If you are running a business you may have heard of the term growth product manager, or GPM for short, but aren’t sure just what this modern business position actually does. It refers to a specialized type of manager who is there to focus on driving your business’s expansion and scaling your products. The job description of a growth product manager is someone tasked with monitoring and having insights into those metrics that are growth indicators, like the acquisition, retention, engagement, and monetization of users.
This relatively new corporate role is growing into a must have in today’s increasingly competitive world of commerce. If you are interested in becoming one, or are a business owner interested in hiring for the position, a growth product manager course is highly recommended to ensure that the necessary expertise has been achieved. It’s no longer a question of maybe your business should have one of these highly skilled assets on your management team, the question is what are you waiting for? That’s how mission critical they are to any successful business today.
Let’s learn more about the growth product manager and the important role they play. The following are some of the GPM’s responsibilities:
A/B Testing And Experimentation – A/B Testing involves comparing two different versions of a design element or product feature (A and B) to decide which one performs the best. The role of a GPM includes performing experiments designed to discover the unique factors that will best drive growth. In addition to A/B testing various different features, they also run experiments to test factors such as pricing strategies and onboarding flows to better understand what users find the most attractive.
Making Data-Driven Decisions – Today’s growth product managers utilize tools like product analytics to help them ascertain the user’s changing behaviours so they can identify emerging growth opportunities. Metrics like customer lifetime value, churn rates, and conversion rates, are relied upon in order to make the best possible decisions that will power growth.
Interdepartmental Collaboration – The GPM will work in tandem with your business’s engineering, marketing, data science, and design departments to create new and robust strategies for growth. The growth product manager serves as the bridge between these varied departments to make sure that the best growth objectives are embraced and implemented throughout your business.
The growth product manager is a business science researcher as much as they are a manager, their expertise allows them to study your business’s products and implement innovations that will make them grow more profitable!