5 Ways Product Managers Can Make More Money
Software product managers are responsible for $5-$10 million in new revenue over the next 12 months. How do you get that? There are five ways your revenues can increase:
- Your market grows, and you grow with it naturally
- You beat your competitors more in your existing deals – that is, you increase your win rate
- You get into more deals and win them at your normal rates – that is, you increase your sales velocity
- You extend your footprint in your existing market by selling more to each customer – or increase your average deal size
- You start selling in a new segment or market
Those are the five ways to grow revenue. If you do enough of them, you might see your $10 million in incremental revenue in a year.
In this episode I explain how each of these works – and what our responsibility is.
- The original article this episode is based on – 5 Ways Product Managers Can Make More Money
- My podcast episodes on “Sales not making quota? It’s probably your fault.” – Part 1, Part 2.
- My new weekly (free) meetup: The first meetup will be January 13, 2023. Go to secretsofpm.com/meetup to sign up for the notification list and I’ll send you the meeting info.
- Go visit The Secrets of Product Management community – please check it out!
Product Management Grad School
Would you like to work with me? I’ll help you apply the ideas I share in the podcast to accelerate your career, ramp up your impact, and build your confidence.
In my 90-day product management mastery program you will:
- Build a clear roadmap for your product management career.
- Train your product thinking.
- Grow your expertise in strategic leadership.
- Develop persuasion and storytelling skills to lead through influence
Learn more at the PM Grad School website.
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