03. Understanding the Market
Header
Understanding the Market
ND036 C1 L2 03 Market Overview
Recap
Understanding the market is critical to building successful products. Some markets are better than others. And some products do a better job than others. You’ll want to make sure that your product satisfies the needs of the market.
Product market fit quiz
SOLUTION:
TrueQUIZ QUESTION::
Match the scenarios to things that represent product/market fit or no product/market fit
ANSWER CHOICES:
|
Scenario |
Fit |
|---|---|
Product sells itself |
|
Slow growth |
|
Hard to keep up with demand |
|
Press wants to interview you |
|
No word of mouth |
|
No press buzz |
SOLUTION:
|
Scenario |
Fit |
|---|---|
|
Slow growth |
|
|
No word of mouth |
|
|
No press buzz |
|
|
Slow growth |
|
|
No word of mouth |
|
|
No press buzz |
|
|
Product sells itself |
|
|
Hard to keep up with demand |
|
|
Press wants to interview you |
|
|
Product sells itself |
|
|
Hard to keep up with demand |
|
|
Press wants to interview you |
|
|
Product sells itself |
|
|
Hard to keep up with demand |
|
|
Press wants to interview you |
|
|
Slow growth |
|
|
No word of mouth |
|
|
No press buzz |
|
|
Slow growth |
|
|
No word of mouth |
|
|
No press buzz |
|
|
Product sells itself |
|
|
Hard to keep up with demand |
|
|
Press wants to interview you |
Markets
Size, growth, and cost of acquisition are factors to consider
Summary
Understanding the market allows you to focus on solving the right problem. Keep in mind that some markets are better than others.
- Size: How many people have this problem?
- Growth: Is the size of the market increasing?
- Acquisition: How much does it cost to acquire customers?
To better understand the market, you’ll want to talk to your users and customers. But before you do, you can look at some of these things to get more familiarity with the market:
- Online research
- Headlines & News
- Similar products
- Trends
- Mary Meeker’s Internet Trends
- Google Trends
further research