Always strive to have a methodology for getting something to happen. Frameworks, formulas, recipes, methodologies, call them with whatever name, reduce the chance of doing something random each time and then hoping for success.
Luck does play a major role in life, but with a process in place over a period of time you start eliminating things and standardize on things as far as possible. The lesser the number of non-standard items, the lower the possibility of luck.
But when you are starting a new product line or when you are new into the job as a Product Management person, how do you get started. First is the standard marketing books on the subject. But it will be very rare that you will get the exact process for your product.
First understand your product, the exact market niche you want to target, the ecosystem and infrastructure and then go out and start trying to succeed. You are bound to fail in the initial stages in either understanding the market, in identifying the message which will resonate etc.
Once you fail, also identify the causation and not only the co-relation. This failure will be the biggest learning for you to know what you don’t need to do next. And then the biggest thing – document it.
This documentation will be the basis of your own frameworks and methodology, so that when you get success you can keep testing it and seeing what parts caused it the success.
Till next time then.
Yesterday I wrote about my experience taking the COVID-19 vaccine.
Well yesterday late night the side effects of taking the vaccine started showing. I had so much weakness that all night and all day today, I was only sleeping.
Why am I telling this. It’s a known fact that there are side effects of taking the vaccine.
What is important though is that I got blindsided by the intensity of the weakness. Due to this I had to cancel all my meetings today.
In the technology market you can get blindsided so very often. A lot of you may have heard of the mobile phone brand Nokia. It was the number one brand and then it got blindsided by Apple with their iPhone. Today you don’t even hear about Nokia mobile phones.
For a product manager in the technology space, where the pace of change is so rapid its very easy to get blindsided and suddenly your product is not needed by your customers.
For today, this is all since I am still having a lot of weakness.
Today is the financial year closing for all organisations in India. I had an extremely hectic day where we were trying to close a very large deal – which eventually slipped the deadline.
So again tomorrow morning we get back to figuring out how to get the deal in our favor.
As they say – There’s many a slip between the cup and the lip – so do large blockbuster deals have a way of going through multiple iterations before they fruitify.
That’s where having a sustained method of generating leads of average value orders makes a big difference to your pipeline. There’s better predictability in the system for your cash flows and you build the processes and infrastructure in your company to ensure that these orders can get revenued systematically without any chokes.
For most businesses however generating the sustained leads becomes a nightmare because we try to focus on too many things at the same time. If we were to focus on only a very few markets, by segmenting them and differentiating our offerings for each segment, there would not be too much of anxiety. The occasional blockbuster then can be managed within the existing system.
On the other hand if the growth is based on the back of the block buster while there’s no pipeline for sustained order booking then you are in for major challenges. Segmenting and niching the market is the only viable way for a Product Manager to ensure that they can get success in the market
Lets see what the new financial year has in store for us.
Till next time.
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