In today's competitive tech landscape, the role of growth product manager has become increasingly crucial. These professionals are at the forefront of driving user acquisition, engagement, and retention, making them highly sought after by companies looking to scale rapidly. As we enter 2024, understanding the salary landscape for growth product managers is essential for both job seekers and employers aiming to attract top talent in this dynamic field.
This article delves into the world of growth product manager salaries, shedding light on what professionals can expect in the coming year. We'll explore average compensation packages, factors that influence earnings, and how these salaries compare to traditional product management roles. Additionally, we'll examine the skills and qualifications that can boost a growth PM's earning potential, providing valuable insights for those looking to advance their careers in this exciting and rewarding field.
Average Growth Product Manager Salaries in 2024
As the demand for growth product managers continues to rise, it's crucial to understand the salary landscape for this dynamic role in 2024. Let's explore the average salaries across different experience levels, from entry-level positions to senior roles.
Entry-level salaries
For those just starting their careers in growth product management, the salary range is quite promising. Entry-level product managers in the United States can expect to earn between $116,907 and $145,345 per year 1. The average salary for an entry-level product manager stands at $131,942 annually 1. This competitive starting salary reflects the value that companies place on growth-oriented product professionals, even at the beginning of their careers.
It's worth noting that while these figures represent entry-level product management roles in general, they provide a good baseline for understanding growth product manager salaries. As growth-focused roles often require additional skills in data analysis and user acquisition strategies, entry-level growth product managers might command salaries on the higher end of this range.
Mid-level salaries
As product managers gain experience and move into mid-level positions, their earning potential increases significantly. While specific data for mid-level growth product managers is limited, we can draw insights from general product management salary trends.
Product managers with three to five years of experience, which typically corresponds to mid-level positions, can expect an average salary of around $128,000 per year 2. This figure represents a substantial increase from entry-level salaries, reflecting the added value that experienced professionals bring to their organizations.
For growth product managers specifically, salaries may trend higher due to the specialized nature of their work. Their focus on driving user acquisition, engagement, and retention often translates to a direct impact on a company's bottom line, which can justify higher compensation.
Senior-level salaries
Senior growth product managers, typically those with five to eight years of experience or more, command the highest salaries in this field. The estimated total pay for a senior growth product manager is $229,688 per year 3. This figure includes an average base salary of $142,735 and estimated additional pay of $86,953, which may include bonuses, commissions, and profit-sharing 3.
However, it's important to note that senior-level salaries can vary widely based on factors such as company size, location, and industry. For instance:
- At Adobe, senior growth product managers can earn between $207,000 and $293,000 per year 3.
- Coursera offers a total pay range of $203,000 to $315,000 for the same role 3.
- Smaller companies like WinDifferent provide a range of $131,000 to $203,000 3.
These variations highlight the importance of considering multiple factors when evaluating senior-level growth product manager salaries.
To provide a clearer picture of the salary landscape across different companies, here's a comparison of median total pay for senior growth product managers:
CompanyMedian Total PayCoursera$250,000Adobe$244,000Vimeo$234,000Apollo.io$220,000Wealthfront$197,000Noom$196,000Curology$187,000Upwork$179,000WinDifferent$163,000Cro Metrics$143,000
This table illustrates the wide range of salaries available to senior growth product managers across different companies and industries. It's clear that top tech companies and well-funded startups tend to offer higher compensation packages, reflecting the critical nature of growth-focused roles in these organizations.
As the field of growth product management continues to evolve, these salary figures are likely to change. Professionals in this field should stay informed about industry trends and continue to develop their skills to maximize their earning potential. Companies, on the other hand, need to offer competitive salaries to attract and retain top talent in this crucial role.
Factors Influencing Growth PM Salaries
Several key factors play a significant role in determining the salaries of growth product managers. Understanding these factors can help professionals navigate their career paths and make informed decisions about their compensation expectations.
Experience and skills
Experience stands out as the most crucial factor influencing a growth product manager's salary. As professionals gain more experience and successfully launch products, their earning potential increases significantly. According to Glassdoor data, the salary progression based on years of experience is as follows:
- 1 to 3 years (Growth Manager): $144,485 per year
- 4 to 6 years (Senior Growth Manager): $159,244 per year
- 7 to 9 years (Growth Director): $166,916 per year
- 10+ years (Head of Growth): $184,862 per year 4
This salary progression highlights the importance of gaining experience in the field. As growth product managers accumulate years of experience and build a track record of successful product launches, their value to organizations increases, leading to higher compensation.
