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Market Strategy Part II: Select Segments and Define the Customer
Market strategy is the foundation upon which you will build your product strategy. You must segment your overall market, select the most attractive segments, and then clearly define your target buyers. In Market Strategy Part I, you learned how to segment your...
Market Strategy Part I: How to Segment
Your market strategy defines the target for your product strategy. If you don’t have a target, then you don’t know where to aim. If you don’t know where to aim, you can expect a lot of misses. Misses like Losing to a more focused competitor,Failure to achieve growth...
How to Lead without Authority
CEO’s, presidents, general managers, have a distinct advantage over product managers. The organizations that they lead report to them. As a product manager, you have no such luxury. Your product team is made up of your functional peers. None of them report to...
How to Manage Product-Line Performance: Part II
“Don’t expect what you don’t inspect.” It’s human nature to put something off until someone asks for it. That “ask” creates a deadline for results and signals that someone is interested and watching. The same principle applies to managing product-line...
How to Manage Product-Line Performance: Part I
In his 1962 book, The Success System That Never Fails, W. Clement Stone wrote, “Don’t expect what you don’t inspect.” It’s still true today. It’s human nature to put something off until someone asks for it. That “ask” creates a deadline for results and signals...
Meet the Capital Equipment Product Manager
While it takes a team to design, build, test, and market capital equipment, there is one person that is crucial to producing a winning product. It’s the product manager. Product managers are the individuals responsible for the commercial success of a given product or...
What is Product Management?
Of the items listed below, which do you think is the best indicator of a successful capital equipment company? The best sales teamThe best manufacturing capabilityThe best customer serviceThe best product Without a doubt, it’s the last one. Great sales, manufacturing,...
How to Get Closer to Your Customers
Customer intimacy requires that you blur the lines between you and your customers. It requires that you share your strategy with your customers, become part of their community, and develop enduring collaborations. It requires that you become so well known to each...
How to Develop Competitive Intelligence
Collecting competitive intelligence is like a scavenger hunt; nuggets of information are hidden everywhere. Your challenge is to go out and find them. But you cannot conduct the hunt as random bursts of effort if you want to develop truly effective competitive...