What can you learn from product manager salary data to improve your skills?

1 Salary ranges and factors

According to various sources, such as Glassdoor, Indeed, and PayScale, the average salary for product managers in the US ranges from $85,000 to $115,000. However, these figures do not tell the whole story. There are numerous factors that can influence your salary as a product manager, including skills and competencies, performance and impact, and education and certification. Product managers need to demonstrate a wide range of skills from technical to business to soft skills in order to bring value to their organization and negotiate a higher salary. Additionally, product managers need to show their performance and impact through metrics, feedback, and testimonials in order to justify their salary and career growth. Finally, having a relevant degree or certification from a reputable organization can also help product managers stand out from the crowd and showcase their credibility and knowledge.

2 Salary trends and benchmarks

Another way to learn from product manager salary data is to look at the salary trends and benchmarks in your industry, location, and career stage. Doing so can help you identify the market demand and supply for product managers, allowing you to leverage opportunities to advance your career or negotiate your salary. Additionally, you can compare your salary with your peers and competitors. If you see that your salary is lower than the average or median in your industry or location, it means that you are underpaid and you can use that data to ask for a raise or look for a better offer. On the contrary, if you see that your salary is higher than the average or median, it means that you are overpaid and you can use that data to justify your value and performance or seek new challenges and opportunities.

3 Salary negotiation and communication

To effectively and confidently learn from product manager salary data, you should prepare your salary expectations and evidence, research your employer and their budget, and practice your negotiation skills and techniques. Before negotiating, have a clear idea of what you want and what you deserve, based on your skills, performance, education, etc., as well as evidence to support your expectations. Additionally, know the employer's industry, size, culture, values, goals, financial situation, salary range and structure. Finally, practice communication, listening, persuasion, problem-solving, emotional intelligence, etc., as well as negotiation scenarios and responses. Doing so will help you negotiate your salary confidently and achieve a win-win outcome.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?