The decision of whether to focus on building a product from scratch or iterating on an existing one is not a simple one, and there are a number of factors that can influence a product manager’s decision. Some of the most important factors to consider include the stage of the product’s life cycle, the resources available, the market trends, and the goals of the business.
The stage of the product’s life cycle is an important consideration when deciding whether to build or iterate. In the early stages of development, it may be more important to focus on building new features to attract users. However, as a product becomes more established and has a larger user base, it may be more important to focus on scaling and expanding the reach of the product.
The resources available are also a significant factor in the decision of whether to build or iterate. Building a product from scratch can be a costly and time-consuming process, and it may not be feasible for a business with limited resources. In contrast, iterating on an existing product can be more cost-effective, as it allows a business to leverage existing resources and infrastructure.
Market trends are also an important consideration when deciding whether to build or iterate. If a product manager believes that there is a gap in the market that can be filled by a new and innovative product, building from scratch may be the best approach. However, if the market is already saturated with similar products, it may be more advantageous to focus on iterating and differentiating the product from competitors.
Finally, the goals of the business will also play a role in the decision of whether to build or iterate. A startup or new business that is looking to establish a strong market presence may be better served by building a product from scratch, while an established business that is looking for steady growth may be better served by iterating on existing products.