In our consulting and software businesses, we get to work with many product people and entrepreneurs every day. An area that continues to be a challenge, especially for new Product Managers, is in documenting and communicating Market Problems.
The Who and Why of Market Problems
Product people and entrepreneurs are so anxious to describe WHAT they are building, that many do a terrible job of articulating the WHO and WHY someone will buy or use their product.
Being able to clearly and completely document Market Problems truly separates great Product Managers from mediocre ones. But, identifying Market Problems requires engaging with the market and understanding the context of where users and buyers struggle.
Key Considerations Codifying Market Problems
- Market Problems must be described “outside-in” – it’s not a problem with our company or our product line, but a problem that is being experienced IN the market that your product will solve.
- Being verbose is OK – a reader of the Problem Statement(s) should “feel the pain” of the buyer or user.
- Many confuse “Market Problems” with “Opportunities.” Problems are best expressed as negatives – opportunities as positives. Problems are about gaps – opportunities are about our plan and the potential to fill those gaps.
To learn more about articulating and communicating Market Problems, check out www.productstart.io – the tools and e-learning modules may address your Market Problems.
