Customer segmentation is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, and spending habits. (taken from salesforce.com)
Believe it or not, “pre” and “post” product-market fit are two different worlds that require different approaches, different mindsets, different budgets, and, of course, different resources in your team. While no one can argue with regards to the awesomeness of finding product-market fit, executing a confirmed plan can be tricky since we all know “the devil is in the details”.
The idea of interviewing customers is the heart of product management and is key in a competition-driven market and one of the healthy ways to find differentiation points with respect to your competition. From the multiple customer interview types, there are 4 types any product manager should know:
Customer development is the practice of establishing a continuous and iterative communication line with your customers so that you can come up with ideas and feedback. Successful product managers test and validate product ideas with regard to the market.
Successful product managers are capable of adapting the products they manage through change. Some changes can be introduced by external market factors affecting all or most of the competitors, but most changes emerge as part of the competition between the players in the market. One of the best ways to track changes in your competition monitoring strategy is to track these three aspects:
In the previous pdmpill we talked about how to best identify competitors and how to classify them. Now let’s talk about some pragmatic criteria successful product managers have an eye on when understanding the competition.
