Here's how you can utilize market research to bolster your salary negotiation as a product manager.

Don't limit your research to traditional platforms like Glassdoor, and AmbitionBox. Search on apps like Grapevine (India). Also, if you have some industry senior mentors, check with them about the pay scale. And especially if you have strong business domain knowledge for the job you have applied for there are stronger chances of getting better pay.

Before any negotiation, it's crucial to understand your value. Beyond salary benchmarks, consider the broader compensation package, including benefits, stock options, bonuses & even PTOs. Analyze industry trends,economic conditions & region specific ranges to gauge the demand for your role. Leverage professional networks and mentors to gain insider perspectives on salary expectations. Don't forget peers working in the same field. By combining comprehensive market research with personal insights, one can confidently advocate for a compensation package that truly reflects your worth.

Here are some tips. Research on the demand for your domain skills in the market. Keep updating yourself, analyse the salaries offered to people with similar experience & skill sets as yours. You will understand what you can bring to the table. Research the companies that you are going to interview with, look at the companies position in the market, this should give a fair idea of whats on offer and how much you can negotiate

First thing that we do is without knowing our worth, we keep applying for jobs thinking that 1 out of 1000 might get us a job, those days are gone! All we need to know is trying to understand what industry needs and do we match the industry standards, if not let's upskill, and if yes, apply for the appropriate ones, read Glassdoor reviews, connect with the recruiting company peers - making little conversations will not annoy them unless we ask crisp and relevant questions.

I’ve always found it best to go in with a top line offer before you start negotiating, many people just negotiate on scale but it’s important to know you’re own worth & showcase the value you offer. I always do research anyway for each role, and like someone has said before don’t rely solely on glassdoor, indeed for reference. You need to know what the range is in your geography as well as industry standard

Demand for any job is like a iceberge in a sea. you see from outside as its very less however when you go deep down its a huge opportunity. and best platform to learn more is to be active in linkedin and put content and reach people for right opportunity.

Analyze the industry standards, and current demand for Product Managers in your field. Look at job postings, industry trends, and reports to gauge the demand-supply ratio. High demand can significantly strengthen your negotiation position. Mention the number of openings and the urgency companies have for skilled professionals. This demonstrates your awareness of market conditions and bolsters your case for a competitive salary. Choosing the right time to discuss your salary. The best time to negotiate is typically after a major success or during a performance review.

The need and interest around the product management function is something that we often track in our market research efforts — ours and what that attention means for the talent supply of product managers. Open PM roles vs. Qualified candidates What specific domain knowledge is in demand? The more I have been looking at the job market lately, with my new job, the more I see PM openings that demand blockchain/Web3 experience. This meant that I might be able to demand a salary premium with my background in those new technologies.

When trying to understand the demand for product professionals, try to understand that such professionals can work in various segments. And each of them can offer different demands. For example, there is a growing market for SaaS products where the demand for product managers is huge. In this segment, the organization of development work will be a differentiator for the success of the product.

It also prevents you from wasting time on recruiting processes for jobs that are not compatible with you or even worse, you change for something you don’t fit.

Research the financial health and compensation trends of the company you are negotiating with. Understand company size, its position in the market, recent funding rounds, or financial reports. Companies in more expensive markets/location pay more and more senior positions, obviously command a higher rate. Tailor your salary expectations to align with the company's compensation structure and budget capabilities. Demonstrating knowledge of the company's context shows your professionalism and readiness to contribute strategically.

Do not forget to also research the specific companies you are interviewing with as well. What is the financial status of this company – is it a green field company or an already listed company? Has the company recently announced a new funding round? It is also apparent that larger companies and those companies that have better financial resources are in a better position to offer salaries that are at the higher end of the respective industries. Company research gave me the understanding of the employers for which I would be more influential.

*Align with Employer Needs Research and understanding of the potential employer's needs, goals, and challenges are crucial. Tailor your value proposition to address these directly. If a company is looking for a way to improve efficiency, highlight your track record in streamlining processes and the tangible outcomes of these efforts. This alignment shows that you not only understand their needs but also possess the experience and skills to meet them.

