A VP of product is in charge of organizing a product team to help them carry out specific goals including developing a product roadmap. The VP of Product is usually the head of product management and is a member of a company’s senior leadership.
They create the technical vision for the company's products and are responsible for product strategy and initiatives to support the business’s overall goals. They work to champion the needs of both the customer and the business.
VPs of product are also in charge of leading and managing people working in the product team.
A VP of product is expected to do several tasks, including:
Serving as a consultant to the CTO when dealing with sensitive information
Relaying valuable information from meetings to the product team
Determining operational and product issues and resolving them as soon as possible
Successfully leading the team from the planning to execution stages of the product
Keeping executives up to date with the latest developments regarding the product
Collaborating efficiently with business partners
Incorporating efficient management techniques to track problems and take appropriate action
A VP of Product needs to have a particular set of skills, and often have a bachelor’s or master’s degree in a related profession and at least ten years of experience in the product management field. VPs of Product are expected to have experience leading high-growth product teams.
A VP of Product should have outstanding business skills to help them locate and eliminate bottlenecks, analytical and problem-solving skills, and strong communication skills. They also need to identify and track key performance indicators (KPIs). People with agile software experience and those familiar with DevOps are often seen as ideal candidates.
In the United States, a VP of product can expect to earn an average of $214,227 with a salary range of $65,800 to $600,000.
The product VP often oversees the whole product management team and is a part of the executive team for the business. They are in charge of formulating and leading high-level initiatives that support corporate objectives. If there is a chief product officer, the VP of Product normally reports to them. If the company doesn’t have a Chief Product Officer, the VP of Product will usually report to the CEO.
Meanwhile, product managers are responsible for carrying out the product strategy, including all activities required to create, market, and support the product. Product managers report to a group product manager or the VP of product, depending on the size and structure of the company.