01. Lesson Intro

Header

Lesson Overview

ND036 C1 L2 01 Lesson Intro

Summary

In this lesson, we’ll cover the following topics:

  • Identifying Opportunities
  • Understanding the Market
  • The Target User
  • Total Addressable Market
  • Creating & Evaluating Hypotheses
  • Creating a business case

Learning Objectives

At the end of this lesson, you’ll be able to:

  • Identify problems that are worthwhile to solve
  • Understand the market through research
  • Identify your target user and build user personas
  • Calculate the total addressable market (TAM) for your product
  • Calculate the return on investment (ROI) for solving a problem
  • Define hypotheses about your product that need to be validated
  • Test your hypotheses by putting them in front of users
  • Understand the components required to build a business case

Glossary

Glossary

Term Definition
Efficiency gain Something that results in a process being less expensive to complete (shorter amount of time, less money, etc).
TAM Total Addressable Market. A measure of the revenue opportunity for a product.
ARPU Average Revenue per User. The average amount of revenue you receive for each user you have, usually measured by year.
ROI Return On Investment. The ratio between the net profit and amount of investment. A high ROI indicates more impact with less effort.
Payback period The amount of time that it takes for a product to recoup the initial investment required to build it
Focus group A small group of people you can present concepts to in order to see how they react. Generally this will be a diverse group of people and you will have specific questions you’d like to get their feedback on.
Target User A representation of a group of users with shared characteristics.