The Ultimate Product Manager Pitfall: Ignoring Market Research Can Cost You Big!
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Now I know that between building, designing and managing things it can be really hard but the one thing to prioritize of all these things is your research!
You need to understand the Customer needs: and I mean YOU. If you don’t have an informed opinion on the the problems that they have then how are other supposed to trust you. And when your team/stakeholders start to poke at your strategy you need to understand enough of what pains your customers to negotiate the solutions with your team.
Competitive blindness is such a thing: If you are too focused on your solution to the problem you might miss out on the fact that someone has already solved it and so your bar for Product Market Fit just got higher, you have to have better UX, integrations, more, better. There is minimal area for impact and you are constantly catching up to your competitors.
Wasted Resources: Without market research, your development efforts may be based on assumptions rather than data. This sounds like wasted resources as teams invest time and money in features or products that may not align with market demand
Ineffective Marketing and Positioning: Understanding the target market through research is essential for creating effective marketing strategies and positioning the product in a way that resonates with potential customers. Neglecting market research can result in poor messaging and marketing efforts that fail to connect with the intended audience
Risk of Failure: Building a product without a clear understanding of the market increases the risk of failure. Products that do not address customer needs or lack a market fit are more likely to underperform or be discontinued.
Missed Opportunities: Market research can uncover opportunities for innovation, product extensions, or niche markets that might otherwise be overlooked. Neglecting research means missing out on these potential growth avenues.
Inefficient Resource Allocation: Market research helps prioritize features and functionalities that are most likely to have a positive impact on the product's success. Without this guidance, resources may be allocated to less valuable or less impactful areas of development.
All I am saying is your job is to be the expert on the problem - and work with your team of experts to come up with the best solutions so make sure you know that problem, how big it is, and how much it hurts… so that when you come up with the right solution you know its golden.
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