Does Industry Experience Matter for a Product Manager?

Product management is a challenging and rewarding career that requires a unique set of skills and experience. Often organization looks for a level of industry experience when it comes to product managers. But just how much does industry experience matter for a product manager?

First, it’s important to understand what a product manager does. A product manager is responsible for the overall strategy, development, and success of a product. They work with cross-functional teams to create and launch new products, as well as improve and maintain existing ones. They are responsible for understanding the market and users and using that knowledge to create a product that meets their needs.

“Industry experience” refers to the specific industry or field in which a person has worked. The question of how much industry experience matters for a product manager is a debatable topic.

One argument for the importance of industry experience is that it gives product managers a deep understanding of the market and users. A product manager with experience in the industry they are working in will have a better understanding of the competitive landscape, user needs, and the trends and challenges facing the industry. This knowledge is critical to making informed decisions about product strategy and development. Additionally, industry experience can also provide a product manager with a network of contacts and industry experts that can be valuable in the product development process.

For example, a product manager with experience in the healthcare industry will have a better understanding of the regulations, compliance requirements, and reimbursement issues that are unique to that industry. This knowledge is crucial to the success of a product in the healthcare industry.

Additionally, industry experience can also help a product manager establish credibility with the team and stakeholders. A product manager with industry experience is seen as more knowledgeable and capable, which can help to build trust and credibility with the team and stakeholders. This can lead to better collaboration and decision-making, which is essential for the success of a product.

However, it’s important to note that industry experience is not the only factor to evaluate a product manager. Other important factors include leadership, strategic thinking, problem-solving, and communication skills, as well as the ability to work well with cross-functional teams. A product manager with strong skills in these areas can be effective in any industry, regardless of prior experience. Additionally, industry experience can sometimes be a hindrance, as someone who has spent their entire career in one industry may have a harder time thinking outside the box and adapting to new industries or conditions.

In reality, the answer is not straightforward. Having experience in the industry is beneficial, but it is not the only thing that matters. A good product manager is a combination of both industry experience and the ability to think critically and strategically. They should be able to understand the market, the users, and the competition to make good product decisions. They should also be able to work well with cross-functional teams, communicate effectively, and make quick decisions.