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Category: Business Strategy
Tags: agilityentrepreneurshipinnovationmarketstrategy
Entities: MarkMarket Opportunity NavigatorSharon
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entrepreneurs and innovators are trained to run fast but are you running in the right direction hi I'm mark and I'm Sharon and we have designed the market opportunity vagator to support you in this major strategic choice we invite
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you to join us and take a look on how this navigator can help you reap the greatest benefits from your commercialization efforts the market opportunity navigator is designed to help you master your market opportunity choice it offers three steps for
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discovering and strategizing your most valuable market opportunity so what are the three steps first you search broadly in order to understand which market opportunities exist for you the outcome will be your market opportunity set second you assess deeply to understand
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which market opportunities are most attractive for you the outcome will be your attractiveness man at third you're gonna strategize smartly in order to understand which market opportunities to focus on the outcome will be your folk agile focused dartboard so based on
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these three steps we have designed three dedicated worksheets that lead to three important outcomes you can then depict these outcomes in a visual manner so the choice becomes more apparent so let's briefly go over these three steps of the market opportunity cater first the
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market opportunity set exactly this is the set of potential market opportunities that you can address with your core resources and abilities it can be related to different needs for different types of customers and why is this important well market opportunities
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can vastly differ in their attractiveness having a set of options can help you choose the most promising opportunity and also provide the basis for Plan B or for unlocking your growth opportunities in the future exactly
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worksheet 1 will guide you through this process it starts with a delinking step to examine your own resources and capabilities in a more fungible way detached from the products that you may have already envisioned this is then followed by a real inking process where
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you try to combine your core abilities in different ways in order to discover different applications for different sets of customers soit's delinking and re-linking and the outcome is your market opportunity set which can be depicted on the navigator using sticky
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notes to represent each opportunity the second step is the attractiveness map so what is an attractive market opportunity it's one that has high potential and little challenge of course you know so with this tool you're going to depict each individual marketability
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on the matrix and try to visually understand the upsides and downsides and then be able to compare their overall nature so why is this so important because market opportunities differ in their potential you want to make an informed decision about this very
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important choice that you're engaging in in venture creation or in the innovation process so ultimately you rely less on intuition and suffer less from your own biases to evaluate each market opportunity in a structured and clear manner with design worksheet - that will
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guide you through this process the Left column guides you how to estimate the potential of a market opportunity it is comprised of three different factors that can then be combined to an overall potential rating the right column of worksheet to guides you how to evaluate
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the challenge dimension once again it is comprised of three different factors which you can then combine to an overall challenge rating once you assess the attractor have a few market opportunities and rate each option based
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on its potential and its challenge you can then locate them on the attractiveness map here in the middle this is the outcome of step two the third step is your agile focus dartboard yes the dartboard depicts your agile
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focus strategy it clearly defines the opportunities that you will pursue now and know that you will keep open as backup or future options so why is this important well the agile focus strategy allows you to mitigate your risk and
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increase your value without losing your focus and that's how you can avoid a potential fatal locking so finally worksheet three helps you to design your agile focused strategy specifically once
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you choose your primary market opportunity it will assist you in finding the best backup options and growth options based on the attractiveness and their relatedness to your primary opportunity you will then need to decide how much effort you want to invest in these options will you
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pursue them now in parallel to your primary opportunity keep them open or simply place them in storage for potential future use the result of this process is your agile focused strategy which can then be depicted on the agile
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focused dartboard on the right side of the sheet overall you can think of this as being a white-line strategy that has significant implications for how you build your resources and capabilities and also for how you design your venture so whenever you need to think about your
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strategy either for the first time or when navigating your pivot or your growth move apply the navigator to set your strategy ultimately it will help you to make sure that you're running in the right direction and remain agile while doing so as a final note don't
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forget that this is a learning process and the navigator is actually your learning companion it helps you to ask the most important questions before making such a profound decision so appreciate the process and not just the outcome test your assumptions and turn
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them into knowledge as you evaluate your market opportunities make the process as iterative as possible and debate with your peers and your stakeholders as much as you can so ultimately make the market opportunity navigator a habit to reap the greatest benefits from the from your
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commercialization efforts good luck