Product Strategy to Target customer segments with narrow product lines compared to Broad product lines.
As kids, we have all conducted this experiment of burning a paper with the magnifying lens with the help of Sun rays focusing on a specific area on the Paper. The narrower the focus, the faster the paper burns.
Similarly, to enter a new market, Technology companies should have a narrow focus and identify the Customer segment and the specific use case that they want to solve for them.
This Focused strategy of targeting a very narrow customer set can lead to winning in the market.
One cannot try to target the complete Market segment.
You will need to differentiate and identify a specific target customer segment based on:
- Core capabilities of your organization
- Underserved customer segment
- Competition analysis
Lesson:
As a product leader, it is very significant to understand two strategic aspects of product management:
- Who is the target customer?
- What is the customer value that the product will deliver?
Do you want to learn Product Strategy and move your career to the next level in Product Management? Join our online Product Management course.
If you want us to train your product management and product development team, please contact us @ rahul.vtc@gmail.com