Key learning as a product manager in 2019
Market trumps over everything. Build a product for a market which is quite big or hot or active. Don’t build a product and the look for the market, i.e the customers. This concept is market-product fit. Many people in tech and Silicon Valley emphasise this as PMF or product market fit. I actually like the term as Market-Product-Fit because the highlight is on the market as per the original definition by Marc Andreessen and Andy Rachleff.
But this is not my key learning in 2019. Hold on.
Market-Product Fit is extremely important for the growth of your company. But to really have the hockey stick growth, it's important to have the GTM fit or Go To Market fit. Go To Market fit will identify the activities to be done to achieve the real growth of a company.
GTM fit depends on three factors.
The first factor is the urgency of the customer in solving the problem by using your product or services.
The second factor is the GTM model: sales driven or marketing driven or product driven model. This is crucial to identify and this is based on the product and kind buyer for the product. Trello has a product driven model, where people can explore the product and purchase it by themselves by a credit card. Intercom has a marketing driven model, where they do content marketing (and other marketing stuffs too) and people buy it. Marketo or Monetate has a sales driven model, where the sales guys identify the right companies, get a meeting with the right person in the company, give demo, let them evaluate, negotiate with the decision maker and close the deal.
The third factor is a crucial factor. Ability to repeat the process in a predictable and a sustainable manner. For this to work, we really need to explore and zero in on the model and create the play book on how to do it.
It sounds simple enough but not easy. It requires perseverance to get this nailed. It may sound boring to someone, but it is an immense learning experience and the high of getting GTM fit is intoxicating.