As the name suggests, a growth product manager, like a product manager, is responsible for building and expanding the company and focusing on other tasks like acquisition, retention, strategizing, etc. How, then, is a product manager different from a growth product manager? The skills required to be a product manager or a growth product manager might be the same, but both these positions are oriented towards achieving different goals.
Growing digital revenue and profit is now a fundamental aim of almost all companies. In recent years start-ups relying heavily on technological tools have embraced new roles like a digital hacker, digital analyst, and growth product manager. A growth product manager, unlike a product manager, focuses majorly on development and marketing in the digital sphere and the integrated functioning of several apparatuses working online.
“Growth product managers are ultimately responsible for maximizing core product value throughout the entire user journey. Growth product managers have defined products they want to solve, build-out well-defined hypotheses, and launch experiments to validate them. Usually, these professionals try to maximize user acquisition, retention, engagement, and monetization.”
However, there remains a poor understanding of what the growth product manager role entails. They can be understood to be working at the intersection of digital marketing and product development. To understand more about their roles, continue to read…
What does a growth product manager do?
A growth product manager removes the barrier between marketing and the development of a product by adding value to it. Growth product managers come in very handy when a product already exists but has not been enhanced for growth yet. Some of the other responsibilities of a growth product manager are:
- Identifying low performing products and customizing them for the digital market
- Improving designs of products
- Conducting experiments with the product
- Expanding features of the product
- Helping customers understand the product and its usage
- Engaging in data-driven analytics strategy
- Adopting new data tools related to growth
- Working closely with other team members
- Hiring data scientists and engineers
Skills required to become a growth product manager
After reading the responsibilities of a growth product manager, you might be wondering what skills are required to be able to fulfill these responsibilities efficiently. You might also wonder do you have the desired skills and capabilities. Read on to know what proficiencies you require and how you can improve those you already have.
Data Visualization and Analysis
As a growth product manager, you should be able to perform comprehensive product analysis and understand its scope. You should also be able to visualize the entire journey of the enhanced product, from its development to reaching the marketing and catering to the needs of the users.
Ability to experiment and optimize
You can only realize the full potential of a product when you place it in different settings. To place it in a different setting and analyze it, you should be ready to experiment with it. A lot of experimenting and testing tools rely heavily on technological tools, which you should know how to use.
Customer engagement and retention
Releasing a product in the market is a battle half won. A growth product manager job also entails increasing customer engagement, frequency, and intensity when it comes to product usage. The more customers you retain, the more business you bring in.
You should know how to create retention charts, study them, and analyze them for calculating the average retention time. There are also various tools available online to study customer engagement, which you should know deeply.
You should know how to build strategies to acquire new customers. This is done by understanding the target market, studying the recent market trends, aligning the trends with your product, identifying the best marketing channel, etc. Bruno Estrella – growth leader at Webflow, is known for applying behavioral psychology to understand customer purchase patterns and improve the product accordingly.
Data Science Knowledge
We are living in a data-driven world where data is the new currency. To be able to manage your role as a growth product manager in a technologically advanced company, a strong background in data science will be very beneficial. There are a lot of short-term and diploma courses available in data science you can enroll in to keep yourself updated.
Strong communication skills
It would have become evident from the responsibilities listed above that a growth product manager work stretches across various departments of the company. To be able to work smoothly, as a product manager, you will be expected to maintain a clear and transparent communication channel and be very sure while delegating tasks and duties.
With growing awareness, a lot of companies are now hiring growth product managers. To be able to create your niche, you must stand out amongst all. You and the hundred other growth product managers share the same skill set, but it is on you to use these skills creatively.
When it comes to product management, you should be able to imagine new product functionalities that come be very advantageous for its growth and adaptability in the market. You can also show creativity while promoting and advertising the optimized product.
Does the growth product manager position pay well?
Given the responsibilities growth product managers are expected to fulfill and the positive outcome their work brings, it is natural to assume that they are paid handsome salaries. Although, growth product manager position is still in its infancy, and there is a lot of scope for growth; currently, they are still paid like a product manager and sometimes even higher.
Although to avail the benefit of annual increment, you must keep yourself updated and constantly be on your toes. The competitive market can weaken your game anytime; hence you should relentlessly work to improve your game.
There is a lot more waiting to happen when it comes to growth product manager roles. Just like product managers evolved into growth product managers, similarly in the era of rapid digital development, the growth product manager position might also evolve into something. Keep up with the industry and growth marketing to be able to shine the brightest and be ahead of the crowd.