Market and Opportunity Assessments
Market and opportunity assessments are used to identify opportunities and risks so that businesses can understand the market prior to building or expanding an offering.
Typically, market and opportunity assessment research explores the following:
- Market size and growth
- Segmentation and targeting
- Trends and market drivers
- Key competitors
- Pain points and unmet needs within the market
- Market readiness
- Purchase cycles and purchase history
Why market and opportunity assessments are important
Today's brands are under relentless pressure to stay relevant in an increasingly crowded and competitive market place. In order to be successful, brands need to understand how to connect new products or services with the life of the consumer. By understanding the market and maintaining a consistent awareness of challenges or barriers to entry or growth, businesses have the data they need to build accurate go-to-market strategies and business plans. Typical outputs from a market and opportunity assessment include:- Market sizing and growth projections
- Industry and segment attractiveness assessments
- Competitive Landscape
- Market sizing and growth projections
- SWOT assessment
- Market requirements and barriers to entry
- Go-to-market strategy
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Market and opportunity assessment methods
Market and opportunity research oftentimes uses a combination of qualitative and quantitative methods—depending on the type and complexity of offering, the market being evaluated, and the stage in the assessment process:- In-depth interviews are utilised typically in the early stages and are most useful for very complex products and for gathering feedback from executives or subject matter experts.
- Qualitative techniques such as focus groups and in-depth interviews are used at when there is a need for a broad exploration of potential opportunities.
- Quantitative surveys are used further along the evaluation process when there is a need for concrete numbers for market sizing analyses, business case presentations, or testing market hypothesis.