Growth Product Manager: Overview & Responsibilities

The growth process is a hybrid of activities, including discovery,…

The growth process is a hybrid of activities, including discovery, experimentation, forecasting, and testing. Product Growth Managers make decisions about when to create new experiments and when to test their hypotheses with lower-risk experiments.

In this article, we’re going to discuss Product Growth Managers, what they do, and why they’re important. We’ll also take a look at the skills they require for success.

Growth Product Management: an Overview

Growth Product Management is the process of identifying, analyzing, acquiring, and driving profitable product growth. It encompasses many different aspects of corporate strategy, including market innovation stages.

Growth Product Management entails growing an existing product’s value and user base. Rather than bringing a new product to the market, growth product management focuses on helping a current product become more successful.

Companies need Growth Product Managers to help them reach their goals of rapid revenue growth and an accelerated valuation.

Who Is a Product Growth Manager?

A Product Growth Manager sees the potential of new opportunities and devises highly effective strategies for the success of an existing product.

A Product Growth Manager, also known as a Growth Product Manager, takes a holistic view at product development, specifically growth. They know the market needs and trends and provide insights to management to implement their best practices on the product. They incorporate ideas into existing products and create a rivalry, leading to a more robust overall company that can tackle any market.

Growth Product Managers are responsible for managing the growth of their company’s top-performing products and maximizing the profit margin. They do this by identifying the strengths and weaknesses of these products and changing marketing strategies. In some cases, they offer suggestions on how to improve the products.

What Do Growth Product Managers Do?

Growth Product Managers typically focus on specific metrics that matter to their product, like user acquisition, customer retention, and expansion.

Expansion strategies may include finding new ways to boost revenue or encouraging existing users to refer new users. Experiments and testing are carried out to decrease inefficiencies and validate new additions. 

These professionals work with stakeholders to define the company’s product strategy and introduce innovative methods market leaders need to improve their product offerings.

They find new ways to help product users get more out of a product; this bolsters retention and cultivates an increase in referrals.

Why Are Growth Product Managers Needed?

Growth Product Managers are crucial players in the market, offering various services to help grow and sustain product lines. They help companies stay ahead of the competition and give them competitive advantage by understanding their current product, customer, and market. Here’s why you need a product manager for your business.

1. To Define a Company’s Growth Direction

Growth Product Managers analyze user behavior through experimentation, forecasting, and testing. They integrate analytics tools into the company’s analytics framework to build dashboards that indicate potential drivers of growth and metrics that need improvements.

2. To Expand Into New Markets and Increase Customer Base

Companies require Growth Product Managers when they have a high-quality product in the market that hasn’t been optimized for growth. GPMs come up with strategies for increasing customer base. They may suggest to stakeholders that changing a product’s features may increase sales and attract new customers.

GPMs may also discover more benefits a customer can derive from a product. This will retain customers and drive referrals. They also find new ways to generate revenue from specific products.

3. To Track and Improve Metrics

Growth Product Managers work with their team to conduct experiments and testing that validate new improvements on a product.

They monitor and enhance metrics like, user acquisition, customer retention, referral, and revenue generation. They also eliminate inefficiencies, and improve customer experience.

What Makes a Good Growth Product Manager?

Some of the top qualities a high-functioning Growth Product Manager must possess include:

1. Proactive

A vital trait every Product Manager should have is being proactive in communication, strategy, and planning. It isn’t enough to be reactive; instead, they must engage in self-development and learning.

GPMs must understand their customers, know how to pool their resources to increase the product or service, and plan for the future.

2. Scientific Mindset

Growth Product Managers must displace curiosity and analytical skills as top traits. GPMS should be able to dig deeper to find answers, test all possible what-ifs, and get measurable results. They should be able to prove that their initiatives and ideas lead to actual growth.

Growth product managers should be adept at using tools to collect data, analyze it, and make intelligent projections.

3. Flexibility

Growth Product Managers should be able to work quickly, move fluidly, and be reliable. They should be able to roll with the punches, execute on a timeline, and adapt to their environment.

They must be highly innovative in their problem-solving approach and should be able to create a flexible and scalable plan for growth.

4. Teamwork

Growth Product Managers must be able to work with teams to ensure that new strategies are implemented to produce outstanding results. They require regular and transparent communication to ensure a harmonious and productive growth process.

man sitting on chair beside laptop computer and teacup
Photo by Icons8 Team on Unsplash

Wrapping Up

Growth Product Managers are responsible for the process of product growth and are considered a vital part of the business. They monitor and enhance metrics that matter to a company’s product, like user acquisition, customer retention, and product expansion.

