The Market-Product Risk Profiles tool helps to align strategy with risk
You have a product in the market, and things are going pretty well. You have a strong team of developers, marketers, and salespeople. Your customers are pretty satisfied—although, as with any product, there are many enhancement requests in the queue.
Now your leadership team wants to know what’s next: how are you planning to grow revenue and adoption?
There are infinite options. You could continue to improve the existing product with new features and capabilities; you could build optional components or new similar products; you could build entirely new kinds of products.
Or, you could stabilize your existing product and seek out new personas and new markets.
[Learn more on personas and markets in the online course Fundamentals of Managing Products.]
When considering your options, each unknown factor introduces risk. New product initiatives come with risk. New market initiatives come with risk. The more unknowns, the more risk.
That’s where the Market - Product Risk Profiles tool can help you prototype your product strategy. What is it? Who is it for? Which strategy has more risk and needs more validation?