Market Research - Sizing the Market
Say you've always thought that donuts should be stuffed with superfoods. You've wondered if there are enough garlic and spirulina lovers out there - but those who are also ok with fried donuts. If these people exist, then cha-ching. If they don't, then you'll join the ranks of the other fantastic-but-fatally-flawed-flops. But how will you know?
Sizing the market is the answer. In this lecture, we'll discuss how to count your strong-stomached-spirulina-and-donut fans and figure out whether they're likely to pay for something which is probably going to make them feel... well... gross.
Covered in this lecture:
- Why you need to know the size of your market.
- The difference between top-down and bottom-up market sizing.
- How to do top-down market sizing.
- How to do bottom-up market sizing.
- How to use Google to find market data.
- Learn about a tool to help you analyze competing website traffic.
- Why Adwords is helpful in market sizing research.
- The benefits of using social media in your research.
Learn more from the full courseBecome a Product Manager | Learn the Skills & Get the Job
The most complete course available on Product Management. 13+ hours of videos, activities, interviews, & more
12:45:06 of on-demand video • Updated July 2021
- Understand the varying role of a Product Manager through different types and sizes of companies
- Decide which type of Product Manager best fits one's goals and personality
- Understand the Product Lifecycle and how it applies to every product
- Understand the modern Product Development Process that both Fortune 500s and Startups adhere to
- Know how to identify ideas worth pursuing and dedicating resources to
- Understand how to get at the root of customer pain points
- Understand and communicate customer pain by type and frequency
- Assess the core problem of a product
- Find and compare competitors and competing products
- Differentiate between Direct, Indirect, Substitute, and Potential competitors
- Understand the process of Customer Development and how it relates to being a Product Manager
- How to find potential interviewees for product interviews, user tests, and exploratory interviews
- How to structure and run a customer interview
- How to model interview questions correctly while avoiding bias
- Navigate the four different types of customer interviews
- Find potential interviewees both internally and externally
- Write emails that will get users and potential customers to respond
- Build user personas based on both qualitative and quantitative data
- Understand the difference between a wireframe, a mockup, and a prototype
- Sketch out a wireframe with just a pen and paper
- Use Balsamiq to create wireframes at an intermediate level
- Use a sketch system called POP for digitizing product sketches
- Create specs for epics and user stories
- Properly apply acceptance criteria
- Run a variety of MVP experiments, such as pitch experiments, redirects, shadow buttons, and more
- Correctly evaluate which product metrics to track and which to ignore
- Apply the AARRR framework to your product
- Apply the HEART framework to your product
- Track your metrics using a variety of software
- Create a product and feature roadmap
- Create a product backlog and properly prioritize features
- Calculate team velocity and build estimations for product delivery
- Understand the difference between Agile and Waterfall development
- Understand the difference between two popular Agile frames: Scrum and Kanban
- Learn software development concepts like APIs, mobile development, Front End, Back End, MySQL, programming frameworks, and more
- Communicate effectively with all the stakeholders of a product
- Communicate effectively with engineers in a way they will appreciate and understand
- Communicate effectively with designers by focusing on the things they care about most
- Communicate effectively with executives and higher-ups
- Understand the role of technology in modern Startups and Fortune 500s
- Understand the basics of "The Cloud" and Servers vs. Clients
- Understand the basics of front-end vs. back-end technology, tech stacks, and how they integrate together
- Understand the basics of APIs, what they do, what they look like, and how your team might use them
- Understand how to obtain relevant experience to set up for a transition to Product Management
- Build a portfolio that will assist in a hiring application
- How to self-brand online and build a following pre-hire
- What to look for in Product Management jobs and what to ignore
- How to apply insider tips and tricks to getting hired as a Product Manager
- Craft a resume that appeals to a hiring manager for Product Management placement
- Ace the Product Manager interview
- Excel beyond getting hired