New product landscape analysis at Connected
Contributed by: Sachin Rekhi
Situation: We had an idea for Connected, a personal relationship manager for sales professionals. We were in the process of outlining our initial product strategy for the company and pressure testing it before building an MVP.
Purpose: As part of our initial ideation, we needed to understand what else was out there in the market and what we could learn from them. We decided to orient this exercise around the big categories of risk in our product strategy. We used this artifact to document what we learned along the way and share among our small working team.
What we did after: Based on this analysis, we identified some serious business model risks (since we had trouble identifying competitors that had been successfully able to monetize their products) and growth strategy risks. Therefore, we focused our next validation efforts on trying to figure out these two parts of the puzzle. In particular, the business model risks were urgent because our planned solution would be expensive to maintain.