Good job! You now you have a positioning statement that will drive your efforts moving forward. The next step is to narrow it down to a specific industry vertical.
What vertical do you want to be in?
Let’s use the following positioning statement as an example:
I want to be a cloud Product Manager
in a B2B, $100+ million revenue company
in the finance industry
in London
From that description, you’ve narrowed down your target market to B2B, $100+million companies in the finance industry. That’s a great start, but you’ll quickly realize that it is still very broad. There are many verticals that fit into the generic term “finance”: banks, credit card companies, investment funds, etc.
You need to dive deeper into your industry to figure out what vertical(s) you’d like to pursue. Clearly defining your target market will help focus your limited resources (time and money) towards the direction you want to go—a skill that will also make you a better Product Manager.
Let me give you an example from my own journey. For many years, I was determined to work in clean technology because it aligns well with my purpose of using technology to help the environment. Not to mention I find that particular renewable energy technology very interesting. As I started the search for my dream job, I realized that I really didn’t know what “clean tech” was.
It turns out that clean tech is just an umbrella term used to describe a myriad of technologies, verticals, and services. It includes solar, wind, storage, smart grid, energy efficiency, utilities…you name it. Lacking a clear understanding of the industry, I found myself bouncing around companies that fell under the “clean tech” umbrella but were not a good fit for me.
After a lot of learning and networking, I was able to get a clearer picture of what I wanted and where my skills best align. I learned that what I’m really targeting is not the “clean tech” industry, but instead the “energy” industry. Within that industry, the “smart grid” vertical, is what I found most interesting and what aligned best with my skill set. Although “smart grid” is still a little bit of an umbrella term, it is close enough that it allowed me to start looking at specific companies.
Now, take a moment to write down your own answer:
- Within your target industry, what vertical(s) are you interested in?
Do you know enough about the industry to drill down into the different sub-categories? If not, don’t worry. Just write down your best guess at the moment, and later on you’ll learn how to contact people to help you fill in your knowledge gaps, validate your assumptions, and point yourself in the right direction.
Create a list of target companies
Every successful product has a well defined target market. Without a clear target market, you’ll try to be everything to everybody, and you’ll fail miserably. That’s why going after any software company that has an opening to “see if it’s a fit” just won’t work. And even if it did, it’ll probably result in just a job and not your dream job. The goal is to strategically fine-tune your target market, so you can create a list of candidate companies that align with your dream job.
By now, you should have the following information about your target market:
- Business model (B2C or B2B)
- Preferred company size
- Specific industry and vertical(s)
- Location
Now it’s time to identify specific companies you’d like to target.
- Create a list of 10-15 companies that you are interested in contacting to learn more about what they do.
LinkedIn is an incredible tool for learning about companies, and most importantly, to learn about the people that work in those companies. Use the advanced search features of LinkedIn to leverage keywords like location and industry.
In lessons 8 and 9, I’ll cover how to connect with individuals at those companies. For now, just focus on creating a list. I recommend using a spreadsheet to keep your list organized. This spreadsheet will become vital in your search. It will be your personal CRM to track contacts and progress.
Additional resources: Target the Company and Quit Chasing the Job, an article series by Marc Miller