You can think of opportunity scoring … Jason’s approach maps to an existing customer base and product in market, supporting operational necessities as well as thresholds for scoring projected revenue impact. This is why you’ll have to do a competitive analysis and figure out things like the types of products that they’re selling, the methods in which they’re selling them, the areas of opportunity that they’re taking advantage of and the ones that they have ignored or have not seen. Some questions – such as how much someone will pay, and whether a product workflow matches actual business process – may not be truly answerable until a potential customer can evaluate a prototype in their own hands. Let’s say that you’ve come up with a new idea for Christmas lights in which you want to sell to the public. Your workplace is always changing, so the risks to your organization change as well. How to Conduct a Product Opportunity Assessment. Take an hour to fill out the 1-page template for your idea. It is important that the results of the product opportunity assessment be presented and discussed with senior management, and that the company make a clear go or no-go decision on whether to pursue a product to meet this opportunity. (value proposition), For whom do we solve that problem? The world is replete with SWOT mechanisms for evaluating a prospective new product offering, as well as with opportunity assessment templates for … If you want to have a good idea so to who your target customers should be, then you can always make use of methods such as creating customer surveys or even utilizing social media to help you out. The lower the price, the lower the the potential profit per unit. Given the fact that these are Christmas lights, it should be pretty obvious that the only time that these people will think about purchasing them would be winter. The lean startup movement advocates market testing a proposed product idea at a very early stage, learning from that market testing, and then adapting based on the learnings. Opportunity Assessments contain the business problem/value, target market, opportunity size, market options/competition, timing/window, go-to-market strategy, success metrics, success factors, risks/assumptions, and recommendations. If you would like to learn more in regards to how you should do a product assessment or anything similar to the topic, then all you have to do is go through our site, find the articles that have the information you need, and utilize what you have been able to gather to help you and your business out. To make an Opportunity Assessment effective, it must be customized to your sales process. Even if you come up with a good idea for a product that will benefit your business, you won’t be able to start its development if you aren’t able to meet with the requirements. Also, consumers would definitely want a product that won’t break easily as this will just tell them what the quality of the materials that were used in developing the product. How to Tell. Once you’ve figured out your strengths, it’s time to turn that critical self-awareness on … That prototype may be a minimum viable product. Because it would definitely be a bad thing if you found out that all the people that would be potentially interested in your product live somewhere you can’t deliver them to or where they can’t purchase them. The first part of this template covers topics that must always be included – the result will be a 3-5 page document. A few years ago, I started using a technique called Opportunity Assessments as a lightweight way to assess product and feature ideas. Our Solution. Facebook Twitter Pinterest Email. 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