How to Become a Blockchain Product Manager?
Who are blockchain product managers, and what do they do?
Blockchain product management is an exciting field that combines the traditional aspects of product management with innovative blockchain technology. To help you understand it better, let's break it down into simpler terms.
Product management. In the business world, a product manager guides a product or service's development, launch, and ongoing improvement. Product managers oversee the development and success of a product or product line in a company. Their role involves working with cross-functional teams such as engineering, design, marketing, and sales to ensure that the product meets the customer's needs and achieves the company's business goals.
Blockchain. Blockchain is a decentralized digital ledger technology that allows secure, transparent, and tamper-proof record-keeping of transactions. It's best known for being the backbone of cryptocurrencies like Bitcoin, but its applications extend far beyond that into supply chain management, voting systems, and digital identity management.
Now, let's combine these concepts:
Blockchain product management involves guiding the development and success of products or services built on or utilizing blockchain technology.
Some of the specific responsibilities of a product manager may include:
- Conducting market research. To ensure successful blockchain product development, a PM needs to stay up-to-date with market trends, customer needs, and competitor offerings. It helps identify opportunities for new products or improvements to existing products.
- Defining product vision. A product manager must understand the customer’s needs and business goals to define the product vision and communicate it to the team.
- Creating a product roadmap. A PM develops product roadmaps based on the product vision and market research. It should outline the key features and milestones for the product over a set period of time.
- Defining product requirements. Collaborating with stakeholders to define the product's features, functionality, and user experience. This would involve understanding the technical aspects of blockchain, such as smart contracts, consensus mechanisms, and cryptography.
- Managing product development. A product manager oversees cross-functional teams to ensure that the product is developed on time, within budget, and to the desired level of quality.
- Identifying problems. Researching and identifying problems or opportunities where blockchain technology can provide a unique solution. This could be in finance, healthcare, supply chain, or other industries.
- Prioritizing features. A PM has to point out the features and improvements that are most important for the product based on customer feedback, business goals, and available resources.
- Setting pricing and positioning. A product manager is responsible for determining the pricing and positioning of the product in the market based on market research and their own expertise.
- Analyzing product performance. It involves tracking metrics such as revenue, user engagement, and customer feedback to identify areas for improvement.
- Educating stakeholders. Since blockchain is still a relatively new technology, a PM often needs to educate internal and external stakeholders about its benefits and use cases.
- Making data-driven decisions. A product manager uses data to make informed decisions about the product. They might decide which features to prioritize, how to improve the user experience, and how to optimize the product for different markets.
How to switch to blockchain product management?
Anyone can become a blockchain product manager with enough effort and education. However, there are several careers that can provide a good foundation for a transition to blockchain product management. Basically, they share the same expertise or responsibilities that are required for blockchain product managers. If you see your profession in the list below, it might be much easier for you to switch to blockchain product management.
- Product Management. Professionals with experience in product management have skills that are directly applicable to blockchain product management. They are experienced in identifying user needs, developing product roadmaps, and working cross-functionally with engineers, designers, and other stakeholders.
- Project Management. Experienced project managers are well-suited for blockchain product management roles, as they are accustomed to working in a fast-paced environment with tight deadlines. They are also skilled at managing budgets, coordinating resources, and communicating with stakeholders.
- Software Development. Professionals with a background in software development have a deep understanding of the technical aspects of blockchain technology. They are experienced in developing and testing software products and can provide valuable input into developing blockchain products.
- Marketing. Marketing professionals can bring valuable skills to blockchain product management, including market research, brand positioning, and customer acquisition.
- Financial Services. Professionals with experience in financial services can be well-suited for blockchain product management roles, as they are familiar with the regulatory landscape and have an understanding of the financial aspects of blockchain technology.
To learn blockchain product management professionally, you can start by gaining a solid understanding of both product management principles and blockchain technology. Online courses, workshops, and certifications are available for both topics. Additionally, networking with professionals in the field and participating in relevant communities will help you learn from others' experiences and stay informed about industry trends.
Are blockchain product managers in demand?
