Iterating on existing products or business models, also known as horizontal progress, can also be a viable approach to product development. One of the main advantages of this approach is the ability to build on the successes of pre-existing products or business models. This allows for a more efficient use of resources, as product managers can leverage the existing customer base and market presence of the product.
Additionally, iterating on existing products can lead to steady growth and incremental improvements. By continuously analyzing customer feedback and studying market trends, product managers can make steady improvements to the product, which can lead to increased customer satisfaction and engagement.
Another advantage of iterating on existing products is the ability to quickly adapt to changes in the market. For example, if a new competitor enters the market with a similar product, a product manager who is focused on iterating can quickly respond by making changes to their own product to stay competitive.
However, it’s also important to note that iterating on existing products can also come with its own set of challenges. The high level of competition can make it difficult to differentiate a product from its competitors, and it may be more difficult to establish a strong brand identity. Additionally, there is a risk of becoming too focused on incremental improvements, which can lead to neglecting the potential for breakthrough innovation.