This is my tweet from yesterday, which started a discussion with other IHers.
I realized that one of the important skills I lack as a web developer is understanding and analyzing markets. I don't think I'm paying enough attention to technicalities like: market cap, annual growth, Trends, etc. And the only thing I was focusing on is the competition, which could be very demotivating.
Now I feel like I was shooting in the dark, and trying to build something without deeply understanding the market I'm playing in.
Here are some questions -I think I should have asked before building anything- and as you see I don't know the answers for half of them and I'm not sure about the other half b/c I didn't do any market research 😶
2. What is your market ?
user feedback tools
3. What is your UVP/USP?
Privacy first + open-source
4. What niche are you targeting?
5. What is the market cap?
6. What is the annual growth?
7. Who are the main players?
Hotjar, Fullstory, Canny
8. What is your potential annual revenue and how much is that of the total market size?
Here is my question for you, did you do any market research before building your product? What are your answers to the previous questions? What other important questions should you answer before you decide to build a product?