It's important to check the financial status of the company where you want to work. My first product management role was at a startup facing significant financial challenges and nearing bankruptcy. Despite their vision, they had a limited budget. I accepted a lower salary, driven by my passion to drive change and improve their product strategy. Initially, I was optimistic and worked hard to implement new processes and align our offerings with market needs. However, as finances worsened, the company had to make drastic cuts. Ultimately, they eliminated the product manager position, redistributing my responsibilities to other team members, including a programmer.

It’s also important being able to relate your work somehow with the business success. You will be more convincing if you prove that your work makes the company more valuable.

Bring to the negotiation the same care you have when presenting a product. Highlight how your specific skills and achievements meet market demands. A strong personal value proposition can make all the difference! Additionally, it's important to demonstrate how you can contribute to the company's goals and address specific challenges it faces. Also, consider mentioning concrete examples of how your skills have been successfully applied in previous projects. This helps reinforce your value proposition and showcase your potential to deliver positive outcomes.

Such as product customers, companies are also trying to solve a problem. Presenting them the pain killers they need it’s half way to gain their trust and interest.

Understand what you have to offer your employer before you start negotiating. Quantify your contributions in previous roles, such as revenue growth, or cost savings etc. Consider: #yrs of Industry Experience in the field Leadership Experience: Number of years in leadership positions Skills specific to the role & unique to you. Product Portfolio: How your portfolio and past product work align with the company’s expectations for the role. Present metrics and case studies that showcase your impact. Certifications: Whether you’ve earned latest and advanced certifications that show expertise in your field. Education: Whether your educational experience meets the job’s requirements or supports the role’s essential functions.

*Identify Your Unique Selling Points (USPs) Start by conducting a self-assessment to identify your strengths, achievements, and the skills that set you apart from others. Consider feedback from colleagues, performance reviews, and moments when you felt most engaged and successful. These insights will form the foundation of your value proposition, highlighting your USPs and how they align with the needs of your potential employer.

One thing that could help is to know your worth. Like we do SWOT analysis for the product, perform similar SWOT on one's product manangenent skills to identify the valuable skills and position those as your USPs to highlight your value propositions to the employers. This could include launching from scratch 0-1 product.. Hitting target ARR for your products.

Pick a salary number slightly higher than your goal based on your market research and start negotiating from there. Prepare a clear negotiation strategy. Never use/mention a salary range. Negotiate by bundling a bunch of benefits (insurance, vacation, child care, profit sharing etc), prioritized as per their weightage. Add value by discussing other benefits like stock options, bonuses, or professional development opportunities. Be ready to counteroffer and negotiate tactfully. Practice articulating your points confidently and professionally to navigate the negotiation effectively. Other offers in hand, and a proper timing can give you an upper hand. The offer doesn’t meet your minimum, be prepared to walk away respectfully.

When you have market data and a clear story for the value that you bring to the table, you will be able to develop a strategy on how you will negotiate your compensation. Determine your walk-away number, your probable target, and your stretch number. Outline your talking points, prepare for common objections and do a dry run with a trusted colleague or mentor. A strategy explained has been a key component that has allowed me to command well above-market compensation.

A fundamental principle in negotiation is having the ability and willingness to walk away. True negotiating power comes from having viable alternatives to reject unacceptable offers. Never undervalue yourself or your work - know your worth and market value. Be prepared to say "no deal" without hesitation if an offer fails to meet your standards. Embrace an unwavering mentality of refusing anything less than your calculated value. Come to negotiations with abundant options and the discipline to reject lowball proposals. Operating from an uncompromising position allows you to dictate equitable terms. Settle for nothing less than you deserve.

*Tips for Navigating Negotiation Challenges Be prepared for potential challenges or discussions that stall. Remain calm and professional, use data to support counter-offers, and negotiate aspects beyond salary. ? Salary Offer Is Lower Than Expected: Reference your market research diplomatically, stating, "Based on my research and understanding, the market rate appears to be in the range of X to Y. Can we align the offer closer to this benchmark?" ? Negotiating Beyond Salary: Compensation is more than just salary. Consider negotiating for additional benefits such as remote work options, training, or extra vacation time. ? Handling Counteroffers Tactfully: Consider all factors, including career growth, company culture, and long-term goals.

