Simply put: how big is the opportunity? To be clear, we do not have an investor mindset. So we tend to be more concerned about how our clients are going to find one customer - Stranger One. But we want to make sure the client understands how big the opportunity as a means of informing pricing and investment decisions.
Any new business that is not an internal business application. If it is an internal business application, there still might be a need to perform this activity if client is considering "productizing."
This tends to be one of the more subjective activities as figuring out market opportunity can be littered with assumptions. That said, the value for the client is not just understanding the business potential, but in the context of the Lean Product Discovery Workshop, it is a way of defining a customer segment. That is critical in figuring out who we want to interview during discovery.
1. Google your ass off. In this scenario, it may be worth purchasing industry reports and other business intelligence resources if needed.
2. The goal is to basically figure how many [X] there are, how many of those can you reach, and how much can earn from each one. Simple right!
3. Focus heavily on what [X] is. And not just how many, but the specifics of [X]. Instead of saying "doctor's offices," say "single physician practice." Or something along those lines. The more specific you are here, the more clearly we can define the problem space.
4. Our template consolidates these points into one snapshot.
2-3 hours but varies depending on the space. Ongoing work required.
https://docs.google.com/document/d/1nHi2LuH_BWyo-O...