We have been asked by a client to help them determine the next growth opportunities for their product offerings. For this particular client, they are not just looking for incremental revenue opportunities, but game-changing opportunities.
Here’s the three-phase approach we’re going to use. I recommend this for any company facing the same challenges …
Establish the criteria by which you will make a decision. Why do this? Because too many decisions are made by the person who has the most passion, or the most influence or the biggest title. By focusing on the criteria as the very first step, you will be assured of a rational, fact-based decision-making process.
Hypothesize potential market opportunities and immediately test them against your criteria. Start as broadly as you possibly can and encourage brainstorming for “out there” ideas.
Because Phase 1 is based strictly on “inside” knowledge and current thinking, it is very dangerous to assume that it’s good. Instead, we recommend reaching out to industry experts and analysts to expand upon the potential market opportunities.
Then, scour all existing research via free and purchased information to begin building a fact base upon which to make decisions.
You will likely eliminate and add some market opportunities as you begin gathering information and testing them against your criteria. You will end Phase 2 with a more comprehensive view of your market opportunities, in priority order. See the chart below.
click to see larger image
With the prioritized list of market opportunities, you can now decide how many you want to examine in detail – and decide how deeply you want to investigate each market opportunity.
You have established a platform for driving primary research into each potential market. For more information see the right hand side of http://jobfunctions.bnet.com/Marketing/Market+Research/? on market research. By spending quality time on Phases 1 and 2, you can greatly control the budget for the work to be done in Phase 3, and the information you really need to drive your final decisions.
(Rick Sklarin was a contributor to this blog entry).
Glenn Gow is an expert in marketing performance, Coach, Board Advisor, Author, Speaker, Podcast Host and Founder & Advisor of Crimson Marketing. Follow me on Twitter, LinkedIn, Google+. To get a free copy of Crimson’s One-Page Marketing Metrics Funnel, visit here.