Market research is crucial for understanding customer needs, identifying market trends, and analyzing competitive landscapes. This information enables product managers to make informed decisions about product features, positioning, and strategy, ensuring that the product aligns with market demands and maximizes its potential for success.
What is your role?
Data Collection and Analysis: Gather and interpret data from various sources to understand market trends and customer preferences.
Competitive Analysis: Evaluate competitors’ products, strengths, and weaknesses to identify opportunities and threats.
Strategic Decision-Making: Use insights from market research to guide product development, marketing strategies, and overall business decisions.
Common Terminology
Efficiency gain: Anything that results in a process being less expensive to complete
TAM: Total Addressable Market, which is a measure of the revenue opportunity for a product.
ARPU: Average Revenue per User which is the average amount of revenue you receive for each user you have, is usually measured by year.
Assignment Task
You are now the Product Manager for a tech startup developing a new mobile application in the health tracking space. The application helps users monitor their daily health metrics ( steps, heart rate, etc. )
Review the Health tracking industry and understand who the main competitors are. Understand their business and their offering.
Understand how the market currently operates - pricing models, revenue, customer base and so on. Make a small report with this analysis.