There is no other choice but to start my dive into the multiple dimensions of the Pragmatic Marketing Framework with Market Problems.
It is the upper left corner of the framework. It is the box that Pragmatic Marketing teaches “If you can only do one box, this is the one.” Everything is about Market Problems . . . but what does that mean?
In my experience, there are four dimensions of Market Problems and in this blog, I will introduce my take on those dimensions and provide some context on each of those dimensions. The four Market Problem dimensions are:
Let’s take a look at each of these dimensions.
One of the biggest opportunities for a company to gain value from Pragmatic Marketing is through instilling a culture that is focused on Market Problems. When your Product Managers think in terms of and discover Market Problems within the market and also get everyone in the organization thinking in those terms you start creating a market driven organization. Opportunities are talked about specific to the value you can bring to customers, that go beyond your current products and services. Decisions are made objectively based on market facts in and around these Market Problems. A Market Problem Culture is a growth culture, and this culture is a by-product by enabling Discovery, Understanding and Validation of defined Market Problems and making decisions based on market facts.
When helping companies start applying and implementing the Pragmatic Marketing Framework, Market Problems is often the first place we start. It is the foundation for a growth culture. As I do this I set up a methodology focused on discovering Market Problems through engaging the market, through being market sensing. This is something that companies should always be doing by talking to customers and non-customers in a non sales or support conversation to understand where they have unmet or under-met wants and needs (Market Problems). Discovery activities lead to the development of opportunity hypotheses. We have seen a trend or a change in the market that could be a Market Problem for us to address.
The purpose of Market Discovery is to identify opportunities of unmet and under-met wants and needs in the market – Market Problems. These Market Problems become a Market Opportunity our company can consider going after. I call this a Market Opportunity Hypothesis, which the core definition of the hypothesis is that a persona within a market segment has a Market Problem. Who has the problem, why do they have that problem and what is the impact of that problem? Defining a Market Opportunity through the concept of Market Problems can provide context to the rest of the organization that helps in delivering a product that brings value to the customer and marketing messages that resonate with them.
Understand and Validate
Much of the underlying philosophy around Pragmatic Marketing is based on facts versus opinions. Objectivity and decisions based on validation in the market. Part of the Market Problem activity is not just Discovering a Market Problem that becomes a Market Opportunity but understanding it at a granular level. Then you validate this understanding with customers. Validation done well can help you identify the lines between Market Segments, Personas and the value-add of Market Problems each leading your organization to evaluate viable opportunities to pursue.
So as you think about how you are going to implement and apply Pragmatic Marketing at your company, make sure you think about each dimensions of Market Problems and what you need to do better (or not do).
If you want to talk about Pragmatic Marketing Market Problems or any of its dimensions, please reach out at firstname.lastname@example.org. I always enjoy talking about implementing and applying Pragmatic Marketing, and the multiple Dimensions across the Framework.
If you are new to Pragmatic Marketing here are some resources that can help you get up to speed, though I would gladly have a call with you as well.
The Pragmatic Marketing Framework can be found at: https://www.pragmaticmarketing.com/framework. These are the 37 activities that are essential for managing and marketing technology and technology-enabled products.
Pragmatic Marketing’s series of eBooks can be found at: https://www.pragmaticmarketing.com/resources/ebooks
The Strategic Role of Product Management was the one I have used with many of my clients, but all of them are great.
I also recommend checking out Tuned In, the book written by Pragmatic Marketing’s founder Craig Stull. I have probably given more copies of this book away than any other business book. You can get it at Amazon here: https://www.amazon.com/Tuned-Extraordinary-Opportunities-Business-Breakthroughs/dp/047026036X
Insights into building great products and choosing the right markets to grow.