What's the best way to match weapons? Just like playing "eat chicken", of course, all kinds of weapons are equipped separately, and sniper, charge and self-defense are the best.
The same is true of classic business methodology. We don't need to use them all, but we need to choose various suitable methods and combine them into a complete framework.
As for the "combination package" I summarized, I temporarily named it "PMST global strategic analysis framework", which is still super memorable and can be linked with "product manager super tool". Of course, that's not what it means, as detailed below.
In order to have more practical reference value, the article is divided into two parts:
Cut to the chase, a picture is worth a thousand words:
Several classic methods cited in this framework have been widely introduced on the Internet, so I won't repeat them here, but briefly explain them:
Why do you want to combine the above forms?
What can be gained from PMST analysis:
Translation machine is a very special direction in the field of intelligent hardware. It is reported that the overall market size is around 50 billion, but the market that is not too big has attracted many Internet companies to enter the market.
For these large and medium-sized Internet companies, the intelligent translator market is not only a new incremental market, but also a very important meaning-the training ground for ——AI hardware. Under the strategy of AIOT, Xiaomi is likely to enter this market.
Then we will try to use PMST to guess what kind of intelligent translation machine Mijia will produce.
(1)PESTEL environmental analysis
There are many aspects involved here and the space is limited. Here are some rough examples:
To sum up, this seemingly niche market accounts for the trend of social development, political and economic orientation, AI technology, and the overall background can be judged to be favorable. In order to simply verify with data, I crawled 67 178 comments of the translator with a program. A rough statistical analysis of keywords shows that "3859" refers to "going abroad", which is indeed the highest scene-related vocabulary:
(2) Analysis of Porter's competitiveness model.
First of all, understand the product types of this market from the mainstream products in the existing market:
Next, we can guess which type Mijia will choose to enter the market through rough analysis:
(1) From the perspective of customer relationship,
Advantages: brand and price. The accumulation of Mijia brand itself is no less than that of any player in the existing market, and Xiaomi's insistence on low cost performance has not changed. It can be seen that the current scheme of high-end translation machine is very close to smart phones, but it is already the price of high-end smart phones, mostly in the range of 2500~3000 yuan, which is suitable for Mijia brand to play its cost-effective advantage.
Only Iflytek Translator 2.0 costs 2999 yuan, and the sales volume of single Tmall is roughly 5,000 units a month. In fact, it is a successfully verified product form.
Disadvantages: the old problem, low gross profit is not conducive to channel expansion. Translators can be seen in every airport digital store and placed in a conspicuous position. Compared with the user population, this is an accurate channel delivery, and the low gross profit of Xiaomi is really not conducive to entering such channels.
Threat: The biggest threat in customer relationship is actually "word-of-mouth risk", that is, product positioning can not meet the needs of target users. Practical experience is needed here. Combined with my previous communication experience with several foreign friends, I found that the translation machine still needs a screen if it is to be used smoothly in communication scenes. With the current technical level, using mobile phone software translation in a quiet environment also needs to check the screen feedback to confirm the pickup accuracy, otherwise it will greatly affect the experience.
Based on this situation, although the price of screenless products may be one tenth of that of screenless products, it is actually a choice with high word-of-mouth risk.
It can also be seen from the sales volume that these models with screens are ranked higher.
Opportunity: To sum up two points, it is to give full play to Xiaomi's consistent price advantage from the screen market with higher price at present, and at the same time better guarantee the opportunity of users' word of mouth.
(2) Angle with upstream suppliers
Judging from the five schemes listed above, the SIM card mobile phone scheme has the highest threshold in the supply chain, which is precisely the advantage of Xiaomi over other translation machine manufacturers. If this scheme is adopted, with the accumulation of Xiaomi's mobile phone supply chain, there should be obvious cost advantages.
(3) Speculation conclusion
To sum up, it can already be speculated that Xiaomi will choose the SIM card mobile phone solution to cut into the market and kill products with a price of 2,500 ~ 3,000 yuan.
It can be guessed that at present, the products in this price range leave a considerable profit margin for the channel, and Xiaomi will directly cut off this part to price and highlight its advantages. On this basis, the key specifications, such as whether there is a camera or not, whether offline translation is supported, of course, the closer to the opponent, the stronger the lethality. So there is a high probability that there will be norms.
As for the competitive situation matrix based on "competitors in the same industry", how to define detailed specifications will not be expanded here. The analysis of "potential new competitors" and "potential substitute products" is mainly used to evaluate project risks. For the category of translation machine, in fact, smart phones are very functional substitutes for translation machines, but growing into this scale market shows that a large number of users have accepted this solution, or they can't make a mobile phone with translation App at all.
Finally, repeat the content of the PMST Global Strategic Analysis Framework, which can be memorized by the "product manager super tool", but it is actually:
Still hope to bring reference to colleagues in various industries, welcome to communicate.
Author: Li Kaiwen, product director of Bee Language Technology (Xiaomi Eco-chain Enterprise), product design leader of Xiaomi Mijia walkie-talkie who has won many design awards such as Red Dot, iF, G-mark and Red Star Award, and has launched two new upgraded products, 1S and 2nd generation.
The title map comes from Pexels and is based on CC0 protocol.