How to Quickly Become an Expert in a New Industry

Introduction

Product management is a skill that is not unique to any industry — namely, no matter where you go, it’s core purpose will always be the same. With this comes a controversial statement that a great product manager does not need domain expertise.

Now, don’t mistake me. That’s not saying that domain expertise isn’t valuable to a product manager.

What it is saying, however, is that a great product manager knows how to quickly build domain expertise. He or she may not be the absolute best expert on the industry, but he or she can quickly get to a point to where he or she can make intentional, meaningful, and valuable insights and decisions. At the end of the day, product management is about the people, not the industry, that we’re set to better the lives of with our products and solutions. It’s his or her ability to engage and understand the people they’re building products and solutions for that defines their potential for success, not how much they know about their industry from day one.

So, how can we quickly build domain expertise as product managers in a new industry?

Immerse Yourself in Industry Literature

One of the quickest ways to get up to speed in a new industry is by immersing yourself in relevant literature. This includes:

  • Books and Journals: Identify seminal books and academic journals that provide in-depth insights into the industry. These resources often offer comprehensive overviews and historical context.
  • Trade Publications: Subscribe to industry-specific magazines and newsletters. These sources provide the latest news, trends, and innovations.
  • Research Reports: Access market research reports from firms like Gartner, Forrester, and McKinsey. These reports offer valuable data and analyses.

Network with Industry Experts

Building a network of industry experts can significantly accelerate your learning process. Here’s how to leverage your network effectively:

  • Join Industry Associations: Becoming a member of industry associations and attending their events can help you meet and learn from experienced professionals.
  • Attend Conferences and Webinars: Participate in industry conferences, webinars, and seminars. These events provide opportunities to hear from thought leaders and stay updated on the latest developments.
  • LinkedIn and Social Media: Use LinkedIn to connect with industry experts. Engage with their content, ask questions, and join relevant groups.

Conduct Informational Interviews

Informational interviews are a powerful tool for gaining insider knowledge. Reach out to professionals in the industry and request brief conversations to learn about their experiences. Prepare thoughtful questions to maximize the value of these discussions:

  • Industry Challenges: Ask about the biggest challenges facing the industry.
  • Customer Needs: Inquire about the primary needs and pain points of customers.
  • Trends and Innovations: Seek insights into emerging trends and innovative solutions.

Engage in Online Courses and Certifications

Online courses and certifications can provide structured learning and validate your expertise. Look for courses offered by reputable institutions and platforms such as Coursera, Udemy, and LinkedIn Learning. Focus on:

  • Industry Fundamentals: Courses that cover the basics of the industry, including key concepts, terminology, and market dynamics.
  • Specialized Topics: Advanced courses that delve into specific areas relevant to your role, such as regulatory requirements, technology trends, or competitive strategies.

Analyze Competitors and Market Leaders

Understanding the competitive landscape is critical. Conduct a thorough analysis of key players in the industry:

  • Competitor Analysis: Study the products, strategies, and market positioning of your competitors. Identify their strengths and weaknesses.
  • Case Studies: Review case studies of successful companies to learn about their approaches and strategies.
  • Benchmarking: Compare your organization’s performance against industry standards and best practices.

Hands-On Experience

Nothing beats hands-on experience. Take every opportunity to engage directly with the product and market:

  • Product Demos: Participate in product demos and user testing sessions to understand the product from a user’s perspective.
  • Customer Interactions: Engage with customers through interviews, surveys, and feedback sessions. Understanding their needs and experiences firsthand is invaluable.
  • Cross-Functional Collaboration: Work closely with other departments such as sales, marketing, and customer support to gain a holistic view of the business.

Stay Updated with News and Trends

The industry landscape is constantly evolving. Staying updated is essential for maintaining your expertise:

  • News Aggregators: Use news aggregators like Feedly to curate industry news from multiple sources.
  • Podcasts and Blogs: Follow industry podcasts and blogs for insights and commentary from experts.
  • Google Alerts: Set up Google Alerts for key industry terms to receive regular updates.

Leverage Internal Resources

Your organization likely has resources that can aid your learning:

  • Internal Documentation: Review internal documents, such as product manuals, training materials, and strategic plans.
  • Mentorship Programs: If available, participate in mentorship programs to learn from more experienced colleagues.
  • Internal Training: Take advantage of any training programs or workshops offered by your company.

Conclusion

Learning a new industry as a product manager can be challenging, but with a proactive and strategic approach, you can quickly develop the necessary domain expertise. By immersing yourself in industry literature, networking with experts, engaging in hands-on experiences, and leveraging both internal and external resources, you can position yourself as a knowledgeable and effective product manager in any industry. Remember, continuous learning and curiosity are your greatest allies in this journey.


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