What do you do if market disruptions are affecting your product?

When market disruptions threaten your product, stay calm and assess the situation. Identify the cause, whether it's new technology, shifting customer behavior, or external factors. Analyze how it's impacting your product's performance. Don't be afraid to adapt and innovate! Re-evaluate your target market and explore ways to leverage the disruption to your advantage. Open communication is key. Be transparent with customers and focus on maintaining trust by highlighting your commitment to providing value in a changing market. Finally, prioritize understanding your users' evolving needs through feedback. Use this valuable information to iterate on your product and ensure it remains relevant and competitive.

Incumbent producers have massive advantages when dealing with disruptions. Brand awareness, established customer bases and market understanding mean that they are very well placed to take advantage of disruptions if they chose to do so. It is normally when the disruption is ignored, that they get into trouble.

When market shifts shake things up, it’s like surfing—you’ve got to ride the waves, not fight them. Swiftly adjust your stance by making smart tweaks to what you’re offering. Think about quick wins that can boost your return on marketing investment (ROMI), and deliver them at a pace that keeps you ahead of the tide. It’s all about staying nimble and embracing change as part of the journey.

When market disruptions started affecting our product, it was a bit of a shock. First, I took some time to really understand the changes in the market by talking to customers, reading up on industry trends, and discussing with peers. Then, I gathered my team to brainstorm how we could adapt our product to fit this new reality. We looked at tweaking features, maybe even pivoting our approach if necessary. It was important for us to stay flexible and think creatively about solutions. We also ramped up our communication with customers to keep them informed and engaged during these changes. It’s been a learning curve, but adapting to these shifts is crucial for staying relevant.

Market disruptions are a continual challenge in software products. Keep an eye on key metrics such as sales figures, customer acquisition rates, and user engagement to identify areas of concern (keep getting feedback from customers directly to provide insights too). Data analytics tools (Google Analytics or Mixpanel) can help give you a better understanding of the situation. Evaluate the severity of the impact and prioritise addressing the most critical issues. Consider conducting a SWOT analysis to identify potential opportunities amidst the challenges.

As a product manager or leader you should closely monitor industry trends, competitor activities, and customer sentiment to stay informed about the changing market landscape. Leverage tools like Google Alerts, social media monitoring platforms (e.g., Hootsuite), and market research reports to gather relevant intelligence. You can get great insights from experts and peers via industry webinars, virtual conferences, and online forums. Conduct surveys or focus groups with your target audience to understand their changing needs and preferences - and analyse the collected data to identify patterns and trends that can inform your product strategy.

Disrupting a market necessitates the ability to adapt swiftly to changing conditions and customer feedback. Cultivate an agile mindset within your organization, promoting experimentation, learning and continuous improvement.

Analyze if the targeted user problems actually serve a core market need. Rather than focusing on surface-layer user problems, aim to target the fundamental-level market needs that remain stable & relevant irrespective of the macro-level shifts & changes. Example: - A consumer will always prefer a shorter delivery time - A consumer will always prefer saving money whenever possible - A consumer will always prefer earning more money These user behaviors don't typically change or fluctuate as they are based on the core needs (also called core the jobs-to-be-done (JTBD)). Targeting the core JTBD shields the business from macro-level threats like advancements in technology, changes in user behaviors, changes in the competitive landscape, etc.

Absolutely, gathering intelligence is key when navigating market disruptions. By understanding the root causes, duration, and implications of the disruption, you can better position your product to weather the storm and even identify opportunities for growth. Market research, competitor analysis, and staying informed about industry trends are all essential components of gathering the necessary intelligence to make informed decisions about adapting your product strategy. This proactive approach ensures that your actions are grounded in solid data and analysis, rather than simply reacting to external changes.

Deep Dive into Disruption: Understand the nature of the disruption, its root causes, and how long it might last. Utilize market research, industry reports, and competitive analysis for a comprehensive picture. Data-Driven Decisions: Don't react blindly. Gather intelligence to make informed choices about adapting your product strategy. This ensures your actions are backed by solid data and analysis. Future-Proofing Strategy: By understanding the disruption fully, you can develop a product strategy that's adaptable and future-proof.

So there is an exciting concept that I can share that we learnt here at CMU, "Super-Flexibility" this is vital for thriving in volatile markets. It embodies adaptability through product repositioning and feature adjustments, ensuring relevance and competitiveness. The strategy's emphasis on testing new ideas and being open to radical pivots supports the Super-Flexibility principle of proactive exploration and innovation, turning potential setbacks into breakthroughs. Keeping the team aligned and informed enhances resilience and responsiveness, crucial for cohesive progress.

Reconsidering strategy is about being proactive and responsive to the changing market and user needs. It involves a deep dive into your current approach, evaluating its effectiveness, and being prepared to pivot when necessary. By integrating risk management, you can anticipate challenges and adapt tactics swiftly, ensuring your strategy remains robust and resilient. Think of it as having a well-trained reflex that helps maintain your course, even when unexpected obstacles arise. This agility in strategy and risk foresight positions you to navigate through uncertainties while steadfastly pursuing your long-term objectives.

Based on the gathered intel and impact assessment, you will have the tools to revisit your product strategy and make any necessary adjustments. Does your product's value proposition remain relevant in the current market context? What are your current customers saying? Consider changing aspects of your product focus or exploring new market segments if needed. Reassess your pricing strategy and explore alternative revenue models that align with the changing market dynamics. Review your product roadmap and reprioritise features or initiatives based on the current needs. Engage your cross-functional team in strategy discussions to ensure alignment and buy-in.

Probably time for a pivot, or an entirely new idea. If you're certain the market isn't good for your product, you can't fight it. MoviePass was a clever app idea that hit the App Store. A subscription service to visit large cinema chains anytime. Though, Covid forced them into bankruptcy. There was almost no avoiding this, despite the pivot efforts. Don't get left behind at the bottom of the sunken cost fallacy.

In the face of market disruptions, updating strategy isn’t just about making changes—it's about re-envisioning the product's place in the new landscape. 1. Begin with re-evaluating the product's core value proposition. Does it solve the current pain points of the customers? Market disruptions often shift customer priorities and problems. Adjust product features to address these emergent needs. This might mean deprioritizing some planned features in favor of those that deliver immediate value. 2. Updating strategy is a team sport. Collaborating with members from sales, marketing, customer success, and engineering to bring diverse perspectives to the strategy pivot helps with having a well-rounded approach to address market disruptions.

In addition to having an "evergreen" feedback collection campaign, which will soon enough reflect the new expectations of your customers after this disruption. You should also be pro-active and directly acknowledge the disruption, providing your analysis about it, and (when ready) communicate about your updated roadmap. You could also invite your "Champions" customer segment to participate and to work with you in tailoring your own response to the disruption. This part is also a good occasion to make marketing content about it.

Engaging with customers during market disruptions is indeed vital for maintaining trust and fostering loyalty. Keeping them informed about how you're addressing the situation demonstrates transparency and commitment to their needs. Utilize various communication channels such as social media, email newsletters, and direct outreach to provide updates and gather feedback. Actively listen to their concerns and suggestions, as their insights can guide adjustments to your product strategy and enhance customer satisfaction. By involving customers in the process, you not only strengthen relationships but also position your product more effectively in a changing market landscape.

Transparency is Key: Keep customers informed about the situation and the actions you're taking to address it. Explain how these actions benefit them, building trust and loyalty. Open Communication Channels: Utilize social media, email, and other channels to maintain a dialogue with your customers. This fosters a sense of community and allows you to gather valuable feedback. Feedback as Fuel: Actively listen to your customers' concerns and feedback during the disruption. This feedback can be instrumental in refining yourapproach and ensuring customer satisfaction

KPIs are parts of your PRDs, so nothing special to do here. Any new feature, or thing you do to adapt, should have its KPIs unrelated in any way to your competitors performance.

Monitoring progress is indeed crucial to ensure the effectiveness of your adaptations in response to market disruptions. Establishing clear key performance indicators (KPIs) allows you to objectively measure the impact of your changes over time. Regularly tracking these metrics enables you to identify trends, successes, and areas for improvement. Be prepared to iterate on your strategy based on the insights gathered from monitoring progress. This iterative approach ensures that your product remains responsive to evolving market conditions and continues to deliver value to customers.

