Any Product Managers in the house?

[carnutzzz]

I'm looking for a good resource or some advice on how best to locate/approach new markets/verticals.

How do you actually perform the discovery? I would imagine low-hanging fruit would involve locating new markets/verticals that are similar to recent successes where you could implement your product with minimal changes (I'm thinking software/web here).

Just looking for some practical advice.

Thanks,

[svandamme]

depends a lot on the type of product
Is it a service product or retail product?
niche market, or not?

[Don Plumley]

This is a classic Marketing 101 question. Opportunity is the intersection of what your company is good at doing and what customers want.

I can discuss this at length but am in the middle of a big project. Basically the best answer is to go talk to those potential customers about what they like and don't like about their current solutions. Pick up the phone, use a simple web survey, go to a tradeshow and walk around asking questions. The market your product in a way that answers those unfulfilled needs/wants.

I've done this multiple times using a rapid strategic planning process template. Articulate company competence (what you are good at), market needs (opportunity) then drive initiatives to create products that meet those needs.

You need to be able to describe core attributes of your product in non-technical, customer-benefit terms. Then think about other applications that need those attributes. "Our product helps organize tasks." "What kind of businesses have lots of tasks to organize?" "Wedding planners have lots of tasks to organize." Then talk to wedding planners and find out.

Sorry I don't have more time...

[svandamme]

Don,

i think you're saying "talk to those who have the problem solved by this product".

But i think he's asking "how do i get my product to those who have a problem , that maybe also get's solved by my product , but i don't know just who that may be".

[Don Plumley]

Yes, but in my last graph there is an approach: Define what you product does (what problems it solves) in simple terms. Then brainstorm about companies that might have that that problem.

If you have a large enough database of customers, you could be analytic about it and see if any of them are in different or adjacent markets. Bottom line, you gotta think creatively about it.

Reminds me of: "When you have a hammer, the whole world is a nail"

This is a classic engineering-driven company problem. They build a product and look for problems to solve with it. It's always a force-fit, which leads to discounting, customer dissatisfaction, etc. If you are good at designing hammers, then look for users that need things hit.

[techweenie]

This is what I've been doing for the past 11 years. It's sometimes difficult to find new opportunities that can be profitably exploited. My best advice is to look at what is working in the software/web area that you are focused on and start talking with users of these products/services. Often the web stuff is replacing or replicating a real world analog, so finding the service gaps is a matter of research.

You need to be mindful that the prime movers in categories like social networking are getting all the money they could ever want to find and fill the gaps. Niche/verticals can be plenty big enough to give you a nice business.

[carnutzzz]

Originally Posted by svandamme

depends a lot on the type of product
Is it a service product or retail product?
niche market, or not?

Service product.

Good info so far guys. I'm familiar with the Pragmatic Marketing Framework which seems to be pretty good at laying out a good overall managing/marketing process.

I was kind of curious how folks here found success in their approach to completely new markets. I have quite a few years experience doing product development in an industry where I knew the market and the daily business processes that drove my customers' behavior.

I'm now trying to expand my thinking into new industries. In the end, I know nothing beats getting out there and talking with folks about their problems, and being brutally honest about whether you have the right team to offer a solution in the given market.

Has anyone read any good books recently? PM me if any of you guys want to connect on Linkedin.

Thanks!