I have worked in many B2B technology companies, and this is one of the questions that I have personally grappled with a few times. We often describe the product marketing/management relationship as being "joined at the hip". Product marketing is responsible for providing critical input and information to Product Management teams through market research, voice of customer initiatives, etc. but also making sure their products are successful in marketing through strong go-to-market strategy, sales enablement, technical content and more. However equally important is product marketing's role in making sure lead generation teams are being provided with the product positioning required to drive meaningful conversion and being that "translator" between Product and Marketing teams. Where product marketers can or should contribute depends so much on the size and maturity of an organization, its growth stage and the complexity of the product portfolio.
Most product managers wear multiple hats. However, this changes from organization to organization. In smaller companies or companies with newer products, product management often leans into the go-to-market aspect in addition to working on product innovation, vision, roadmap, engineering collaboration and other activities. In larger, more mature organizations, product marketing is carved out as a separate function, to focus on positioning, market awareness, buyer journey, targeting, bottom-of-the funnel content creation, sales enablement and more.
Depending on the outcomes that need to be prioritized, product marketing teams could be more effective either organization i.e. reporting to the Product Management or the Marketing function. For example, if a company is in the early stages of figuring out its target market, innovation and product capabilities and needs focused support on voice of customer and research activities, product marketing can be a strong partner working within the Product Management organization, where they might find it easier to get support and budget for often expensive, research-oriented activities.
However, if a company has a solid foundation in its products and is looking to drive adoption through positioning, content, innovative campaigns, etc. product marketing teams can work more efficiently under the Marketing organizational structure where they can drive alignment with the CMOs strategy and vision.
Wherever ultimately product marketing finds a home, and by the way, this home may not be a permanent one - organizational structures should evolve with changing needs and priorities of a company - being intentional about how you organize and place your teams is the most important thing to think through and execute against.
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