5 Factors Affecting Growth Product Manager Salary

Last updated by Divyashree on Oct 04, 2024 at 04:16 PM | Reading time: 8 minutes

Everyone in the corporate world works for a living and wants to advance on the corporate ladder by earning higher salaries. When it comes to Growth product manager salary, understanding their compensation depends on a few factors. The growth product manager role has been very crucial in software development, which is in turn growing in demanding salaries. Managing internal teams, customers, and optimizing processes are among the growth product manager's responsibilities.

Recent statistics show us that the growth of product manager salaries has been on a constant rise. The average salary of a product manager at Google is $145,000, this shows how important and valued this role is for an organization. In this blog, we will talk about the factors influencing the growth of product manager salary and give an overview of what can one expect from this dynamic field.

Who is the Growth Product Manager?

A Growth Product Manager specializes in driving product growth through the optimization of strategies for user acquisition, engagement, retention, and monetization. They combine data analysis with creative marketing tactics to find opportunities to scale the product; very often, they have to work closely with cross-functional teams to implement experiments and initiatives that enhance performance and user bases. Their main objective is to accelerate sustainable growth by ensuring that the product meets business objectives and customer needs.

Average growth product manager salary in the USA

According to Glassdoor, as of 2024, the average compensation for a Growth Product Manager in the United States is $240,000. In comparison, salaries for Product Marketing Managers range from $185,000 to $318,000.

Key Factors Affecting Growth Product Manager Salary

Industry Type and Company Size
Location and Cost of Living
Experience Level
Education Background
Company Performance

Factor 1: Industry and Company Size

Industry Type

Growth product manager salary largely depends on the industry. Some industries offer higher salaries compared to others. For example, a growth product manager salary in the tech industry mainly in the startups or where you are involved in projects that need interaction with big players in tech receives higher remuneration. On the other hand, traditional industries like manufacturing or retail get lower salaries.

Below is a table illustrating the earning potential of Growth Product Managers across different industries, benchmarked against their national averages. This really shows how various industries compensate for the same strategic value of growth-focused roles.

Industry Type	Average Salary	Salary Range
Management and Consulting	$231,000	$185,000 - $294,000
IT	$228,000	$188,000 - $283,000
Healthcare	$205,000	$167,000 - $258,000
Finance	$242,000	$202,000 - $296,000
Real Estate	$169,000	$137,000 - $211,000

Company Size

The company’s size matters a lot for salary level a lot. Large companies with over 500 employees typically offer a higher base salary for growth product managers, while startups with fewer than 200 employees might offer a lower base salary but compensate with other benefits like performance bonuses.

For example: Big firms such as Google or Apple will pay more than a small startup as the revenue is higher and thus the headcount compensation budgets are higher too.

Factor 2: Location and Cost of Living

Another important factor for determining the growth product manager salary is the location and cost of living. Based on the industry and the location at which that sector is operating it matters a lot for growth product manager salary. So location affects the salary in two ways:

Cost of living: Growth product managers at Silicon Valley will be paid more, mainly because Silicon Valley is the hub of tech giants, than in Europe.
Demand: In metropolitan cities, like London or New York the demand for these professionals will be higher compared to other cities, which will increase the growth product manager salary.

But having high salaries in these metropolitan cities also includes the cost of living, as the cost of living in such cities is higher the compensation also increases. The table here shows the average salary across the top 10 states in the USA

State	Average Salary
California	$191,479
Washington	$189,395
Alaska	$194,657
New Jersey	$185,516
Wyoming	$184,850
New York	$185,651
Virginia	$189,054
Colorado	$187,534
Massachusetts	$185,757
Maryland	$185,479

The image below shows the average salary of a growth product manager in New York is $263,000 and in Florida, the average comes up to $169,000. Though both are located in the United States, the salaries vary because of the location.

New York Salaries

Florida salaries

Factor 3: Experience Level

Experience plays a very vital role in the growth product manager salary. A known fact is that as an entry-level the salary will be low compared to when you gain experience. This is a known fact across industries. For instance, a mid-level manager gains better salaries as they have gained knowledge of technologies they need to excel in their job.

According to ZipRecruiter, the average salary of an entry-level Growth Product Manager in the USA is around $159,405 annually, while it ranges from $51,500 to $197,000. At the senior level, one should expect to get an average salary of about $229,777 or more

Having relevant knowledge in data analytics, market research, and UI/UX design is key to increasing your growth product manager salary. Staying on top of high-demand skill sets is crucial for commanding a high-growth product manager salary. For example, a growth product manager with an advanced data-driver skillset will be paid more rather than a general skill set. So be specific to the job/industry you're applying for and ace in that skill.

Here is the breakup based on the experience level of how the salary can vary in the United States:

Experience level	Average Pay	Range
0-1 years	$186,000	$141,000 - $251,000
1-3 years	$203,000	$157,000 - $256,000
4-6 years	$228,000	$179,000 - $295,000
7-9 years	$253,000	$201,000 - $325,000

Also read: Google Product Manager Salary of All Levels

Factor 4: Educational Background

Education plays a vital role in determining both the growth product manager's salary and career path. Today most of the people working as a growth product manager have degrees in computer science, finance, marketing, or business administration in addition to higher education be they an MBA or Masters in a specific domain. This will impact in negotiation of better wages. According to Glassdoor, the estimated total pay for a product manager with an MBA in the United States is $211,289 per year, with an average salary of $138,797 per year.

Doing courses in business or technology has a high chance of a good remuneration as growth product manager salary. Having a good education isn't enough; keeping yourself updated with current industry trends through additional certification courses like Scrum Master or Product Management Professional is highly important.

Factor 5: Company Performance

Being a growth product manager indirectly influences the performance of the company, as the performance usually provides extra rewards in terms of money, which will add up to a great growth product manager's salary. In this case, if the company gains a particular milestone or achieves a target, then it rewards the manager with bonuses which will add up to the growth product manager salary.

Product Management: Overview of Salary and Level Below is the table outlining different product management positions, starting from executive entry, with their associated job levels starting from Associate Product Manager to Chief Product Officer. This breakdown provides an overview of the salary increases along with the hierarchy of the different roles in their path of progression.

Product Management: Overview of Salary and Level

Below is the table outlining different product management positions, starting from executive entry, with their associated job levels starting from Associate Product Manager to Chief Product Officer. This breakdown provides an overview of the salary increases along with the hierarchy of the different roles in their path of progression.

Position	Level	Average Annual Salary
Associate Product Manager	L1	$86,000
Product Owner	L2	$110,000
Product Leader	L3	$147,000
Senior Product Manager	L4	$152,000
Group Product Manager	L5	$195,000
Principal Product Manager	L6	$189,000
Vice President of Product	L7	$199,000
Chief Product Officer	L8	$232,000

Also read: Must-Know Product Manager Interview Questions to Crack FAANG Interviews

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FAQs: Answers to Common Questions about Growth Product Manager Salaries

1. What is the average salary for a Growth Product Manager?

The average salary of a growth product manager varies on different aspects as mentioned in the blog. On average the salary can range between $100,000 to $130,000 annually.