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 primary benefits of product management is its ability to bridge the gap between different departments within an organization. Product managers work closely with various teams such as marketing, sales, engineering, and design, ensuring that all stakeholders are aligned and working towards the same goal. By acting as a central point of communication, product managers are able to streamline processes, resolve conflicts, and drive projects forward in a cohesive manner.

Moreover, product management serves as the voice of the customer within the organization. Through conducting market research, gathering feedback, and analyzing data, product managers are able to gain valuable insights into consumer needs, preferences, and behaviors. This information is then used to inform product strategy, shape feature prioritization, and guide decision-making throughout the product development lifecycle. By keeping the customer top of mind, product managers are able to create products that resonate with users, drive customer loyalty, and ultimately lead to greater success in the marketplace.

In addition, product management helps to ensure that development efforts are focused on delivering value to both the business and its customers. By defining and prioritizing product features based on input from stakeholders and market research, product managers are able to allocate resources effectively, minimize wasted effort, and maximize the return on investment for the company. This strategic approach not only increases the likelihood of a product’s success but also helps to drive growth and profitability for the business as a whole.

Furthermore, product management plays a critical role in driving innovation and differentiation within a competitive market. By staying up to date on industry trends, monitoring competitor offerings, and identifying emerging opportunities, product managers are able to guide the development of new and innovative products that set the company apart from its rivals. This proactive approach not only helps to keep the business ahead of the curve but also positions it as a leader in its field, attracting customers, partners, and top talent in the process.

Overall, the value of product management cannot be overstated. By serving as a unifying force within the organization, understanding and advocating for the needs of the customer, focusing on delivering value, driving innovation, and differentiation, product managers play a critical role in shaping the success of a business. As the dynamics of the market continue to evolve and become more complex, the importance of product management as a strategic function will only continue to grow, making it an indispensable asset for any company looking to thrive in today’s competitive landscape.

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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