From the course: Product Management: Building a Product Strategy
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Determine the product differentiation
From the course: Product Management: Building a Product Strategy
Determine the product differentiation
- [Presenter] The last blank in the elevator pitch framework asks us to identify our single most important differentiator. That's the one thing we like our customers to consider is unique to our product. Customers are going to consider several options and alternatives and decide between them. A few of them may provide a similar key benefit. That makes sense if you think about it. If a product doesn't provide a key benefit that's expected, would it really be considered a viable option? So if there are several products that make it to the finish line and they have a lot in common, how would the customer decide between them? That's where differentiation comes in. A differentiator is not necessarily the most important feature or benefit of the product. It should certainly be something customers care about but this isn't just about creating more value but rather about standing out. You need to help your product break through…
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