Market sizing, Competitors

Become a Product Manager | Learn the Skills & Get the Job의 강의 요약입니다.

Market sizing

1. Top down

- find total market -> what is market share

- problem: assumption on marekt penetration inside that market 

- optimistic

2. Bottom up

- based on current sales -> estimate how much sales that can be captured

- find volume of sales of similar app

- more accurate, but take more effort

- conservative

Tips for getting informed of market sizing

1. Googling for industry report

2. Traffic-tracking competitor's service (e.g. alexa.com / semrush.com)

3. Google(or other social media) adwords - keywords -> can measure interests into specific words out there

Finding competitors

if you are the first one (1) you're a genius or (2) no customer demand

Feature Triage

1. Get you more users

2. Make your users happy

3. Enhance your brand

When you looking at other competitors, consider

1. what they look like

2. what they are doing

3. what they offer

Capturing the list of competitors

(1) for known competitors: searching '[company name] versus'

(2) for unknown competitors: think of customer's problem = "What problem does this solve?" + "For whom?"

- channel the type of user: "How do they complain about the problem?" -> articulate the verbalized problems

- search companies that are using that verbage

- find individual complaints online

- google(reddit, quora, yahoo) connects the dots -> "Site: [website domain]" searches contents in a specific website

- describe what your product does -> variate the expression of the function/feature => companies using simlar literal descriptions / ads at the top list / google's input

- play around with quotation marks

- figure out how you'll pitch it -> "one sentence pitch"

4 types of competitors

1. direct - same target, same problem, similar solution, compared with your product

- try to be competitive to these

2. indirect - same problem in different way - target group or solution, larger market

- not losing too many customers

3. potential - not same problem, but similar target group, peripherical

- make sure they can't do it easily

4. substitute - same problem, but remotely same way

- be at least better than these