From the course: Product Management: Building a Product Strategy
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Choose the market category
From the course: Product Management: Building a Product Strategy
Choose the market category
- Now, the next item we're going to look into on the elevator pitch framework is often misunderstood and underestimated. Market category may seem straightforward, but it can be quite tricky to identify. It's really important to consider this one carefully, because it goes to the core of how customers are going to think about your product. Let me take a step back and explain why this is so important. Before customers adopt or buy your product, they have to understand what it is. Most of us make sense of things by categorizing them and comparing them to things we already know. So which of the following two sentences is easier to understand? One, Beats is a high-end headphones similar to Bose, or two, Beats enables a great audio listening experience for individuals? With or without your help, customers are going to put your product in a category they understand and compare it to alternatives they already know.…
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