Introduction to ideas and user needs
Any product is first an idea or a need in someone’s mind.
Product manager is not the idea person but is responsible for gathering the ideas from everyone and decide what to build and when to build it, given all the things that are happening inside the company and in the market.
Ideas come from E.M.U.C
Employees – coworkers >> Management >> You
Metrics – problems and inefficiencies you find when you’re looking into how users use your product
Users – User feedback from forums >> emails >> social media
Clients – this applies primarily to B2B product managers.
*** Customers are the individuals who pay for your product or make the decision to adopt it for use by themselves and others. Sometimes a person is both the user and the customer, but there is potential for them to be two different things depending on which type of product is in question.
Listen to the request of the client.
Ask why 3 times to really know what the pain point is.
Keep asking them the reason behind the request until you feel you understand the true purpose of their request.
Ask them to tell you about their opinion about the current product and how it might be improved with their suggestion or request.
MARKET RESEARCH – SIZING THE MARKET (Lecture 35)
COMPETITIVE MARKET ANALYSIS
Finding the total market and estimating what your market share is.
You need to make assumptions on how much market penetration you will have inside that market.
Thinking about the current sales of similar products and then estimating how much you can capture. This looks at patterns that exist of sales today rather than estimating the total market.
Tools to carry out competitive analysis.
Google industry report for the company e.g., “industry report for apple”
Alexa.com
Semrush.com
Google AdWords keyword tool
Insert in google search “site: reddit.com” quora.com
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