In addition to experience, specialized skills in product management are highly valued. Continuous professional development and expertise in areas such as Agile Software Development, Product Strategy, and Go-to-Market Strategy can lead to higher salaries. Employers often pay more for these valuable skills, as they contribute directly to the success of product initiatives 5.
Company size and industry
The size and financial health of the employing company can significantly impact compensation for growth product managers. Larger, more established organizations may offer higher salaries and additional perks, such as stock options or bonuses. On the other hand, startups might compensate with equity and the promise of potential future payouts 6.
Industry also plays a crucial role in determining salaries. Some industries have a higher demand for growth product managers, which translates to more competitive compensation packages. According to available data, the following industries offer particularly attractive salaries for growth product managers:
- Agriculture: $186,000 per year
- Healthcare: $183,000 per year
- Information Technology: $171,000 per year 4
The technology sector, in particular, stands out for its high compensation packages. While the average salary for a product manager in tech is $116,000, salaries can get much higher within leading technology companies 2. This is often attributed to the competitive nature of the tech sector and the high demand for top-tier talent.
Location and cost of living
Geographic location has a significant impact on growth product manager salaries, primarily due to variations in cost of living and demand for talent. Cities with higher costs of living and a concentration of tech companies tend to offer higher salaries to offset living expenses and attract top talent.
According to Glassdoor, here are the average salaries for growth product managers in some major U.S. cities:
- San Francisco: $149,590 per year
- Austin: $137,741 per year
- New York: $133,309 per year
- Washington, DC: $131,110 per year
- Chicago: $126,779 per year 4
It's important to note that while salaries in high-cost areas may be higher, the increased living expenses can offset the financial benefits. Growth product managers should consider the cost of living when evaluating job opportunities in different locations.
Additionally, the demand for experienced product managers in certain cities can drive up salaries. In areas where the demand for skilled professionals outpaces the supply, companies are often willing to offer more competitive compensation packages to attract and retain top talent 2.
Understanding these factors can help growth product managers make informed decisions about their career paths and negotiate fair compensation packages. As the field continues to evolve, staying updated on industry trends and continuously developing relevant skills will be crucial for maximizing earning potential in this dynamic and rewarding role.
Salary Comparison: Growth PM vs Traditional PM
Key differences in responsibilities
Growth product managers and traditional product managers have distinct roles within an organization, each with its own set of responsibilities and focus areas. The primary difference lies in their stakeholders and objectives.
Traditional product managers typically focus on delivering long-term value by solving customer problems. Their primary stakeholder is the customer, and they are responsible for understanding customer needs, defining product vision and strategy, and driving product development throughout its lifecycle 7. They often work on developing features, improving user experience, and ensuring overall product success.
In contrast, growth product managers have the business as their primary stakeholder. Their main objective is to align customer value with business value, focusing on delivering more easily-quantifiable business outcomes 8. Growth PMs are often tasked with improving specific business metrics and optimizing products to help organizations achieve particular goals. They frequently work on bringing minimum viable products to market, testing pricing strategies, and conducting A/B tests on different messaging tactics 9.
Salary ranges for each role
While both roles are well-compensated, there can be differences in salary ranges between growth product managers and traditional product managers. However, it's important to note that salaries can vary widely based on factors such as experience, company size, location, and industry.
For traditional product managers, salary ranges typically fall between $76,000 to over $200,000, with a median salary of about $125,000 2. The salary progression based on experience and seniority is as follows:
- Associate product manager: $77,000
- Product manager: $128,000
- Senior product manager: $175,000
- Director of product management: $255,000
- VP of product management: $275,000
- Chief product officer (CPO): $297,000 2
While specific salary data for growth product managers is less readily available, their compensation often aligns with or slightly exceeds that of traditional product managers due to the specialized nature of their role and its direct impact on business metrics. Growth PMs with a strong track record of driving business outcomes may command higher salaries, especially in organizations that have embraced a product-led growth strategy 8.
