Opportunities abound in this world of ours! The challenge is to select and focus on the ones that will yield the desired result. However, what is the desired result for the company?
Does it result in revenue generation, cash flow, or profit, or does it represent tangible, long-term growth for the company, strategic positioning, and operational requirements? Is it achievable, desirable, and agreed to? You need to know your customer, your target market and the competition as a product manager do as extensive research vetting out which one you want to pick
Develop What’s the STRATEGY – One Time Hit or Steady Game?
What makes you think that this product would take off?
Few products can succeed as a one-time hit without a subsequent market and product development. It simply puts the organization in a market position that is not defensible. But having said that a single success can not and will not remain in the market for very long uncontested, someone would copy the product add some new features and “RISE OF COMPETITION”, thus necessitating the need for continued development as I think both Innovators and Infringers have their own space, and both are creative in some sense or the other, Most of the new startups in India have been exact or similar to startup’s in the US, whether it was #Flipkart or #OYO rooms, still creative enough to make an impact.
DELIVER – HOW DO YOU HOOK THE PRODUCT IN THE MARKET?
Every product has a distinct marketing feature, as a salesman you would never go to the customer and tell them that our product is exactly the same as the other, You would say it’s similar, but has this more functions, cost less, easy to use etc. etc. are all product design tactics designed to make the product more marketable.
Need to find the HOOK, that generates sales and deliver Return on Investments (ROI).