Product Development Manager Salary
Job Description for Product Development Manager
Product development managers are in charge of the analysis and application of products to the general consumer market. Product development managers typically are host to an assortment of creative work-flows, thought processes and application systems. They are also expected to be capable of market analysis at high levels and to demonstrate mastery of critical thought processes. Product development managers must identify the need for a product on the current or near future market and also identify an outline in which the product can be created and delivered to the general populace; however, the specifics of these systems is not their concern. Product development managers are expected to be very flexible in their availability and willing to devote long hours of deliberation toward meeting the needs presented by consumers with the products in development. Product development managers are also expected to have adequate interpersonal skills as they will be working with other employees in virtually all situations. They are expected to have an understanding of current and past marketing trends as well as the economic insight to reasonably predict new ones. Product managers are also expected to have a very intimate understanding of promotional processes and advertising as well as their effect on the general public. Product managers are expected to also understand public relations and their relationship to forthcoming products as well as the current areas of interest in the rising market (e.g. environmentally friendly products). Product managers must have proficiency in Microsoft Office and understanding of information facilitation via these channels.
Product Development Manager Tasks
- Collaborate with sales and marketing to develop new business.
- Assist in scale up to commercialization.
- Manage the product development project pipeline and assignment and prioritization of resources.
Common Career Paths for Product Development Manager
While Product Development Managers do not often become VPs of Product Development, the job pays $151K per year on average. Product Development Managers moving up in their careers tend to step into positions as Product Development Directors or Senior Product Managers. The median paychecks in those roles are $39K higher and $44K higher, respectively.
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Popular Skills for Product Development Manager
Survey results imply that Product Development Managers deploy a deep pool of skills on the job. Most notably, skills in Engineering Design, People Management, Project Management, and Product Management are correlated to pay that is above average. Those listing Adobe Illustrator as a skill should be prepared for drastically lower pay. Design and Microsoft Excel also typically command lower compensation. Those proficient in Product Development are, more often than not, also skilled in Microsoft Excel and Microsoft Office.
Pay by Experience Level for Product Development Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of Product Development Managers. Relatively untried employees who have less than five years' experience have a median salary of $64K. Those who have been around for five to 10 years can expect to take home more — $80K on average. Those with 10 to 20 years of experience under their belts can expect their paychecks to flourish around the six-figure median of $100K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $106K.
Pay Difference by Location
Home to some of the best pay for Product Development Managers, Boston offers exceptional salaries, 31 percent above the national average. Product Development Managers will also find cushy salaries in Atlanta (+20 percent), San Francisco (+10 percent), Irvine (+9 percent), and Seattle (+5 percent). Location is a huge contributor to overall pay, with Product Development Managers in Miami earning a whopping 34 percent below the national average. Below-median salaries also turn up in Los Angeles and Minneapolis (15 percent lower and 8 percent lower, respectively).
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