Career progression opportunities
Both growth and traditional product management roles offer excellent career progression opportunities, but the paths may differ slightly.
Traditional product managers typically follow a more established career trajectory:
- Starting as associate product managers
- Moving up to product manager roles
- Advancing to senior product manager positions
- Progressing to director or VP of product management
- Potentially reaching C-level positions like Chief Product Officer 2
Growth product managers may have a similar progression, but their career path might be more closely tied to the organization's growth initiatives and may involve:
- Starting as growth product managers on specific features or products
- Advancing to senior growth product manager roles
- Moving into director of growth or VP of growth positions
- Potentially transitioning into broader strategic roles that oversee company-wide growth initiatives
Both roles offer opportunities for continuous learning and skill development. Traditional PMs may focus on deepening their expertise in market research, user experience design, and technical understanding 7. Growth PMs, on the other hand, may emphasize developing skills in data analysis, experimentation, and cross-functional collaboration 8.
It's worth noting that career progression in both fields is not always linear. As one product management expert points out, "One myth we need to bust right at the start is that your career will not be a straight line up and to the right. There are going to be times when you burn hard into a new phase of your career, then need to underperform at certain things while you learn new skills on how to scale yourself" 10.
Ultimately, both growth and traditional product management roles offer rewarding career paths with ample opportunities for professional growth and impact on organizational success. The choice between the two often depends on individual interests, skills, and the specific needs of the organization.
Conclusion
The world of growth product management offers exciting opportunities for professionals looking to make a big impact on business outcomes. As we've seen, salaries in this field can be quite attractive, with factors like experience, company size, and location playing key roles in determining compensation. The specialized skills required for growth PM roles often lead to higher pay compared to traditional product management positions, reflecting the value these professionals bring to organizations.
To wrap up, the future looks bright for growth product managers who continue to hone their skills and stay on top of industry trends. Whether you're just starting out or aiming for a senior position, understanding the salary landscape and factors that influence pay can help you make smart career choices. As companies increasingly focus on growth strategies, the demand for talented growth PMs is likely to keep rising, potentially leading to even more competitive salaries and exciting career prospects in the years to come.
FAQs
What are the expected trends in product management for 2024?
In 2024, the focus for companies will be on delivering superior customer experiences. Product managers will increasingly deal with ethical issues, such as the fairness of AI and its effects on user health. Additionally, augmented reality will become more prevalent in areas like user onboarding, and the design and testing of user interfaces and user experiences.
Is it possible for Product Managers to earn $200,000 annually?
Yes, Product Managers can earn up to $200,000 or more annually. Salaries typically range from $76,000 to over $200,000, with the median salary around $125,000, according to data from Glassdoor and Payscale.
What is the average salary for a Growth Product Manager in the US in 2024?
As of July 21, 2024, the average annual salary for a Growth Product Manager in the United States is approximately $159,405. This equates to about $76.64 per hour, $3,065 weekly, or $13,283 monthly.
How does the future look for Product Managers as we approach 2024?
The role of Product Managers is expected to evolve significantly as 2024 approaches. Despite the potential challenges of inflation and a possible recession, the need for highly skilled Product Managers is increasing. However, it's important to be aware that the overall demand in the field might experience a decline.
References
[1] - https://www.salary.com/research/salary/hiring/entry-level-product-manager-salary
[2] - https://www.aha.io/roadmapping/guide/product-management/what-is-a-typical-product-manager-salary
[3] - https://www.glassdoor.com/Salaries/senior-growth-product-manager-salary-SRCH_KO0,29.htm
[4] - https://userpilot.com/blog/growth-product-manager-salary/
[5] - https://imarticus.org/blog/product-manager-salary-guide-trends-and-insights-for-2024/
[6] - https://www.productleadership.com/product-management-salaries/
[7] - https://www.quora.com/Which-one-is-a-better-career-path-product-manager-or-project-manager
[8] - https://www.productled.org/foundations/the-rise-of-the-growth-product-manager
[9] - https://theproductmanager.com/topics/growth-product-management-vs-traditional-product-management/
[10] - https://medium.com/@ganesh_shankar/growing-as-a-product-manager-in-the-course-of-your-career-60352a15b48b
