Market Analysis and Competitors | Product Management

Sizing the Market

Let’s reach out how to figure out the size of the market that we getting into

We have 2 common approaches to thinking about the market size

1. Top Down
2. Bottom Up

Top Down:

Top-down market sizing starts by looking at the current market as a whole, taking a macro view of all the potential customers and revenue, and then narrowing it down to a section you can realistically target.

• Based on finding the total market and then estimating what your share of that market is
• It’s a more oprtimistic approach

Bottom Up:

Bottom-up market sizing, on the other hand, is where you start with your own product and the basic units of your business and work out how you can scale them. Where can your products be sold, how much for, and how much of the current market could you command? You start small and build up to the result.

• Based on thinking about the current sales of similar products and estimating how much of those sales you can capture
• It’s a more realistic approach
• We can use platforms, tools and techniques like Google AdWords Keyword Planner, Twitter, Reddit for figure out the size of the market that we getting into

Introduction to Finding Competitors

We need to know how to collect information on our competitor and make a judgement on what that means for our product.

If we go into a market with a lot of competitors, we need to analyze them before tackling that opportuniy.

If we go into a market that seems to have no competitors, we have to know what is the reason for that — there might be no customer demans, or maybe you actually have a brilliant idea.

As a PM, we are in charge of feature triage

• The feature we choose to build have to
• Get more users
• Make users happy
• Enhance the brand

We can’t make decisions untill we know what our competitors look like, what they are doing, and what they currently offer.

Finding Competitors as a PM

The main methods we can use to search for competitors is:

• The most important thing is capture. We need to record every competitor that we find.
• List our competitors under two categories

These categories are;

1. Known
2. Unknown

Known

• If we work in a company, we should already know who are the biggest competitors we have. These competitors are the known competitors

Unknown

• These are competitors that might not be that obvious
• In order to find them, first we have to figure out what problem our product solves and for whom

Use the following 3 techniques to find them on Google:

• Channel the type of user
• Keywords
• Search for exact phrases using quotation marks

Note : These are the notes that i wrote while i learning product management