Becoming A Successful Product Owner: The Ultimate Guide
What Product Owners do, skills, salary, career path and more
Product Owners (PO) Responsibilities
As agile frameworks grows in popularity, the role of product owner becomes increasingly important. The success of a company’s products is collectively dependent on its Product Owners.
The product owner is responsible for prioritizing work and ensuring that continuous value delivery is taking place.
The job responsibilities of a Product Owner can be summed up with one short sentence – Help the Team Focus on Building the Right Thing
Backlog Grooming
The first responsibility of a PO is to groom the backlog. This means working with stakeholders to identify what needs to be built and then organizing those items into a prioritized list. They cannot do this alone – relies on input from stakeholders, the development team, and subject matter experts.
But it is ultimately their responsibility to make sure that the most important items are at the top of the list.
Backlog Prioritization
Once the backlog is groomed, it is up to the PO to prioritize work. They must constantly evaluate which items will provide the most value to the business and ensure that those items are at the top of the list. The PO may also need to adjust priorities as new information arises or as market conditions change.
Backlog to Business Value delivery
The final responsibility of a PO is to ensure that the team is working effectively together. They must make sure that everyone has what they need to do their jobs and that tasks are properly coordinated. They also need to be available to answer questions and help resolve priority conflicts.
All of these responsibilities require clear communication, strong organizational skills, and a keen sense of what will provide value to the business. A good product owner is essential for any agile team – they make sure that everyone is focused on delivering maximum value to stakeholders.
Skills required to be a Product Owner
The skills required to be a successful product owner vary depending on the organization. However, some general skills include
Non negotiable: Understanding of Business / Market
A PO must understand the business in which he or she operates. They must understand the market, the customers, and the competition. This understanding is necessary in order to prioritize features and functions that will create value for the business.
1) Excellent communication skills
The PO is responsible for managing the product backlog and communicating with stakeholders and team members. They need to be able to articulate their vision for the product and explain why certain features are important. The product owner also needs to be able to handle feedback from stakeholders and team members, and be able to make changes to the product roadmap as needed. Strong communication skills are essential for this role.
2) Strong problem solving skills
The PO is responsible for ensuring that the product meets the needs of the stakeholders. This often requires solving problems that arise during development. The product owner must be able to prioritize competing demands and manage stakeholders who may have competing interests.
They also need to be able to identify and solve problems as they arise. This often includes figuring out how to optimize the product for maximum value. Strong problem solving skills are essential for success as a product owner.
3) Strategic thinking
A PO must always be thinking strategically about how their product can best meet the needs of the business. This includes thinking about what features and functions will provide the most value, as well as how to respond to changes in the market or competition.
The product owner must also be able to see the big picture and think about how the product can be developed and improved over time. They should be able to make financial analysis as needed to decide viability of new feature/product.
4) Organizational skills
The PO is responsible for ensuring that the team has what it needs to work effectively. This includes making sure that the team has a clear understanding of the product vision and strategy, as well as the priorities for the work that needs to be done.
They must also be able to manage multiple tasks simultaneously and keep track of all the moving pieces. In a smaller company, the market dynamics influence the team’s backlog in a dynamic way. The product owner needs to be able to react quickly to changes in the market and adapt the product strategy as needed.
5) Negotiation skills
Good product owners need good negotiation skills in order to get the most value for their products. They need to be able to argue convincingly for the features they believe are most important, and they also need to be able to compromise when necessary.
Without strong negotiation skills, they may not be able to get the best deal for their product.
While not an exhaustive list, these are some of the key skills that a successful product owner needs.
Average Product Owner Salary
There is no one definitive answer to this question. Many factors affect PO salaries just like any other job. These include the size and scope of the project, geography, the company they work for, and their level of experience.
Let’s look a little more in detail
NOTE: Please use LinkedIn, Glassdoor or other tools before you agree on your salary. The numbers here are indicative & subject to change
Geography
According to PayScale, the average product owner salary in the United States is $85,554. However, this figure can vary significantly depending on location. In San Francisco, for example, the average product owner salary is $112,041, while in Houston it is only $64,604.
Size of the Organization
According to the 2016 Product Owner Salary Survey, POs working for companies with 1,000 or more employees earn an average salary of $111,724. Those working for companies with fewer than 100 employees earn an average salary of $82,917.
Average Salary vs Experience Level
According to the PMI’s 2016 Pulse of the Profession report, experienced product owners earn a median salary of $111,000. However, this number can vary greatly depending on the company and project.
As the PO gains more experience, their earning potential increases. For example, a senior product owner with over 10 years of experience can earn a median salary of $143,000.
Product Niche
As technology advances, the demand for product owners with specific high-tech skills continues to grow. As a result, these product owners can typically expect to earn a higher average salary than their counterparts in other industries.
According to PayScale, product owners in the high-tech industry earn an average total compensation of $107,000, while in other industries product owner salary on an average is $83,000.
What else matters?
The base salary isn’t the only thing you should look for.
Product owners pursue certifications to improve their skills and knowledgebase, which can lead to higher pay and more opportunities for growth.
Look to match the average total compensation in the company. It could mean additional cash compensation (in annual bonus), insurances, paid certification courses and more.
Product Owner Career Path
There are multiple exciting career paths for a PO
1. Product Manager / Chief Product Officer (CPO)
The Product Manager is responsible for the complete product vision and strategy and ensures that the product meets the needs of the customer.
A Chief Product Officer (CPO) usually is a role in larger organizations. They own the deliveries the complete product teams.
2. Project Manager
The Project Manager is responsible for planning, executing, and monitoring the project. They work with the development team to ensure that the project is completed on time and within budget. They also work with stakeholders to ensure that they are satisfied with the final product.
For the full list, visit this post!
Wrap Up
Product Owner is a key role in any organization that creates and delivers products. The Product Owner is responsible for the product strategy, roadmap and features. They work with stakeholders to ensure the product meets their needs and represents their vision.
The Product Owner also works with the development team to prioritize features and ensure timely delivery of valuable software. Product Ownership is a challenging role that requires strong leadership, communication and organizational skills.
Product Owners often lead to upper management positions such as Vice President of Product or Chief Product Officer.
Product Ownership is a rewarding career that offers challenges, growth potential and high salaries. So, if you have what it takes to be a Product Owner, go for it! You won’t regret it.
Bonus Info
What Is Scaled Agile?
Scaled Agile is an approach to agile software development that addresses the needs of large, complex organizations. The Scaled Agile Framework (SAFe) is a popular implementation of scaled agile that provides a structure and guidance for implementing agile at scale.
The key concepts of scaled agile are:
1. Empirical process control: This means that decisions are based on observation and experimentation, rather than on predefined processes.
2. Lean thinking: This is the belief that waste should be eliminated in all forms, including unnecessary steps in a process, wasted time, and unused resources.
3. Agile values and principles: These include concepts such as customer focus, collaboration, and continuous improvement.
4. Scaled agile delivery: This refers to the ability to deliver software incrementally and continuously, even at large scale.
If you’re interested in learning more about scaled agile, check out the Scaled Agile site.
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Author also writes at his Medium site.
