In Part 1 of this blog series we set the tone and introduced the 6-Step Process we've developed for Market Analysis. In this edition we provide examples and details of each step so businesses can objectively evaluate their product-market fit and set realistic revenue targets.
Eliminate Assumptions - Work with Facts
The whole premise of market analysis is to destroy your business plan. That’s right… bombs away, blow it up.
Sales funnels need our help! They are working hard to keep our customer relationships strong, to improve conversions and deliver revenue, but they can't do it alone.
As businesses grow and sales cycles become more complex, it's important cross-functional teams actively work together to help achieve mutual long-term goals. Collaborative companies stress the benefit of teamwork for support. Why not collaboratively support our sales funnel? When sales, product management and marketing work together massive benefits are created that fuel sales growth by unifying goals and giving rise to a customer-centric organization.
A lot has been written about what product managers do or should do. In fact, at the top of their To-Do List is pretty much everything. It's a complex job. Misconceptions about the role are common, and often PM's are the victim of being called names that only partially describe their contribution. By contrasting the PM role with other jobs that are frequently mistaken with product management, we can help clarify some of the confusion and can offer greater understanding of how their role is a benefit to the organization.
You are just hired as product manager. Everything is new. People, processes, technology, market dynamics, and so on. What you do in the first 3 months on the job will have a huge impact on your personal brand in the new organization. Do these 10 things and you will be off to a good start!