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The total addressable market (TAM) in product management can be defined as the total revenue opportunity available for a product or service, assuming 100% market share. It's typically calculated by estimating how much of the market could realistically spend on your product. This can be done by looking at the size of the market, the competition, and the potential for growth. It's an important concept in product management as it helps to prioritize features and strategies based on the potential return on investment.
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With this explainer, you'll learn some advanced tools to manage product development like the pros. You'll hear some real-world examples of how these companies weigh the costs and benefits of an upcoming venture, prioritize important features and build delight into everything they create. As usual, you can download this framework to use in your own product management process. Plugin your own data and customize each slide according to your needs.
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How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools...
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