Types of Bets 🎲
There are several types of bets that product teams can make to explore different directions and opportunities. Each type of bet serves a unique purpose in guiding product strategy.
1. Solution-Focused Bets
Solution-focused bets are tied to specific product features or functionalities aimed at solving known issues or enhancing the user experience.
2. Opportunity-Focused Bets
Opportunity-focused bets are about exploring new market segments, targeting emerging customer needs, or addressing areas that competitors are not covering.
3. Strategy-Focused Bets
Strategy-focused bets align with the company’s long-term goals, such as entering a new market or investing in new technology.
🧩 Did You Know? Strategy-focused bets often require the most resources and come with higher risks, but they can lead to significant breakthroughs.
Conclusion
Choosing the right type of bet allows product teams to strategically allocate resources and maximize potential impact.