Growth Manager

Updated on April 5, 2024
Article byJyotsna Suthar
Reviewed byDheeraj Vaidya, CFA, FRM

Growth Manager Definition

A growth manager is a former company executive who uses different skillset to grow the company. Their main job is to use their hardcore tactics and skills to increase sales and generate new customers for the company.

Growth Manager

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To run a business, a business growth manager uses derived patterns. Through them, the company increases its active users and customer base. They nurture the relationship between the latter and the company. Also, they help with cost-saving in the marketing tactics and visibility of high-value opportunities. However, the manager might need help dealing with deadline issues.

Key Takeaways

  • Growth managers are executives of middle management that use certain skill sets to accelerate a company’s growth. Their main job is to detect potential growth opportunities in the company.
  • They must possess skills and talents like leadership, analytical, communication, problem-solving, and management skills.
  • To acquire this role, an individual must have a bachelor’s degree in business administration or marketing.
  • The major difference between growth, product, and marketing manager is that the last two focus on product design and marketing. In contrast, the former wishes to grow the company.

Growth Manager Explained

Growth managers are employees that use certain growth-hacking techniques to boost the existing business. They aim to identify the potentially growing opportunities and set goals to achieve them. In addition, they tend to increase the number of active customers and sales of the company. Besides, they rely on derived data patterns rather than gut instincts in decision-making.

They frequently communicate information between the research & development and marketing divisions. As a result, the talents of these departments are frequently combined in growth management skills. For example, when someone manages growth, they monitor client expansion, acquisition, and activation. Additionally, they frequently contribute to customer retention and upselling (selling existing customers additional products or services).

Growth managers frequently report to the chief executive officer (CEO), the vice president (VP) of marketing, or the VP of product management. As a result, these people often hold prominent positions inside the business. Typically, the path to becoming a growth manager will begin in either product development or marketing. Then, individuals will progress through the ranks, possibly obtaining other degrees (like an MBA). To become a growth manager, an employee must be competent in marketing and product development. The growth manager job has gained more significance due to the software market.

According to reports, the growth manager salary ranges between $95,005 to $145,000. They work in a hustling environment or a tech company that aims at constant growth. Their job is to suggest certain areas where growth opportunities are visible. Thus, they work crosswise with engineering, designing, marketing, analytics, and product development. As a result, they can detect the problem areas and pave the way for growth. Besides, they must report to either the CEO, VP of marketing, or product development.

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History

The first origin of business growth managers dates back to the early 21st century. Although these managers have existed since the emperor’s rule, their job has changed in the last few decades. First, the king’s advisory council suggested ideas for expanding their empire. Later, during the Industrial Revolution, merchants expanded to new companies.

The management assigned the responsibility to each employee to grow the business. However, something was missing. Although every employee contributed equally, there was a need for a manager who would focus more on growth. Thus, in 2019, Martin Hacks coined the word “growth management”. It stated how different tactics and skills could increase the sales and customer base of the brand.

Roles And Responsibilities

Let us look at the roles and responsibilities of a product growth manager for a better understanding:

  1. Working as a leader to define and plan the goals and opportunities.
  2. Developing analysis reports on the project to track the progress.
  3. Conducting thorough market research and using the relevant data for decisions.
  4. Identifying new potential opportunities that run parallel with the business goals.
  5. Defining new tactics and projects that can generate new leads for the business.
  6. Create business strategies to boost the investment portfolio during acquisitions and mergers.
  7. Identifying the trendsetter that is currently trending in the industry.
  8. To develop good relationships with former and active customers to generate more sales.
  9. Collaborating with the marketing and product development team to enhance the results.
  10. Creating campaigns and strategies that can attract more customers to the business.

How To Become?

The product growth manager description requires qualifications, but there are other requirements as well. Let us look at them:

#1 – Get A Bachelor’s Degree

To qualify for a growth manager job description, an individual needs at least a bachelor’s degree in either marketing or business administration. Besides that, they can earn a master’s degree in business administration (MBA) in marketing. Also, candidates can take courses to enhance their knowledge and skill set.

#2 – Learn Certain Skills 

Although a degree is necessary, individuals must have relevant knowledge and leadership skills. Some employers prefer a logical and analytical mindset over the education acquired. Thus, it is necessary to have these skills. It includes strong communication, analytical mind, problem-solving, good observance, management skills, and others.

#3 – Train And Get Experience

To acquire a senior-level job, a person needs to work as an intern and then fresher to gain an experience of 2-4 years. In addition, they can take up training that will increase their knowledge about the company’s product line. It will ensure a senior-level manager’s job.

Growth Manager vs Product Manager vs Marketing Manager

Although product, growth, and marketing managers work in middle-level management, their job differs. For example, while product managers work on creating and developing new products, growth managers will use certain tactics and hacks to increase the company’s growth.

On the other hand, the marketing manager will focus majorly on increasing the number of active customers. As a result, the average growth manager salary is $129665 per year, while the average product and marketing manager salary is $1,00,000-1,40,000.

BasisGrowth ManagerProduct ManagerMarketing Manager
Meaning Companies hire such individuals to grow their businesses.The product manager works on enhancing existing products and creating new ones.  A marketing manager is an employee aiming to employ new marketing tactics for new users. 
Purpose Help to grow the company and generate new leads. To research and develop new products. Helps create new campaigns to attract customers. 
Skills Leadership, analytical, communication, and problem-solvingEmpathy, creativity, technical, leadership, management, communication, and analysis. Marketing skills, communication, leadership.
Environment Majorly office, but may travel for meetups.In office Working mostly in an office
Job Requirements Bachelor’s degree along with master’s degree. A bachelor’s degree in engineering or product design. Bachelor’s degree in mostly marketing, business, or advertising. 
Salary (average)$129,665 per year $1,02,074 per year$1,13,247 per year 

Frequently Asked Questions (FAQs)

1. What are the types of growth managers?

The following are the types of managers:
E-commerce growth, organic manager, product, strategic growth, and digital growth manager

2. How to become a business growth manager?

To become a business manager, an individual needs to graduate in business administration from any university in their State. Next, develop skills necessary for this job role like leadership, analytical, problem-solving, and communication. Lastly, gain experience as a fresher or intern to acquire major business knowledge.

3. Do growth managers use growth hacking?

Yes, managers use growth hacking to accelerate and boost the company’s sales. Some hacking methods include building social media communities, creating mailers, staying in touch with active users, and others.

This article has been a guide to Growth Manager and its definition. We explain how to become, its roles, responsibilities, & comparison with the product manager. You may also find some useful articles here –

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