As you gather information about your market and form a strategy around how to expand your product, you want to think in terms of Hypotheses and key questions. These will help you prioritize, clarify, and structure the information you collect, while also illustrating where more work needs to be done.
Hypotheses (Tops down approach): What presupposed conclusions do you believe to be true, based on what you know about the space you're working in or what you are seeing in the data? This could be based on numerous sources - your understanding of other things happening around your company, things you've heard from your users, notes you've read, or things you did in previous positions at other organizations - but your hypotheses should be focused on the "so what". It's important to state your hypotheses so you can prove or disprove them with data and research.
Key Questions (Bottoms up approach): Should be based on what's missing from or unclear in the dataset that you're working with. What do you need to understand that the numbers aren't revealing? What trends do you need to dig deeper on? Questions sometimes drive you towards proving or disproving a hypothesis, but they don't need to.