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The differences between new product managers and product managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 8-10 years to become both a new product manager and a product manager. Additionally, a new product manager has an average salary of $117,459, which is higher than the $111,729 average annual salary of a product manager.
The top three skills for a new product manager include market research, product management and project management. The most important skills for a product manager are product management, QA, and product strategy.
| New Product Manager | Product Manager | |
| Yearly salary | $117,459 | $111,729 |
| Hourly rate | $56.47 | $53.72 |
| Growth rate | 10% | 10% |
| Number of jobs | 112,426 | 125,678 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 72% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
A new product manager's role is to determine the needs and desires of a customer. They do complex tasks in line with the production and introduction of new products with the help of the sales director. They forecast the current and future product lines by reviewing product specifications and requirements, appraising new product ideas and/or product or packaging changes. The role also includes an assessment of product market data by reaching out to customers with the help of field salespeople and evaluating sales call results.
A product manager is responsible for ensuring product development, providing the best marketing strategies, and effectively handling the sales and marketing team. Product managers' duties include monitoring the market trends and conditions, identifying business opportunities and plan initiatives, and collaborating the product launch process with the appropriate departments. A product manager is also responsible for generating ideas on improving product features, determining timetables and reasonable pricing, and analyzing product sales. A product manager must have excellent strategic and decision-making skills to contribute to its growth and profitability.
New product managers and product managers have different pay scales, as shown below.
| New Product Manager | Product Manager | |
| Average salary | $117,459 | $111,729 |
| Salary range | Between $79,000 And $174,000 | Between $81,000 And $152,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | California |
| Best paying company | Meta | Meta |
| Best paying industry | Retail | Retail |
There are a few differences between a new product manager and a product manager in terms of educational background:
| New Product Manager | Product Manager | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between new product managers' and product managers' demographics:
| New Product Manager | Product Manager | |
| Average age | 39 | 39 |
| Gender ratio | Male, 70.2% Female, 29.8% | Male, 65.3% Female, 34.7% |
| Race ratio | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 10% |