In this episode of Product Thinking, Chris Andrews, Chief Operating Officer and Head of Product at Rendered.AI, joins Melissa Perri to unveil the challenges and strategies involved in building products in new markets, as well as the unique aspects of product management in these markets. They discuss how product managers can introduce new market opportunities, the role of product management in new markets versus saturated ones, securing success in early-stage ventures, and navigating innovation in larger organizations.
Before joining Rendered.ai, Chris held the position of Group Product Manager at Esri, overseeing the Geo Enabled Systems Team, responsible for an impressive portfolio of over twenty-five products that contributed to $45M+ in direct sales and an additional $100M+ through indirect channels.
Throughout his career, Chris has been at the forefront of strategic innovation. At Autodesk, he was instrumental in the product definition and validation of the first fully integrated desktop-cloud-mobile Hero product - Infrastructure Modeler (now rebranded as InfraWorks). Moreover, under his leadership, Esri's ArcGIS Earth was developed from its initial concept to production in just eight months, securing over a million downloads.
Beyond his roles in product management, Chris is a published author on Rendered.AI's Medium platform, discussing subjects like synthetic data. He's also scheduled to be a keynote speaker at an upcoming webinar titled "Using Synthetic Data to Enhance the Precision of Scalable Machine Vision in Manufacturing."
If you enjoyed this episode, make sure to subscribe, rate, and review it on Apple Podcasts, Spotify, and Google Podcasts; instructions on how to do this are
here.
You’ll hear them talk about:
- [04:55] - Introducing new market opportunities in product management differs from traditional lean startup methods or enhancing existing products in large firms. Many users struggle to see the value in entirely new tools or technologies. It's more than just picking between familiar products; it's about helping them envision revolutionary changes in their workflow. This mirrors the innovator stage of the technology adoption curve. The key is to find and collaborate with forward-thinking individuals, using their success stories to appeal to a broader audience.
- [08:38] - Pieces of product management differ when introducing a concept to a new market compared to a saturated one with great competition. The perception of risk varies, both within the organization creating the product and in the eyes of potential customers. For companies developing products in an established market, the dynamics and challenges differ. As someone who serves as the Chief Operating Officer and has had experience across various company levels, Chris has a broader perspective. It's not just about product management in isolation. Over time, especially with the shift to subscription models, product managers play a more pivotal role in influencing every phase of the customer journey surrounding a product.
- [10:00] - For early-stage ventures, securing executive buy-in, especially from the CEO, is crucial. Whether launching new products in established markets or exploring unexplored territories, top-level endorsement is often the difference between success and failure. On the customer front, it's vital to cultivate early adopter evangelists. These are more than just users; they're champions of your product. As the venture progresses, these advocates become foundational in nurturing a dedicated community around your product. While mature markets allow for data-driven strategies, early stages demand genuine supporters who grant you time to prove success and viability.
- [23:51] - In larger organizations, navigating innovation can be challenging. If a company isn't proactive about disruption, it'll be disrupted from outside. The key to maintaining focus on new markets lies in sustaining positive relationships with stakeholders. Beyond innovation, relationships are pivotal. The approach should be evidence-based, inclusive, and consistent. Think of it as a plane taking off; maintain momentum to achieve success.
Episode Resources:
If you enjoyed this episode, please visit:
Previous guests include: Shruti Patel of US Bank, Steve Wilson of Contrast Security, Bethany Lyons of KAWA Analytics, Tanya Johnson Chief Product Officer at Auror, Tom Eisenmann of Harvard Business School, Stephanie Leue of Doodle, Jason Fried of 37signals, Hubert Palan of Productboard, Blake Samic of Stripe and Uber, Quincy Hunte of Amazon Web Services
Check out our Top 3 episodes:
