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Identify your direct and indirect competitors. This can be done by researching companies offering similar products or services in your target market. One useful framework for identifying competitors is the Industry Value Chain, which maps out the various activities involved in delivering a product or service to customers. Here is a link to a guide on conducting an Industry Value Chain analysis
Understanding the market fit of the product is crucial to its success. This can be done by researching the target market, analyzing customer needs and preferences, and evaluating the competition. One useful framework for analyzing the market fit of a product is the Product-Market Fit Pyramid, which helps evaluate the level of fit between the product and the market. Here is a link to a guide on using the Product-Market Fit Pyramid
Once you have identified your target customers, it’s important to analyze their needs and preferences. This can be done by researching their pain points, desires, and motivations. One useful framework for analyzing customer needs is the Value Proposition Canvas, which helps identify the customer jobs, pains, and gains that your product or service can address. Here is a link to a guide on creating a Value Proposition Canvas
Consider which metrics best represent the value your product delivers and how frequently users should be engaging with your product. Are these metrics indicating consistent repeat usage?
Identify the primary platforms where your target users are most active. Are there specific steps in your user acquisition funnel that can be improved through conversion rate optimization or by enhancing the onboarding experience?