A Product Growth Manager isresponsible for analyzing growth strategies and creating the roadmap. More importantly, they determine the initiatives that will be put in place to make the growth strategy a reality.

Frequently asked questions

How do you become a successful growth manager?

  • Insightful in data analysis and data processing tools like analytics tools, data visualization tools, A/B testing tools, Excel, etc.
  • Analyzing customer behavior data accurately.

What is a head of growth role?

Growth and growth alone are the focus of a strong head of growth. Marketing and product development play a unique role, which varies from company to company. So as their sole goal is to reach growth targets, their primary concerns are customer acquisition, activation, retention, and upsells.

What does a growth product team do?

Marketing teams that are dedicated to development of new marketing channels and optimizing products drive customer acquisition, retention, and revenue growth. A lot of organizations have siloed departments – sales, marketing, and product, for instance – that drive growth but do not always interact with each other perfectly.

What is a growth manager role?

Growth Managers usually work at the intersection of marketing and product development and are focused on customer acquisition, activation, retention, and upsells. Growth Managers typically report either to the CEO, to the vice president of Product Management, or to the Vice President of Marketing.

What is a product mindset?

Product Mindset establishes a clear link between principles of products and characteristics of companies. Providing a shared experience, the team gives people at every level of an organization a chance to communicate and make data-driven decisions.

What are the 4 growth strategies?

For the expansion of your business, there are four fundamental growth strategies: market penetration, product development, market expansion and diversification.

What are the core competencies of a product manager?

  • Facilitate meeting design and facilitation.
  • Make revenue, pricing, and adoption models.
  • Understanding complex customer, partner, and competitive ecosystems.
  • Design and analysis of an experiment.
  • Interview the customer/user effectively.

How do you train product mindset?

  • Listen without reacting and gather information about what people are saying so that you can understand their needs and preferences.
  • Don’t force people to follow a conclusion if you do not keep them focused on the context and goals first.

What excites about being a growth specialist?

In your role, you are expected to learn new skills, new tools, and grow in strength, versatility and competence, together with a team that is eager, inclusive, and eager to challenge and support you.

What are the 3 major areas of product management?

The report highlights three areas of focus that product management should focus on, namely, product discovery. Product Planning. Product Development.

What skills should a growth product manager should have?

  • Interpersonal: Diplomacy
  • Mindset: Scientific. Growth PMs are naturally curious, skeptical, and analytical.
  • Business skill: Communication
  • Agile is the standard operating procedure.

What is growth strategy role?

Business growth strategies allow for companies to expand their business. Growth can be accomplished by adding new locations, investing in customer acquisition, or expanding product lines. It is important to consider its industry and target market before choosing growth strategies.

What is growth mindset product management?

Rather than labeling yourself as talented, smart, or clever (or perhaps the opposite), see yourself as adaptable and malleable. With the right effort, you will learn new skills and deepen existing ones, and you will develop and grow. You adopt a growth mindset by doing so.

What is the salary of a growth manager?

Growth manager salary in India ranges from 4.5 Lakhs to 30.0 Lakh, with an average annual salary of 12.1 Lakh.

Growth Product Manager: Overview & Responsibilities

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

SEO Growth: An Interesting Guide to Improve Search Visibility

Search Engine Optimization (SEO) plays a crucial role in securing your company’s online success. As a business, you could invest…

July 5, 2022

How to Develop the Perfect Sales Growth Strategy

Entrepreneurs always aim for the best for their businesses. However, you can’t reach corporate dreams and aspirations if you just…

July 5, 2022

Product Marketing Vs Growth Marketing: Know the Difference

There are various marketing approaches to sell your brand. However, you have to make sure that the strategy you’re using…

July 5, 2022

Growth Product Manager: Overview & Responsibilities

The growth process is a hybrid of activities, including discovery, experimentation, forecasting, and testing. Product Growth Managers make decisions about…

July 5, 2022

8 Growth Plan Examples for Your Business

When it comes to business growth, companies have plenty of opportunities to invest. But because there are so many options…

July 5, 2022

Top Seven Growth Marketing Channels

An important part of any marketing strategy is understanding what marketing channels work the best for a specific company. Data…

July 5, 2022

Top 6 Qualities of a Growth Marketer

Growth marketers come from various backgrounds and are a mix of experience in social, digital, and product marketing. They create…

July 5, 2022

6 Effective & Proven Growth Hacking Examples

There exists a constant need for ways to grow your business profitably and quickly. Growth Hacking is the trend that…

July 5, 2022

5 Effective and Key Strategies for Brand Growth

Without a doubt, a strong brand is integral to a company’s success. More often than not, people identify a product…

July 5, 2022