I have recently been told that I will soon be receiving a promotion to a new position, Product Owner, at my annual performance review. This was fantastic news to me, but I realized upon thinking it through a bit more that I have no idea what I would be worth in a position like this.
The difficulty I'm having is because of my level of experience. I am a recent(ish) grad, and I have about 1 year of experience as a Junior Software Developer. Looking at job postings and descriptions for the Product Owners, it looks as though I will be missing several years of experience. All of the openings for a job with this title typically require at least 5-7 YoE, and offer about 2X my current salary.
My gut feeling is that it would be unreasonable for me to request this type of salary increase, seeing as I don't have the seniority that is clearly typical for this title. Then again, I am receiving this promotion because I am excelling significantly in my position as it is.
I wouldn't want to underestimate my worth in a situation like this, and I don't want to seem greedy or naïve either. How can I handle the conversation around salary when the official promotion arrives? I anticipate a raise will be offered when I am officially promoted, but I also think it will be for much less than the offers I have seen online. Is it appropriate to ask for an increase to the market rate, despite not having the market level of experience? (I've been given some/most of the responsibilities of this new position for the last 4-5 months, and have not had any issue in performing them, so I must be at least able to perform them adequately)