Organizations want to adapt to their agile, fast-moving environment. To do so, the demand for product managers is higher than ever. But, this doesn’t mean that there’s a clear understanding of the tasks attributed to the product management position, or the difficulties a product manager may face.
Have a look at the infographic to discover some product management statistics that may open your eyes to the conceptions and misconceptions of product management and product managers.
21% of products fail to meet customers needs
According to the 280 group survey, their respondents say that 1 out of 5 products fail to meet the customer needs, which makes a well-performing product manager even more important. To meet your customer needs, you have to be aware of the problems your customers are facing and how your product can solve these problems. Failing to meet customer needs could be related to some of the skills product managers have. As from the survey:
56% stated that the skills of their product manager leave room for improvement
They stated their product manager’s skills as average or below average, stating that there is room for improvement. These improvements could lead to meeting their customer needs in more than 4 out of 5 products. 41.2 % of respondents stated that product management within their company isn’t effective, which is related to the skill level of their product managers.
34% of departments report to product management
This percentage is relatively high, compared to the percentage to the managing director (23%) or marketing. If you are looking for more authority from the different departments, you can use these stats to convince your top management how reporting routes should run through the organization, and what kind of prominent role you as a product manager can take.
Only 5% of product managers know how to code
Luckily for product managers, it’s often not mandatory to know how to code. Only 5% of product managers know how to do this. But this makes it even more important to communicate with your different teams to get your idea implemented in the product. You have to trust in your team’s abilities. If you do know how to code, this could give u an advantage when you want to apply for a product management job in software development.
A fully optimized product manager could increase company profits by 34.2%
As a product manager, you should never doubt your own value. For some management teams, it’s hard to oversee the possible opportunities a well functioning product manager will bring. Although the value and the exact role of a product manager might be undefined in some companies, well-developed product management can improve your product and alignment with your customers.