Product opportunity assessment
Why do a product opportunity assessment?
- Prevent organizations from wasting time and money.
- Understand what is necessary for success.
There are ten core questions in a product opportunity assessment: [1]
1. Value proposition
What exact problem will this solve?
This should be a clear and crisp statement. Do not list a bunch of features and capabilities.
2. Target market
For whom will we solve this problem?
3. Market size
How big is market for this opportunity?
Be conservative. Not every opportunity needs to be a billion dollar market.
4. Competitive landscape
What alternatives already exist?
5. Differentiator
What makes us best suited to pursue this opportunity? (Your moat is your key differentiator)
6. Market window
Why now?
7. Go-to-market strategy
How will we get this product to market? How will the product be sold?
8. Metrics
How will we measure success?
9. Revenue strategy
How will we make money?
10. Solution requirements
What special needs or requirements were discovered during investigation?
Again, this not a list of features. What dependencies or constraints exist? Are there any branding or partnership requirements?
Related
Dan Hulton. “Evaluating Modest SaaS Business Ideas.” Greater Dan or Equal To, 10 Apr. 2021, greaterdanorequalto.com/evaluating-modest-saas-business-ideas/. Accessed 14 Apr. 2021.
Marty Cagan. “Assessing Product Opportunities | Silicon Valley Product Group.” Silicon Valley Product Group, 13 Dec. 2006, svpg.com/assessing-product-opportunities/. Accessed 23 May 2019.↩︎