IDENTIFY MARKET OPPORTUNITY

Identify market opportunities by mapping out a customer development plan, conducting user research, achieving Product/Market and Problem/Solution Fit, performing Funnel Analysis, sizing up the market and the competition, and determining potential risks to mitigate them.

Customer Development
Build and strengthen a customer development plan that will complement product development and validate the business model.

User Research
Evaluate different methods in conducting customer discovery and determine the problem that the core product/service aims to solve.

Product/Market Fit
Describe the action plan in achieving Product/Market Fit, including formulating a hypothesis, testing out the MVP, studying sales figures and refining assumptions, until a scalable model is reached.

Problem/Solution Fit
Achieve Problem/Solution Fit by determining whether the product/service truly solves a problem experienced by customers.

Funnel Analysis
Identify business activities needed through analytics, surveys, customer interviews and landing page conversions, in order to convince customers to buy the product/service.

Market Sizing
Understand the market potential of the product/service by utilizing business research and qualified estimations.

Competitive Analysis
Assess and analyze competitors to determine the best market positioning and pricing for the product/service.

Risk and Assumptions
Create a comprehensive list of potential risks and assumptions linked to the product/service, and establish strategies to lessen the impact.