Market-First Thinking

This post first appeared in my newsletter, “The Influential PM,” where I primarily discuss the human aspect of Product Management. Please check it out and subscribe if you find it valuable.

You ever launch a product, get those first few users onboard, and think, “Nailed it!”? Then, BAM! The requests start rolling in. Current users want this changed, sales needs that to close a deal, your CEO suddenly has a “brilliant” idea they just have to share, and your carefully crafted roadmap starts looking like a never-ending wishlist. It’s a classic product management headache, and one I’ve seen play out countless times.

We’re told to be customer-centric, right? Listen to those users, keep them happy. And in the early days, when you’re just starting out, that laser focus on your initial users is crucial. They’re your early adopters, your champions, the ones who provide invaluable feedback and help you shape the product’s core value proposition. But here’s the thing: as your product matures and your user base grows, getting bogged down in individual requests can turn you into a feature factory, churning out tiny tweaks instead of focusing on the bigger picture.

Don’t get me wrong, current users are gold. They’re your bread and butter, your feedback lifeline. But they’re only one piece of the puzzle. If you spend all your time and resources catering to their specific needs, you might miss out on the massive potential of the wider market. You risk building a product that becomes too niche, too specialized, and ultimately fails to achieve widespread adoption.

Think about it. Your current users can tell you what they need today, based on their current workflows and pain points. But they can’t necessarily tell you what they’ll need next year, or what challenges people in a completely different industry are facing. And they certainly can’t tell you why potential customers aren’t choosing your product over a competitor’s. That’s where stepping outside the echo chamber and embracing a market-driven mindset becomes crucial.

Here’s what I’ve learned: talk to the “non-customers.” Talk to people who chose your competitor. Better yet, talk to people who’ve never even heard of your product. Why? Because they’ll give you a fresh perspective, unburdened by the biases and assumptions of your existing user base. They’ll highlight your blind spots, reveal unmet needs you might not have even considered, and even tell you what they’d be willing to pay for a solution that truly addresses their problems.

Now, I’m not saying ignore your existing users. Their feedback is valuable, no doubt. But you need to see it within the context of the bigger market. Does that feature request solve a broader problem, or is it just a minor tweak for a handful of people? Does it align with your overall product vision and strategy?

This market-driven approach is about more than just gathering feedback; it’s about developing a deep understanding of the forces that shape your product’s success. It’s about asking questions like

• What are the emerging trends?
• How do we anticipate future needs?
• How do we stay ahead of the curve?

It’s about becoming a student of the market, constantly learning and adapting to its ever-changing dynamics.

So, how can you become more market-driven? Here are a few ideas:

• Become a “spy”: Go undercover and immerse yourself in your target market. Attend industry events not as a product manager, but as a potential customer. Hang out where your target audience hangs out (online and offline). Observe their behavior, listen to their conversations, and get a firsthand feel for their needs and frustrations.
• Run “guerrilla” user research: Step outside the confines of formal research settings and conduct quick, informal user interviews in unexpected places. Coffee shops, airports, even the line at the grocery store can be fertile ground for gathering valuable insights.
• Become an industry expert: Read industry publications, attend conferences, and network with thought leaders. The more you know about the broader landscape, the better equipped you’ll be to make informed product decisions.
• Don’t be afraid to experiment: Test new features, explore new markets, and gather data to validate your assumptions. A market-driven approach requires a willingness to learn and adapt.

Imagine a world where all product managers are empowered to think strategically, to anticipate market trends, and to build solutions that address the needs of millions, not just a handful of early adopters. That’s the vision we should be striving for, breaking free from the constraints of individual feature requests and locking on the vast potential of the market.

Challenge yourself to zoom out and embrace the full potential of the market. Build products that not only satisfy existing users but also capture new markets and drive meaningful impact.