Project manager vs. product manager: Whom should you hire?

Navigating today’s competitive business landscape in the US can be tough, and having skilled professionals—like product and project managers—can give you an edge. Both play vital roles, but which one is the right fit for your goals?

In this guide, we’ll break down the main differences between project and product managers to help you choose the best match for your business needs.

What does a project manager do? 

A project manager leading a business meeting in a bright room (Source: iStock)

A project manager oversees the day-to-day execution of a project, including its scope, timeline, budget, and overall quality. They can be thought of as the captain of a ship, guiding the team safely through every stage of the journey. Their responsibilities comprise coordinating resources, identifying and mitigating risks, and keeping schedules on track.

Beyond managing logistics, project managers work to achieve the project’s planned outcomes while motivating the team, adapting to unexpected challenges, and regularly reporting progress to stakeholders.

What does a product manager do?  

 Product managers discussing logistics and inventory management (Source: iStock)

Product managers oversee the entire product lifecycle—from initial concept through to launch. They make sure the product is developed on schedule, stays within budget, and meets quality standards. Their role also involves analysing market trends, forecasting demand, and estimating potential profit and loss.

Ultimately, a product manager aims to create a product that aligns with business objectives while meeting the needs and expectations of the target market.

Product manager vs. project manager: How do these roles differ?

Understanding product management vs. project management can be tricky. Let’s have a deeper look at the specifics of each professional business helper below. 

In terms of focus

A project manager’s primary goal is the successful delivery of a specific project. To achieve this, they rely on strong leadership, clear communication, sound decision-making, and analytical skills. Once a project is completed, they typically move on to managing the next one.

In contrast, a product manager’s focus spans a broader scope, overseeing the product from development to launch. Their goals are closely tied to the product’s long-term performance.

In terms of deliverables

Project managers typically handle concrete deliverables, such as reports, research, presentations, and completed project milestones. Their work is tied to strict deadlines so that each stage of the project is delivered on time.

Product managers, on the other hand, focus on outputs like product features, user insights, and overall product strategy. These deliverables are more flexible and often adapt to customer feedback.

In terms of methodology

An office worker managing a project with a visual planning method (Source: iStock)

Project managers often rely on structured frameworks such as Agile, Scrum, or Waterfall to plan, execute, and complete projects efficiently. These methodologies provide clear guidelines for managing timelines, resources, and teams.

Product managers take a more adaptable approach. While they may use Agile principles, their process usually involves iterative cycles of development, testing, and user feedback within the product roadmap. This flexibility allows them to adjust quickly based on insights from real users.

In terms of service duration

Project managers usually work within fixed timelines, focusing on completing projects with clear start and end dates. Their role often concludes once the project is delivered.

Product managers, meanwhile, have a continuous role. They stay involved for as long as the product is in the market, refining strategies and making improvements based on market trends.

In terms of success metrics

Strategic growth illustrated with wooden cubes and productivity icons (Source: iStock)

Project managers gauge success based on whether a project is completed on time, within budget, and aligned with objectives. Their performance is often evaluated using business-focused KPIs, such as gross profit margin and return on investment.

Product managers, however, measure success through metrics that show how well a product performs in the market. These include customer retention and feedback. Their success is tied not only to launching the product but also to making it deliver long-term value.

In terms of service cost

A skilled project manager earns an average annual salary of around $95,210. For contract-based work, daily or monthly rates vary depending on the project’s size and the manager’s level of experience.

Product managers earn an average of $127,539 per year, with top ones making around $169,984 annually. Their cost can fluctuate based on the product’s complexity, market conditions, and the ongoing demands of the role as the product develops.

Connect with skilled project or product managers on Airtasker

Now that you have a clearer understanding of each role, the next step is finding the right professional for your business. Airtasker makes it easy to connect with experienced project and product managers across the US to help you achieve your goals.

Whether you’re managing a large-scale project or preparing to launch a new product, simply post a task and qualified Taskers will reach out to help bring your vision to life.