market opportunity analysis
WHAT IS A MARKET OPPORTUNITY ANALYSIS?
A market opportunity analysis is research to determine if a business opportunity exists for your idea. Taking the time to conduct a market analysis is a good way to prepare to assess the risk and uncertainty of a potential business opportunity. An opportunity analysis will quantify the attractiveness of a business opportunity. Important research considerations are; the type of new product or service you are introducing to the market and the target customers who most likely to adopt your new idea first!
“Luck is what happens when preparation meets opportunity.” Seneca
HOW DO YOU CONDUCT THE ANALYSIS?
There are two essential tools to help evaluate if an opportunity exists for an established market. The first is a value chain analysis and the second is a stakeholder mapping. A value chain will show you the financial dynamics of a market or complex business ecosystem. A stakeholder mapping shows how entities within the business ecosystem interrelate. A stakeholder mapping will include competitors, potential collaborators and the best path to market. The combination of value chain analysis and stakeholder mapping provide an excellent framework for a market opportunity assessment.
If you are looking to introduce a product or service into a new or emerging market then that is an entirely different scenario … we have firsthand experience going from zero to one in a new market.
WHAT RESULTS CAN I EXPECT?
The result of the analysis is a presentation/report that includes; a short summary of competitors, partners and the business ecosystem structure. You will have a good understanding of the overall business ecosystem dynamics, value chain and potential paths to market. The presentation and report will provide an unbiased assessment to help evaluate risk and uncertainty associated with the opportunity.
- Value Chain Analysis
- Stakeholder Mapping
- Competitive Scan