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What does a fractional product manager do?
- Fractional product managers(FPM) are part-time, contract-based product management professionals who work with organizations on a limited and flexible basis.
- FPMs provide expertise and experience in areas like product strategy, product development, and operations (product DevOps).
- Companies hire FPMs for cost-effectiveness, flexibility, and immediate impact, access to expertise and experience, and to address the growing complexity of product management.
- FPMs differ from product consultants in engagement models, focus, duration, and deliverables.
- Challenges faced by FPMs include limited organizational authority, income variability, client acquisition, and managing multiple clients.
- Transitioning to a fractional product management role requires credibility, a good network, and a skill set to find and attract new clients.
- FPMs often charge high hourly rates between $100 and $200 per hour.
- Focus on setting clear priorities, reduce meeting loads, build strong relationships, communicate clearly, and continuously improve to be a successful FPM.
- Fractional product managers are strategic part-time project managers who help companies with specialized skills and vast experience.
- It’s especially valuable for startups and scaling companies that need specialized experience but aren’t willing to pay a full-time hire.
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