Product Management Statistics


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Product Management Statistics 2023: Facts about Product Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Product Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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Top Product Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 38 Product Management Statistics on this page 🙂

Product Management “Latest” Statistics

  • In 2021, the base salary for a Product Manager in an entry-level position is $86,005.[1]
  • According to the Wall Street Journal, 7% of recent Harvard Business School graduates accepted product management positions.[2]
  • According to a recent report from Harvard Business School, there were three times as many applicants for the Product Management 101 course as there were available seats.[2]
  • Only 28% of respondents to the Pragmatic Marketing Inc. survey said they spent any time strategizing, while 72% spent time on tactics and execution.[2]
  • 60.3% of executive leaders are only partially aware of the benefits a product manager provides to their company.[2]
  • 60% of businesses do not have a strategy to improve their product management process, and nearly half of PMs dislike it.[2]
  • According to 37.9% of product managers, their backlog is chaotic.[2]
  • According to a 2016 study, 39% of Product Managers participating were between the ages of 35 and 44. Between the ages of 45 and 54, 54% were present.[3]
  • According to the 2018 Zippia report, 73 percent of Product Managers are White.[3]
  • Eighty percent of Product Managers, according to McKinsey & Company, are involved in activities related to design.[3]
  • On August 22, 2020, research revealed that 698,945 individuals listed their profiles as product managers.[4]
  • Glassdoor, a U.S. job portal, analyzed 40,713 salaries and determined that the average base pay for a product manager was approximately $108,992.[4]
  • Product managers earn an annual salary of $110,916 on average worldwide.[4]
  • Product managers earn the most, on average, $108,992 per year in the United States.[4]
  • The American software company Aha! says, The median salary for product managers in San Francisco is $129,000.[4]
  • The average annual salary for some product managers at Google, Slack, Uber, and Microsoft can exceed $200,000.[4]
  • With an average annual salary of $122,737, Washington is the best place to work as a product manager, according to the career portal Zippia.com.[4]
  • A Product School survey found that 55% of product managers would rather work for small to medium-sized businesses (SMEs) due to these businesses’ flexibility and willingness to try new things.[4]
  • Professor Clayton Christensen of the Harvard School of Business asserts that nearly 30,000 new products are introduced into the market annually in an effort to attract customers’ attention.[5]
  • Recent statistics indicate that only 40% of products produced by businesses tend to remain on the market.[5]
  • When introduced to a new product, approximately 63% of testimonials stated that they liked it, according to a recent survey.[5]
  • A survey found that 75% of people would be willing to pay more for automotive innovation.[5]
  • Nearly 57% of those who took part in the most recent survey stated that they had made a recent trip to a basic grocery store and purchased new products.[5]
  • The belief that more products on the market might have a chance of making their lives easier is held by nearly 27% of potential customers.[5]
  • According to BetterCloud, businesses today use an average of 80 IT-sanctioned SaaS applications.[5]
  • Business owners estimate that 70% of the work-related apps they use today are primarily based on SaaS.[5]
  • According to companies that have implemented cloud-based SaaS platforms, they are now able to increase their market growth by 20% to 40%.[5]
  • According to 15% of project managers, they need to concentrate on one project at a time.[5]
  • 69 percent consider product management to be a leadership position.[5]
  • 43,3% believe that product managers are highly effective at increasing the company’s annual growth rate and are regarded as leaders and key differentiators within their organization.[5]
  • When shopping with a smartphone, 51% of respondents to the survey said they prefer to use a brand’s mobile app because they can earn rewards or points for their purchases.[5]
  • A survey of 280 people found that one in five products doesn’t meet the needs of customers, making a good product manager even more important.[6]
  • 56% of respondents to the report “Challenges in Product Management” stated that the skills of their product manager were average or below average, indicating that there is room for improvement.[6]
  • Product management is in charge of 34% of departments.[6]
  • A Product School survey found that 55% of product managers would rather work for small to medium-sized businesses due to their flexibility and willingness to try new things.[7]
  • Product Managers, on average, make $118,411 per year, according to Zippa.[7]
  • In May 2021, the average annual salary for industrial production managers was $103,150.[8]
  • From 2021 to 2031, the employment of industrial production managers is expected to rise by 3%, which is lower than the average for all occupations.[8]

Also Read

How Useful is Product Management

One of the key benefits of product management is its focus on understanding the market and the needs of customers. By conducting thorough market research, product managers can identify trends, competitive offerings, and opportunities for innovation. This knowledge allows them to develop products that are not only relevant and timely but also meet the needs and expectations of customers. In essence, product management ensures that businesses are building products that will resonate with the target audience and deliver value.

Another vital aspect of product management is its role in driving cross-functional collaboration within the organization. Product managers serve as the linchpin between various departments, such as engineering, marketing, sales, and customer support. By working closely with these teams, product managers can ensure that everyone is aligned on the product vision, goals, and timelines. This collaboration is crucial for ensuring that products are developed and launched successfully, with all stakeholders working together towards a common objective.

Product management also plays a critical role in product lifecycle management. From the conceptualization of a product idea to its development, launch, and ongoing support, product managers are responsible for managing every stage of the product lifecycle. They are tasked with setting strategic priorities, making trade-off decisions, and ensuring that resources are allocated effectively to drive the success of the product. Product managers must also keep a pulse on market changes, customer feedback, and competitor actions to continuously optimize and enhance the product over time.

Moreover, product management serves as a catalyst for innovation within an organization. By fostering a culture of experimentation, creativity, and continuous improvement, product managers can inspire their teams to push the boundaries of what is possible and bring new ideas to life. They are champions for innovation, advocating for new technologies, features, and experiences that will delight customers and differentiate the product in the market.

In conclusion, the value of product management cannot be overstated in today’s competitive business landscape. Product managers play a vital role in translating market insights, customer needs, and business goals into successful products that drive revenue and business growth. By fostering cross-functional collaboration, managing the product lifecycle, and driving innovation, product management is essential for the long-term success of any business. Businesses that invest in product management will not only stay ahead of the competition but also build products that truly resonate with customers and drive value for the organization.

Reference

  1. 280group – https://280group.com/product-management-blog/product-manager-salary-data-in-2021/
  2. airfocus – https://airfocus.com/blog/surprising-product-management-stats/
  3. productgym – https://productgym.io/product-manager-statistics-you-need-to-know/
  4. theproductmanager – https://theproductmanager.com/general/statistics-career-product-management/
  5. userguiding – https://userguiding.com/blog/product-statistics-trends/
  6. uxcam – https://uxcam.com/blog/product-management-statistics/
  7. webinarcare – https://webinarcare.com/best-product-management-software/product-management-statistics/
  8. bls – https://www.bls.gov/ooh/management/industrial-production-managers.htm

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