Design your next product like a competitor would

In one of my previous posts, I emphasized that you need to get your product out-the-door.  It's also important to have a product roadmap, as stated in this previous post.  So after you get that first product out, what should your next product look like?  Here's one answer, or at least an exercise you should do.  Pretend you are your competitor, looking at that first product.  What features would you add or change to make a compelling competing product?  Now, consider that product to be our next one.