Product benchmarking and the state-of-technology check

As an integral part of the Product Vision stage, we conduct thorough research of the competing products to find out what successful ideas can be borrowed and to develop a clear product differentiation strategy. At the same time, the Tech Lead of your future team checks the relevant technology frontiers. This is vital for three reasons: to make sure the idea is technologically feasible, to propose the optimal technology stack and solution architecture and not to miss the opportunity to improve the idea by discovering new possibilities.

The most important benefits of involving a Product Manager from the concept phase of your project are accelerated learning about Customer and Marketplace and continuous product improvement.

The Concept Phase is when the business opportunity undergoes thorough examination and validation before entering the crucial stages of significant capital and labour investment into the idea. It typically comprises the clear articulation of the following elements:

  • Customer identification
  • Customer unique value proposition and the corresponding business case
  • Market size and growth potential
  • Potential revenue models
  • Industry and stakeholder analysis
  • Initial engagement and feedback from value chain – users, customers and stakeholders
  • Critical success factors and high level risks
  • Barriers to entry