Know your worth and check for various sites like Glassdoor, Ambitionbox, Fishbowl etc. Most importantly interact with the people in Linkedin and try to get the tentative figures that can help you knowing the salary figures and then you can negotiate easily with the recruiter.

Keep your eyes on the companies that have recently been funded or have been acquired by your competitors within your area of focus. Even in workplaces without a more structured approach maintained through the system, it is useful occasionally to sit down with other PMs and chat about where one might like to be in three to five years and what sort of salaries other people are able to command. I make it a point to update the market findings every three months to keep abreast of progress. This serves as the basis for lobbying for a salary increase or another step in the organization at the most appropriate time.

Make market research a continuous habit. Staying updated on industry trends and salary benchmarks ensures that you are always prepared to negotiate and advocate for your value in the market. Additionally, it's beneficial to conduct some interviews to understand how the market is behaving and not stay out of touch for too long, also gaining insights from the recruiter's perspective. Examples: Trend Reports: Industry trend reports, such as those offered by McKinsey or Gartner. Networking: Engage in conversations with professionals in the field and recruiters to gain insights into market demands and salary expectations.

The demand for product managers can vary greatly by industry, location, and market trends. Use market research to gauge how in-demand your skills are. If product managers with your specialization are scarce, this can be a strong negotiating point. Highlighting the high demand for your skills shows employers the value you bring and justifies a higher salary. Market research isn't just a one-off task—it should be ongoing. The tech industry and product management roles are constantly evolving. By staying informed about market trends and salary benchmarks, you ensure you're always prepared for salary discussions and can advocate for yourself effectively with the most current data.

*Why Continuous Improvement Matters Norms and technologies evolve quickly, so the ability to quickly adapt and learn is crucial. Individuals who commit to lifelong learning are better positioned to seize new opportunities and face challenges effectively. This aids in career progression & contributes to personal fulfillment and resilience. ? Adaptability to Change: The job market and industry trends are constantly evolving. A commitment to ongoing learning ensures you can adapt and thrive. ? Career Progression: Embracing continuous improvement can lead to new opportunities, promotions, and career growth. ? Personal Fulfillment: Learning new skills and overcoming challenges can be deeply rewarding and contribute to overall job satisfaction.

Keeping a close watch on the tech market including the rapid advancement being done in the technology is crucial to keep your skills updated and to quickly adapt to the ongoing changes and market requirements. Open to learning new product and tech skills and attention to details will help in staying informed about the changing market trend and expected salary landscape.

Before entering any negotiation, it's crucial to know my worth. Conducting market research helps me understand the average salary for product managers in my region and industry. By analyzing job postings, salary surveys, and industry reports, I can determine a realistic salary range for someone with my experience and skills. This information equips me to negotiate with confidence, ensuring I neither undervalue my contributions nor overshoot the market rate. Additionally, understanding the market landscape allows me to highlight my unique qualifications and justify my salary expectations effectively. Armed with this knowledge, I can approach negotiations strategically, positioning myself as an informed and valuable candidate.

Product management is a multiskill role that demands a wide-ranging skill set. To succeed, you’ll need to dive into areas like design, marketing, psychology, and management. Documenting, tracking, and analyzing everything is crucial. Plus, engaging with customers provides valuable guidance for shaping the product.

It's essential to align your vision with the board members, team, and shareholders before starting your job. Often, shareholders, managers, and other stakeholders may have unrealistic visions, milestones, and goals that can lead to misaligned expectations and efforts. To avoid this, take the time to clarify and discuss all aspects of the company's vision and objectives.

As a product manager, you should assess your skills, the domain area you are applying to, and the industry demands. Additionally, research the market data on salaries in the area where you plan to work. It's always advisable to stay informed about salary trends in your field.

*The "Weakness" Question One of the most dreaded questions is, "What is your weakness?" Approach this question by choosing a real area for improvement and focusing on the steps you've taken to address it. Ensure your chosen weakness isn't a core competency of the job. Structure your response to demonstrate self-awareness and an ongoing commitment to personal and professional development. ? Idea for the Reader: When addressing your weaknesses, choose one that is genuine yet not critical to the job role, and discuss the proactive measures you’ve taken to improve. This demonstrates self-awareness and a commitment to personal growth.