Blockchain technology has gained significant traction across various industries, and many companies are now looking for skilled blockchain product managers to help develop and manage innovative blockchain-based products and solutions. Companies that require blockchain product managers typically include:
- Cryptocurrency and blockchain startups. These companies are directly involved in creating blockchain-based products and services, such as cryptocurrency wallets, decentralized exchanges, and decentralized finance (DeFi) platforms.
- Large tech companies. Major technology companies, such as IBM, Mastercard, Microsoft, and Amazon, are exploring and investing in blockchain solutions for various applications, including supply chain management, identity management, and data security.
- Financial institutions. Banks and other financial institutions, such as J.P. Morgan, Goldman Sachs, and Fidelity, are actively exploring blockchain technology for payment processing, asset management, and secure transactions.
- Supply chain and logistics companies. Blockchain technology has the potential to revolutionize supply chain management by providing increased transparency and traceability. Companies like FedEx and Maersk are investing in blockchain solutions to improve their logistics operations.
- Government and public sector organizations. Government agencies are exploring the use of blockchain technology for various purposes, such as voting systems, land registries, and digital identity management.
- Consulting firms. Large consulting firms, such as Accenture, Deloitte, and PwC, are expanding their blockchain consulting services to help clients implement and adopt blockchain solutions.
- Healthcare, energy, and other industries. Companies in various industries are exploring the potential of blockchain technology to improve their operations, reduce costs, and enhance security.
The average income for a blockchain product manager can vary significantly based on factors such as location, company size, and individual experience. The average salary for a blockchain product manager in the United States is around $167 000 per year, according to Glassdoor. This number might become higher in the next years, as salaries can be substantially higher in large tech companies or for individuals with extensive experience in the field. Additionally, blockchain product managers may receive other forms of compensation, such as equity or tokens, especially in startups.
How to become a blockchain product manager with no experience?
Becoming a blockchain product manager can be challenging, but with the right combination of education, experience, and skills, you can build a successful career in this exciting field.
Here are some steps you can take to become a blockchain product manager:
- Develop a solid understanding of blockchain technology. To become a blockchain product manager, you must have a strong understanding of how blockchain technology works and its potential applications. You can start by taking online courses, attending workshops and conferences, and reading industry publications.
- Acquire product management skills. Product management skills are essential for any product manager, regardless of the industry. You should learn how to develop product roadmaps, prioritize features, conduct market research, and work with cross-functional teams.
- Gain industry experience. Working in the blockchain industry is essential for gaining the necessary experience to become a blockchain product manager. You can start by joining a blockchain company or working on blockchain-related projects.
- Build a network. Building a network of contacts in the blockchain industry can help you find job opportunities, learn about new developments in the industry, and make connections with other professionals.
- Consider certification. There are a number of blockchain certifications available that can help demonstrate your knowledge and expertise in the field. These certifications can be valuable in demonstrating your commitment to the industry and your qualifications as a blockchain product manager.
- Keep learning. The blockchain industry is constantly evolving, so it's important to stay up-to-date with new developments and trends. You should continue to attend industry events, read professional publications, and take courses to stay informed.
Become a blockchain product management expert with ELVTR: Dive into the world of blockchain and learn the ins and outs of developing, launching, and managing successful blockchain-based products.
This course provides a solid foundation in both product management principles and blockchain technology, equipping you with the skills and knowledge required to drive innovation and create successful blockchain-based products.
This course combines engaging video lectures, real-world case studies, and hands-on assignments to ensure an effective learning experience. You will also have access to an online community where you can connect with fellow learners, share insights, and receive guidance from Chris Sutton, our expert in blockchain product management. Upon completing the course, you will receive a Certificate demonstrating your proficiency in this high-demand skill set.
Becoming a blockchain product manager can be an exciting and rewarding career path for people interested in technology and innovation. While it requires a certain level of technical expertise and familiarity with blockchain technology, you can make the transition with dedication and perseverance. With the right mix of knowledge, experience, and drive, the possibilities for growth and opportunity in the world of blockchain product management are virtually limitless.