How to Choose Your Next Company as a Product Manager

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Just because you have a job as a product manager doesn’t mean you necessarily want to stay in the same role for the rest of your career. There’s nothing wrong with wanting to make a move to another company. However, before you go down this path, you must know which steps to take. 

The first thing you need to know is that product managers are generally blessed to be approached by recruiters and hiring managers on LinkedIn or via email. In other words, some opportunities will come to you. You don’t have to go looking for them. But just because a company approaches you doesn’t necessarily mean it’s a good fit. Be selective with every move you make, as it has a big impact on your career path.

Decide on Your Objective

What are you hoping to accomplish with your next product manager job? This varies from person to person but some common examples include:

• Optimizing for brand so that you can work anywhere later in your career, such as Google, Facebook, or another top tech company. 
• Optimizing for education because you want to learn everything about product management, your job responsibilities, and related details under the wing of someone who is a strong leader. 
• Earning more money. There may come a time in your life when you want to earn more money, such as to take your lifestyle to the next level or begin to save additional funds for retirement. 
• Upside. In this case, consider joining a startup that offers equity alongside more traditional compensation. This way, if the company excels you have the potential for a big payday. 
• Exposure to a specific industry. For instance, you may be interested in working in the cryptocurrency or blockchain space. 
• The desire to move to a new city. Perhaps you’re ready for a change of scenery. Choose a few cities that pique your interest and search for open PM positions nearby. 
• You want to work remotely. This is more common than ever in the PM space, but not every company is on board with remote work. You may want to find one that is.

No matter what, you need to know your objective before you begin searching for your next company. It’s okay to have a primary objective and a secondary objective, but don’t go much deeper than that. When you get into three or four objectives, it’s more challenging to make a shortlist of target companies. 

Choose Your Evaluation Criteria

Once you know your objective(s), you can then turn your attention to the criteria of the company. Maybe you’re most interested in furthering your education as a product manager. If so, focus on companies with a strong team and a reputation for hiring and retaining top-notch manatees.

Or perhaps you want to learn more about a specific industry. This should lead you to companies in that industry that are well-respected, on solid ground, and involved in a way that is relevant to you.

The objective comes first. Once you’re clear on that, choose your evaluation criteria to find good matches. 

Gather a List of Target Companies

At this point, you’ll begin to feel like you’re reaching the end of the process. This is when you gather a list of target companies that are relevant to your objectives. 

Your primary goal is to evaluate a shortlist of companies based on your objectives and company criteria. From there, you can prioritize them based on the criteria you selected for your search (see above). 

Once you have a target list — aim for somewhere between five and 10 companies — you can begin applying for open PM positions. When doing so, it’s best to start at the bottom. Don’t start at the top of your list, as this means you’re “practicing” on the companies that you really want to work for.

By starting at the bottom of your list, you can gain experience with the application and interview processes. The more you practice, the more you’ll learn. And at some point, you’ll perfect your approach and be 100 percent confident in your ability to ace an interview with one of your top choices. 

The Next Steps

With a solid foundation in place, it’s time to take the next steps. Here’s what you should do:

• Determine which companies on your target list are hiring: Large companies are always on the search for qualified product manager talent. Think about companies such as Microsoft and Salesforce. Conversely, small to medium-sized companies don’t hire nearly as many PMs. But remember, you can still approach them with the idea of getting your foot in the door. You may not land an interview right away, but it puts you at the top of the list should the company be hiring in the future. 
• Learn more about the application process for each company: This varies from one company to the next, so become familiar with what’s being asked of you. At a startup, you may interview directly with the CEO. But at an industry-leading tech company, you’re likely to speak with a recruiter first. 
• Continue adding to your list: It’s okay to add to your list of target companies as you’re applying and honing your skills. You never know when you’ll come across another company that grabs your attention. 

You may not take these exact steps in this order, but you’re likely to move through them in some way, shape, or form. 

Final Thoughts on Choosing Your Next Company

Now that you know how to create a list of companies to target, you can turn most of your attention to the interview preparation process. Doing so ensures that you’re ready to perform at a high level once you begin to hear back from your preferred companies.

At PM Exercises, we have a variety of tools to help you prepare for your next interview. This includes but is not limited to 2500+ PM interview questions, an interview prep course (100+hours of learning), mock interviews, and group practice. And of course, if you have specific questions or concerns, you can always reach us at [email protected].