The Vice President of Product in the Private Loan Product team plays a critical role in driving the profitable growth of the Private StudentLoanportfolio by defining and executing against the product strategy for the private studentloanportfolio. The role's responsibilities include: developing a cohesive strategy and road map for product positioning and messaging; identifying, recommending and implementing product enhancements for existing private studentloan products; and developing new products to drive greater demand for private loans. The person in this position is required to provide team leadership not only of their own direct reports and within the Product Management team, but more broadly across the organization to conduct analyses, build business cases, prioritize initiatives, and lead complex cross-functional projects. He/she must possess creativity, deep institutional knowledge, sharp analytic skills, polished leadership skills and be able to work effectively in a dynamic and challenging work environment.
Given the aggressive growth goals set for the Private LoanPortfolio, mulitple innovative products and new features and benefits are required to drive incremental demand for private loans. This results in the need for multiple projects to be conducted at the same time. The Vice President of Product will, therefore, be supported by a direct team whom the leader will manage to coordinate research efforts, size oppportunities, conduct analyses, create business cases, lay out implementation plans, and draft presentations.
In addition to their own internal team responsibilities, the Vice President is the leader of cross-functional work groups that focus on diverse projects ranging from: designing and conducting prospect and customer research; identifying product enhancements and new product and feature/benefit ideas; drafting white papers and business cases; defining technology and operational business requirements; and drafting and approving marketing messages for school and direct-to-consumer channel communications. As such, a strong analytic, financial and broad operational background, as well as a keen marketing perspective are essential.
The person in this role interacts on a daily basis with counterparts at all levels in Demand Analytics, Sales, Credit, Originations, Marketing, Risk, Finance, Compliance, Legal, Operations, and Marketing. The Vice President is also responsible for presenting strategic business cases to senior management, and to various internal committees including CPSAC and Credit Committee. In this capacity, strong communication skills and a mature business accumen are a must to gain and maintain the respect of peers and superiors.
The Vice President of Product must be a strategic thinker with a strong background in consumer marketing. He/she will have wide latitude in approving all marketing communications across all channels relative to product positioning and messaging and must bring a marketing mindset to a broad range of operational projects. He/she will drive on-going consumer research initiatives to understand consumer preferences and develop product strategies to meet these needs and provide innovation, differentiation and a competitive advantage for the Sallie Mae loan products.
Develop innovative and cohesive strategies for new products and features/benefits to meet customer needs and drive demand for the private student lending products - 40%
Gain institutional buy-in and support for product strategies - 30%
Create marketing messages to roll-out new strategies - 20%
Personnel management - 5%
Budget management - 5%
Knowledge, Skills and Abilities: