【241129】What I have learnt today

Summary of What I Learned Today from Reddit and Mind the Product

Ⅰ. The Four Quadrants Rule of Demand Analysis

1. Core and Important
   • Essential and high-priority needs.
2. Important but Secondary
   • Important but less urgent needs.
3. Icing on the Cake
   • Nice-to-have features that enhance the experience.
4. Not Needed at the Moment
   • Needs that can be deferred for now.

Ⅱ. Competitor Analysis

Steps to Identify Competitors (Select Up to Three):

1. Similar Users
   • Competitors targeting the same user group.
2. Similar Market Shares
   • Competitors with comparable market influence.
3. Similar Reviews
   • Competitors with similar customer feedback trends.
4. Similar Technology
   • Competitors using comparable technologies or features.

Ⅲ. How Behavioral Economics Can Improve Product Strategy

Using the Octalysis Framework:
The framework identifies eight core drives influencing user behavior:

1. Epic Meaning and Calling
   • The motivation to achieve a sense of purpose.
2. Development and Accomplishment
   • The drive to grow and succeed.
3. Empowerment of Creativity and Feedback
   • Encouraging creative expression and responding with feedback.
4. Ownership and Possession
   • The desire to own or feel responsible for something.
5. Social Influence and Relatedness
   • The impact of social connections and relationships.
6. Scarcity and Impatience
   • The effect of limited availability and urgency.
7. Unpredictability and Curiosity
   • The appeal of surprises and curiosity.
8. Loss and Avoidance
   • The motivation to avoid potential losses.