I have consistently been ranting about choosing only one market whenever you are starting. This need not only be about when you are starting a new business. For a product manager who has been given a new product to take to the market, the logic remains the same.
See whenever you try to look at multiple choices, you have an opportunity cost involved. With multi[le options you have to spend energy between those options. Everyone has limited amounts of energy.
You could keep focused on one market and understand the conversation going on in the head of the people you are targeting. It takes an enormous amount of iterations to understand the conversations in the minds of the customers in one market. Its never feasible to get the marketing right in the “first go”. You have to keep testing and figuring out the right message which would resonate with the market you have chosen. Only once you understand those conversations, can you tailor your messaging and “Go-TO-Market” strategy to dominate a market.
Sometimes the first market you choose may not have the need you first thought it would have because the underlying “infrastructure” is still weak. The SaaS solution you have designed for a specific market doesn’t take off because the internet speed in that market is poor. So you have to rethink your “Go-To-Market” .
The moment you try to look at multiple markets you end up compromising on the depth of your engagement. This opportunity cost is very high. Since you are trying to take multiple positions simultaneously in different segments of the market you end up weak in all of them and you don’t get the opportunity to dominate any one of them.
There’s nothing stopping you from dominating one market and moving to the other but if you try to dominate all segments simultaneously you will not succeed.
For all Product Managers in the making or already there keep this fundamental at the top of your mind always – Only Market to Start – Always
Till next time then