobs in America by Glassdoor. This is because the work is fulfilling, well-paying, and provides plenty of room for professional advancement.

In this article, we’ll be looking at what a Group product manager is along the lines of product management and how much they earn over the years.

What Is a Group Product Manager

Group product managers are product experts at the top of the product manager career ladder who oversee a group of product managers. 

GPMs handle product managers and ensure team harmony while concentrating on long-term product goals and strategy. 

With the following steps in becoming Head of Product, Director of Product Management, or VP of Product, there is much room for development in this job.

A GPM serves as the segment manager for each product under the VP of Product. 

The product development plans are also walked over by group product managers with product managers. In addition, graduate and trainee product managers provide GPMs with frequent updates on their performance and user requirements summary reports.

Education Criteria for Group Product Managers

There are many options available for you to become an asset to Product management.

Some of them are:

A bachelor’s degree in computer science, economics, or business is an option. 

Statistics, public relations, marketing, and management are related fields. Certain firms choose specialist degrees depending on the kinds of products they produce.

You can enroll in an MBA program, which will aid in the development of your management and product vision abilities. 

However, an MBA won’t teach you how to use Agile and Scrum techniques. They are also pricey.

An online course, program, or Bootcamp are all options. 

Through this learning style, you will gain practical experience with the fundamental information, abilities, and experiences needed to be a product manager.

Additionally, you’ll learn how to use tools for product management.

Average Salary of Group Product Managers

Let’s look at how much GPMS usually earns in top companies.

Company Experience Base ($) Stocks: ($) Bonus ($) TC ($)
Walmart 17 yrs 176k 49k 44k 270k
Cisco 6 yrs 210k 98k 52k 360k
Oscar Health 7 yrs 202k 98k 29k 329k
Oracle 20 yrs 164k 29k 352k
Wish 10 yrs 231k 63k 294k
McAfee 20 yrs 2188k 24k 44k 286k
Uber 12 yrs 245k 343k 59k 647k
Marqeta 10 yrs 242k 10k 48k 300k
LinkedIn 14 yrs 294k 294k 49k 637k
Booking.com 15 yrs 145k 74k 38k 256k

Salaries for Other Related Job Titles

1. Senior Product Manager: $146k

After five to eight years in a product management position, a product manager is often qualified to advance to senior product manager. 

Managing a variety of goods or a complete product portfolio may be one of the duties of a senior product manager.

2. Director of Product Management: $174k

Most businesses demand a product manager at the director level to have more than seven years of expertise in product management.  

Additionally, businesses frequently want knowledge relevant to a certain industry. 

A business-to-consumer SaaS company will hunt for a director with such a background to sell a SaaS product to consumers.  

A team of product managers is led by the director of product management, who in smaller businesses may also serve on the corporate management team.

3. VP of Product Management: $193k

The firm’s product direction is owned by the vice president of product management, who is nearly always an executive team member. 

They are also in charge of developing and coaching the product team. Most recruiting organizations search for industry-specific skills and prior experience managing a group of product managers. 

This senior product role’s pay might vary greatly. Smaller businesses and startups may not be able to pay large wages, but they can provide stock options. 

Enterprise firms, of course, often provide significant salary and benefits schemes that involve revenue sharing and bonus payments.

4. Chief Product Officer: $204K

An executive-level position that is becoming more common in big businesses is the CPO. 

This position frequently reports directly to the CEO and is in charge of the whole product management team inside the corporation. 

This entails establishing an overarching product strategy and ensuring that the direction supports the vision and objectives of the business. 

Although a CPO’s base pay is typically little over $200,000, with yearly bonuses and stock options, total compensation packages can be significantly higher.

Skills of a Group Product Manager

1. Product Knowledge

A group product manager has to have in-depth knowledge of the product they are in charge of. This involves familiarity with the product’s attributes, functionality, materials, manufacturing process, and features. 

Additionally, a product manager has to be familiar with the product’s market and intended audience. Making judgments regarding the product requires having this information.

2. Leadership Skills

Since they frequently serve as the team’s and the product’s spokesperson, leadership abilities might be crucial for a product manager to possess. 

A group product manager may inspire their team to collaborate to develop a successful product using their leadership abilities. 

They may motivate their team to produce novel things clients want using their leadership abilities.

3. Analytical Skills

The capacity to evaluate data and derive conclusions from it is known as analytical skill. To develop the greatest choices for your product, you must be able to assess data and knowledge as a product manager. 

For instance, if you see a fall in sales, you must be able to evaluate the data to identify the root issue and decide what to do about it.

4. Communication Skills

You engage with many different individuals in your role as a product manager, including other product managers, engineers, salespeople, marketing teams, and customers. 

Your effectiveness in this profession depends on your ability to communicate successfully. You must be able to explain difficult concepts in a way everybody can grasp.

To comprehend the demands and preferences of your consumers, you must also be able to interact with them.

5. Business Acumen

The visions and strategies of a firm link to its level of financial performance. A product manager must comprehend how their product affects the business’s bottom line. 

This necessitates having a solid grasp of the business’s financials and how the product may impact them. For instance, a product manager would need to understand the potential impact of a new product on sales, profitability, and client acquisition expenses.

Responsibilities of a Group Product Manager

The skills mentioned above exist to carry out the following responsibilities. These are some real-life examples picked from GPM’s resumes:

  1. Organize and direct a group of product and product marketing managers in charge of corporate SAAS solutions.
  2. With the introduction of Java games, lead a cross-functional team to establish the application/game download ecosystem and create a sizeable new income source.
  3. Create all-encompassing customer relationship management (CRM) strategy, including segment-specific strategic offers.
  4. Upgrade and grow your online presence to make the most of technology to save money and simplify procedures.
  5. Use SQL to assist data-driven research and decision activities in helping prioritize projects, evaluate the usefulness of features, and resolve problems.
  6. To optimize market opportunity, track product sales forecasts through channel sales, and start accessory development for OEM clients.
  7. Target marketing at core consumers to maximize return on investment from advertising spending and swiftly increase core customers.

 

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