Kellogg PM: Week3 product opportunities
Product Opportunities comes from hypothesis testing
This week, I learn product opportunities which I feel like it’s the same as business opportunities. We try to identify customer problems that we could solve, we seek understanding of users from user context, problems they have, and what we could do to resolve it. You can think of this process as exploratory research of opportunities.
The opportunities start as assumptions, this course introduces JTBD framework or Jobs-To-Be-Done to draw a clear picture of what customers want to get done. We then apply this as a sense check to our solution or current solution or workaround they have. Mission to search for product opportunities for me is the same as searching for areas where we can utilize our capability to create an impactful outcome for them.
Compared to MIT disciplined entrepreneurship, this should be in step 1 “Market Segmentation” or in Value Proposition Design book. We try to wear the same shoes as customers standing in their position to feel what they feel, to hear what they hear, to know what is their fear, and what they deeply desire to get it done.
Getting into customers’ situations is one thing, being able to find the simplest way to resolve it is another. Once we know where the opportunity is then we proceed to the next step.
- Product Opportunity — We mainly focus on customer problem in customer domain. We are looking for pitfalls customers have within the current product, process or even untapped area. Simply by visualizing importance to customer as x-axis and satisfaction with current approach as y-axis. Both axis range from 0 to 10, we could create a total score equal to satisfaction plus importance and determine opportunities from this chart.
- Job-To-Be-Done framework or JTBD — This framework guide us to solely focus on the outcome not the product because at the end of the day we all know customers does not buy product. They are in the search for solutions to complete their jobs either functional or emotional.
- Product Opportunity assessment- This framework helps companies to assess product opportunities on whether it’s worth investing in or not. This is created by Marty Cagan. I got this framework from this link.
Product Opportunities Assessment
This framework is valuable no matter if the product is strategic or not, it’s worth validating and getting a sense of what we are trying to do.
- Exactly what problem will this solve? (value proposition)
- For whom do we solve that problem? (target market)
- How big is the opportunity? (market size)
- What alternatives are out there? (competitive landscape)
- Why are we best suited to pursue this? (our differentiator)
- Why now? (market window)
- How will we get this product to market? (go-to-market strategy)
- How will we measure success/make money from this product? (metrics/revenue strategy)
- What factors are critical to success? (solution requirements)
- Given the above, what’s the recommendation? (go or no-go)
- Assessing Product Opportunities
- Screening Opportunities, Karl Ulrich, Wharton School of the University of Pennsylvania
- Assessing Product Opportunities, Silicon Valley Product Group
- A Framework for Evaluating Product Opportunity
- Finding Product Opportunities with User Research
- Choosing the Right Opportunities
- Is It Real? Can We Win? Is it Worth Doing?
- 8 Things to Use in “Jobs-To-Be-Done” Framework for Product Development
- Hosting on Airbnb: https://www.airbnb.com/resources/hosting-homes/g/discovering-the-world-of-hosting-2
- Ask superhost for guidance on Airbnb hosting