What I *actually* do as a Product Manager (in 2023)

Summary

In this video, Chloe, a product manager at Discord, shares her experiences in the fast-paced and demanding world of product management. She delves into the origins of the role, what it entails, and how product managers make critical decisions that shape tech products. Chloe discusses the highs and lows of the job, the importance of collaboration with various teams, and the skills needed to succeed. She also touches on the challenges of the role, from work-life balance to navigating office politics. Ultimately, Chloe highlights the intellectual stimulation and financial rewards of being a PM.

Takeaways

• 😀 Product management (PM) started over 100 years ago with Procter & Gamble and has evolved into a critical function in tech companies today.
• 😀 PMs are responsible for defining a product's direction, solving problems, and working with multiple teams (engineering, design, data science) to build and launch products.
• 😀 The PM role involves writing clear plans (PRDs), defining success metrics, and guiding teams through product development and testing phases.
• 😀 A key part of product development is testing ideas through A/B testing, iterating based on feedback, and launching only after validating metrics.
• 😀 Being a great PM requires strong decision-making skills, clear communication, leadership, and the ability to execute efficiently under pressure.
• 😀 PMs are seen as 'CEOs' of the product, though Chloe dislikes this term. PMs make critical decisions and have a high level of responsibility.
• 😀 While the job is intellectually stimulating and offers high earning potential (six-figure salaries), it can be stressful and thankless.
• 😀 Product management is highly political, with a lot of behind-the-scenes work (e.g., writing updates, managing to-do lists, coordinating between teams).
• 😀 A PM's job often involves balancing multiple tasks and prioritizing effectively, as the role is filled with meetings, decisions, and pressure to perform.
• 😀 PMs should be opinionated with strong reasoning, able to lead teams through difficult decisions, and unafraid to make tough calls for the good of the product.
• 😀 To break into the PM role, resources like Career Foundry offer programs that teach PM skills and offer mentorship, job guarantees, and career support.

Q & A

What is the role of a product manager in a tech company?

A product manager (PM) is responsible for overseeing the development and launch of a product. They handle identifying customer needs, defining the problem, and developing a solution strategy. They coordinate with engineers, designers, and data scientists to ensure the product is built according to plan and meets business goals.

How did the role of product managers originate?

The role of product managers originated about 100 years ago at Procter & Gamble. Neil H. McElroy, a brand manager, emphasized the importance of having someone focus on managing products and understanding customer needs to build products that people would buy.

What makes a product manager influential in tech companies?

PMs are considered influential because they make critical decisions about the product. They help ensure that the product aligns with customer needs and business objectives, which directly impacts the company's success. Their role is crucial in shaping the product strategy and ensuring it is executed well.

What is the product development process according to Chloe?

The product development process starts with understanding the problem, defining how to solve it, and outlining the game plan. Then, a product manager writes a document called an APRD, which is reviewed by various stakeholders. After approval, the team executes the plan, builds a Minimum Viable Product (MVP), and conducts A/B testing. If the product performs well, it's launched to the public.

What is an MVP (Minimum Viable Product), and why is it important?

An MVP is a simplified version of a product built to test if the concept works. It includes only essential features to test a hypothesis. It's important because it allows PMs to validate assumptions quickly, preventing waste of time and resources on untested ideas.

How does Chloe describe the challenges faced by product managers?

Chloe explains that PMs often work under pressure with tight deadlines and have to make decisions quickly. They deal with constant meetings, manage various tasks simultaneously, and have to balance competing priorities. PMs are also responsible for maintaining clarity and direction amidst ambiguity and handling the feedback and outcomes of product decisions.

What does Chloe say about the importance of communication for a product manager?

Chloe emphasizes that strong communication skills are crucial for a PM. They must be able to clearly explain the rationale behind decisions, adjust the level of detail based on the audience, and help the team navigate through complex situations. Effective communication is key to ensuring alignment and clarity within the team.

What qualities make a product manager stand out according to Chloe?

According to Chloe, a standout PM is someone who makes clear, decisive decisions, has a deep understanding of the product space, and can communicate their vision effectively. They also need to be opinionated, forward-thinking, and a strong leader, able to earn the team's trust and guide them through challenging situations.

How does a product manager handle failure, as per Chloe's experience?

Chloe explains that product managers must embrace failure as part of the process. When a product fails, PMs take responsibility, learn from the experience, and move on. They need to be resilient, keep the team motivated, and make adjustments as necessary. Failure is common in the role, and the PM must learn to handle it with grace and optimism.

What is Chloe’s view on the compensation for product managers?

Chloe shares that product managers are well-compensated, typically earning six figures. While the job can be stressful, the financial rewards and career advancement opportunities make it worthwhile. She also mentions that the role is intellectually stimulating and offers the chance to work with talented people in a dynamic industry.