 Hey bro, what do you do as a product manager at Facebook every day? Stocking an ex-girlfriend on Facebook? I wish. I attend 7 hours meetings every day. Ewww. What does a product manager do? What's a day in life as a product manager? What are the different roles and responsibilities of a product manager in different industries? Hey guys, this is Dr. Nancy Lee. I help people transition from worker B to a product manager and business leader. If you want to learn the most effective way to land a product manager job, you should subscribe to this channel and turn on the bell button, and you'll be notified every time we post a new video every Wednesday. Just last week, my student got 3 offers from Facebook, TikTok, and Median-sized FinTech company. We have so much insider information that tells you what are the different roles and responsibilities of product managers in many different industries. Alright, let's get started. If you like any of my videos, feel free to hit the like button and the share so that more people can discover this amazing content. First of all, the roles and responsibilities of product managers in different industries has some similarities. Let me tell you these similarities. The product launch process are the same, and there are 3 phases you need to take to launch a product. Step 1, the ideation phase. Step 2 is MVP phase. Step 3 is product launch. If you want to learn the details of how to answer this interview question, how to launch a product from concept execution, you should check out this video. So within the first phase of product launch, product manager roles and responsibilities is to interview customers and understand customers' pain point, analyze data and draw insight, and also conduct market research, comparative analysis. From there, you'll be able to understand what the customer want and have your own conclusion of different kind of ideation of solutions you can come up with. From there, you start to write requirement and document user story. The phase 2 of product management is building the MVP. Lots of people ask me this question. Nancy, how can you write those perfect product manager requirements? What does product manager requirements and user stories look like? In my video of this one right here, I teach you what the different five type of user stories and product requirements you need to write, and then you need to talk about those different kind of keywords in your product manager resume. You can directly download the product manager resume template right here in which my student users template immediately gets so many more offers. So in this phase, product manager need to work very closely with engineers and designers, cross-functional teams such as legal, many different departments that is to build this MVP that meet the customer's needs. In this process, product manager should already written the requirements and user stories, and then he or she will work with the entire engineering team to prioritize the user stories and also communicate with all the teams. At the same time, product managers will also attending the agile scrum process. So we have daily stand-up, retrospective. There's a very long process of using agile to launch a product. If you want to learn how does agile product management process work, you should check out this video from Google product manager. So once you know the entire MVP process, product manager will also need to attend many meetings, usually like five hours or six hours meetings per day. That's lots of communication that you need to do among different team members. At the same time, during this MVP process, product managers also need to continue to check with customers to see if they're on track or getting the early feedback from customers so the product manager can launch the perfect and design the most accurate product as early as possible in the process. The surface of launching a product is the specific product launch process and then product managers need to do this GTM which is go-to-market strategy and work with sales to understand what is the primary market we need to launch. They also need to train the sales and marketing team. And on top of that, earlier in the customer adoption phase, product managers usually join the customer meetings to do sales, close the sales with customers. So therefore, there's a lot of responsibilities in terms of hobby speaking skills and sales skills as well. Now let's talk about the differences of the roles and responsibilities of product managers in different industries. Believe me, it's very different depending on who you talk to. Let me give you some example. If you work for Big Tech like Facebook and Google and recently a student might got offered from Facebook and her responsibilities will be more focusing on designing the product feature and during the customer interval process, there will be an independent team that conducts UI UX research to interview customers on behalf of you. It's likely you won't directly do customer interview on your own. You'll be working with others to do it. And on top of that, it's very likely you will be working with a bigger team of data scientists so you won't process those data on your own. So for those bigger team of data scientists, they will build data modeling for you inside of you building it and try to see the insight. On top of that, if you work for Big Tech, it's likely laser focus on implementing one feature on Instagram, on Facebook, on Google Gmail, things like that instead of managing the entire platform just because it's a very complicated product and so many product managers working on this product together. So there will be more cross-functional collaborations than owning the entire product. There's also an exception. If you work for Google X, those kind of moonshot ideas, you will be owning the entire product end to end and you're likely to be the only product manager or one or two product managers connecting the entire customer interview, like customer survey and building product with engineers. You probably do everything by yourself. And so it really depends on what type of company or what kind of team you join. Let's also use a Starter Unicorn TikTok as an example. Recently, my student Henry joined TikTok as a product manager. So if you join Starter Unicorn TikTok, you will be more agile, which means you will be more dynamic, testing out your new capabilities and especially do more A-B testing because TikTok has so many users and it's keep on changing. So those kind of product manager will have broader ownership of your product but also means that they are very intense working environment. Also means that could be really fun because who doesn't want to work on TikTok? When you work at TikTok, it's also very likely you're working an international team given is a Chinese company and my student working in the US office as a product manager. So he will be working with people in China and also globally. So you are more international exposure and something special about TikTok is that actually TikTok only has about 10 plus product managers in the US. So therefore the product managers in the US will feel like they have bigger pie to split among the 10 of them. So they feel a bigger ownership of what they do day to day. If you join a fintech company like my student Choi, your day to day is also very different and in fintech product, there's a difference between B2B and B2C product. If it's B2B, you are more likely to understand the regulatory requirement and working with different banks and different kind of like money or payment systems to understand the B2B product management and then you will spend lots of time doing individual customer engagement and you will have less data to analyze individual big banks because they're not that many big enterprise data for you to share in a short amount of time, not like A-B testing on a TikTok consumer product. On top of that, as a B2B fintech product manager, you will also spending lots of time seeking the feedback through the trouble ticket and also customer feedback through the sales team and marketing team to understand customer feedback. On top of that, you still do customer interview, but your source of data will be much more broader as well. If you work in the fintech industry as a B2C product such as PayPal or Venmo, in that case, it's very similar to the TikTok type of product. You still need to learn the payment and the credit in systems in the finance industry. On top of that, you also need to figure out how can I have more consumers and drive consumer adoption? What kind of different kind of business model could be a free man model you can use? So the GTM go-to-market strategy could be quite different even in fintech industry based on B2B or B2C product. Now let's talk about the hottest turn in 2021 Bitcoin. If you work for blockchain company, because as we're filming this video, Bitcoin price is over $60,000 per Bitcoin. So everybody trying to join fintech industry, to be honest, they also pay you very well. So if you work for blockchain company as a product manager, your laser focus is based on how can I work with engineers to introduce these blockchain protocols? How can I drive adoption? Which means they are spending lots of time at the beginning of the product management to figure out how exactly how the crypto economics works. They're also trying to figure out what does ICO could look like? ICO stands for initial coin offerings. If you want to learn more about what is ICO, feel free to comment down below. I can make a separate video about this. Another requirement work for blockchain company is that you need to be obsessed about cryptocurrency, about blockchain. You need to know the hottest trend, hottest protocols in the blockchain space because they move very, very quickly. So that's one of the requirement that product managers need to have compared with other type of product managers in different industry. If you want to learn how we got three product manager offers within a week, feel free to check out my free training right here where I teach you the top three strategies to land a product manager job as soon as possible just by my other students. Now we're getting offers way faster than like 2020 because the strategy has proven to be working very well. So feel free to check out those free training right here and looking forward for you to land your product manager job as well. If you have other interviews coming up, feel free to check out my other videos about product manager interview and questions playlist and also how to become a product manager in nine steps. I'm looking forward to seeing you in my next video. If you like this video, feel free to share and comment and smash the like button because I like all of you guys. This will be my motivation to make more videos like this. I'm going to see you next time. This is Dr. Nancy Lee. Bye.