From the course: Product Management: Building a Product Strategy
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Add competitors and alternatives
From the course: Product Management: Building a Product Strategy
Add competitors and alternatives
- The second sentence of the Elevator Pitch Framework is about competition and differentiation. To start, we're asked to identify the relevant competitors. This may seem trivial. It's usually pretty straightforward to identify similar products or companies in the same space. But there are some pitfalls you should be aware of. It's easy to miss some important alternatives if you don't take the right approach. To understand the right approach, first ask, why is it important to take into consideration competitors as you form your product strategy? Well, it figures into the customer adoption decision. In other words, your target customer will consider the benefits of your product against others that offer similar benefits. They'll also compare the costs in other aspects of your product as they decide whether to adopt any product. So, understanding the consideration set or the options available to your target customer is…
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