131: How To Make More Money

5 Ways Product Managers Can Make More Money

Software product managers are responsible for $5-$10 million in new revenue over the next 12 months. How do you get that? There are five ways your revenues can increase:

* Your market grows, and you grow with it naturally

* You beat your competitors more in your existing deals – that is, you increase your win rate

* You get into more deals and win them at your normal rates – that is, you increase your sales velocity

* You extend your footprint in your existing market by selling more to each customer – or increase your average deal size

* You start selling in a new segment or market

Those are the five ways to grow revenue. If you do enough of them, you might see your $10 million in incremental revenue in a year.

In this episode I explain how each of these works – and what our responsibility is.

Links

* The original article this episode is based on – 5 Ways Product Managers Can Make More Money

* My podcast episodes on “Sales not making quota? It’s probably your fault.” – Part 1, Part 2.

More links

* My new weekly (free) meetup: The first meetup will be January 13, 2023. Go to secretsofpm.com/meetup to sign up for the notification list and I’ll send you the meeting info.

* Go visit The Secrets of Product Management community – please check it out!

Product Management Grad School

Would you like to work with me? I’ll help you apply the ideas I share in the podcast to accelerate your career, ramp up your impact, and build your confidence.

In my 90-day product management mastery program you will:

* Build a clear roadmap for your product management career.

* Train your product thinking.

* Grow your expertise in strategic leadership.

* Develop persuasion and storytelling skills to lead through influence

Learn more at the PM Grad School website.

Subscribe and comment

If you want to help me out, and more importantly, help other product managers find and enjoy this podcast, please subscribe on your podcast system of choice. And consider giving me a review on iTunes or “starring” the episode on your player. It helps other people find the podcast, and makes me a little happier as well. I might even read your review in an upcoming episode.

If you have comments, questions, or complaints about this episode or the podcast, please leave a comment down below and I’ll get back to you immediately

5 Ways Product Managers Can Make More Money

Software product managers are responsible for $5-$10 million in new revenue over the next 12 months. How do you get that? There are five ways your revenues can increase:

* Your market grows, and you grow with it naturally

* You beat your competitors more in your existing deals – that is,