2. Market size analysis
Two approaches:
• Top down
Based in finding the total market size then estimating your share of that
market. Optimistic approach
• Bottom Up
Based on current sales of a similar product and estimating how much
you can capture. Conservative approach
Tools:
- Adwords keyword tool
- Alexa/ Compete / Similarweb
- For apps Appannie or sensor tower
- Google/Twitter/Reddit
3. Finding your competition
• 1st step is knowing how to collect info on your competitors
• Is the market loaded with competitors?
• No competitors? Why ?
As a PM you’re responsible for feature triage:
• Get you more users
• Make your users happy
• Enhance your brand
To decide you need to know what you’re competitors look
like and what they offer.
4. How to find competitors
• Google brand vs. to make a list
• Put them in a known and unknown categories
• Look at quora and reddit for customer
complaints/issues/feature requests for each
• Find unknown by 1st asnwering the problem your product
fixes and for whom ?
• Google terms users would complain about this problem
• Search big sites by using site: on quora, yahoo answers, reddit
• Search for what your product does
5. The 4 types of competitors
1- Direct (our biggest concern)
Targets the same users and fixes the same problem
2- Indirect
Solves the same problem but in a different way, different
target users.
3- Potential
Offers something to the same target users but don’t
address the same problem.
4- Substitute
Solves the same problem but for a different target user and
delivered in a different way. Users could substitute your
product with theirs.
6. 5 criteria to understand competitos
#1 The product core team
#2 The size of their user base
#3 The design and UX
#4 The brand
#5 Speed
7. Feature tables
• Determine how competitive you are before launching
• Features and factors, figure them out.
9. Monitoring you’re competitors
Keep track of the following important factors
#1 Funding $$$$
#2 Acquisitions
#3 New features or product launches
Mention.com and/or Google alerts