Track with KPIs: Define key performance indicators (KPIs) to measure the effectiveness of your adjustments. These metrics will guide your assessment of success. Iterate for Improvement: Regularly monitor your KPIs and be prepared to adapt your strategy if the results don't meet expectations. This ensures continuous improvement. Future-Proofing Decisions: Monitoring progress informs future decision-making in a dynamic market. You'll gain valuable insights to navigate future disruptions and product development.

Agility is your ability to quickly respond to unexpected events and thrive in spite of them. You can be agile by implementing process discipline - how you do things, how you communicate with and prepare your team for disruptions, how you communicate with your stakeholders (internal and external) early and often, the skills you develop to prepare for the unknown, and so one. But more importantly, agility is a state of mind. It starts with humility, knowing that you only know what you know, and you can make mistakes in spite of (or because) of that. It is the courage to take decisions and execute with imperfect information. It is a willingness to accept your mistakes but also a determination to learn from them and become better as a result.

Innovation is key to thriving in a disrupted market and goes hand in hand with a growth mindset. Not every old method should be discarded, but a culture that emphasizes “that’s not how it’s done” will fail to innovate — and will cover employees who dare to suggest new ways of thinking. Managers have an important role in this process by fostering collaborative brainstorming. When teams trust each other to work through ideas collaboratively, they can take calculated risks with a business case, a timeline, and defined roles for all involved parties.

Staying agile is indeed crucial when navigating market disruptions. Embracing agility means being flexible and adaptable in response to changing circumstances. Encourage a culture of innovation within your team, where new ideas are welcomed, and experimentation is encouraged. Keep a close eye on market developments and be ready to pivot your strategy quickly if needed. By staying agile, you can not only effectively address current disruptions but also position your product for success in the long term

If Market disruption impacts the product, as per my thinking a PM shall act strategically based on the existing and changing market trends compared to their existing ideas and intuitions. In such cases being practical and acting strategically is relatively sensible. For Example, if any new competitor of the Product is providing a similar product at lower price(Maybe by neglecting quality), in such cases focusing to enhance the Value, promoting the quality of the product, working on advanced features etc shall be worked upon. Alternatively, if emerging technologies render certain product features obsolete, the Manager could prioritize research and development efforts to innovate and stay ahead of the curve.

Adaptation: Determine if there are immediate adjustments you can make to your product to mitigate the impact of the disruption. This might involve changes to pricing, distribution channels, features, or marketing strategies. Customer Communication: Keep your customers informed and what steps you're taking to address it. Transparency can help maintain trust and loyalty. Diversification: Explore opportunities to diversify your product offerings or target markets to reduce reliance on the affected segment. This could involve developing new products or expanding into different geographic regions. Innovation: Consider how emerging technologies or trends could be leveraged to create new value for your customers.

Having been part of Market disruptions on both ends what I can note importantly is that while such disruptions can indeed pose significant challenges, they also offer unique opportunities for innovation and growth. My advice is to focus on agility and customer-centricity. Continuously gather feedback, pivot when necessary (but not too fast) and always prioritize delivering value to your customers. Remember, resilience and adaptability are key to thriving in turbulent times!

Segment your customer base based on their unique needs, preferences, and behaviors in response to market disruptions. Tailor your messaging, offerings, and support services to address the specific challenges and opportunities faced by different customer segments, maximizing customer satisfaction and retention.

As product managers, we spend a lot of time crafting the perfect product experience, but let's face it, markets shift – and fast. Here's how I'm approaching this disruption: - Understanding the Threat: First things first, I'm diving deep to understand the nature of the disruption. How is it impacting our target audience? What are the strengths and weaknesses of the disruptor (if applicable)? - Customer is King (or Queen): This disruption might signal a shift in customer needs. I'm prioritizing user research to understand how customer behavior and expectations are evolving. - Embrace Agility: Sticking to a rigid roadmap won't help us weather this storm.