What Is Market Opportunity Navigator And How Does It Work?
But What Is Market Opportunity Navigator?
It is a three-step visual process that is easy to implement. The Market Opportunity Navigator helps businesses develop a clear view of any potential market suitable for their innovations. It helps companies to make confident decisions and put together an Agile Focus Strategy.
The process helps you discover potential markets, assess their appeal, and choose where to focus your attentions. It helps you to ask the right questions and make the best choices for your business. Using Market Opportunity Navigator is a structured process for discovering, evaluating, and selecting the right market for your innovations. It assists you in examining and developing your strategy to help plan your roadmap for the future.
The Market Opportunity Navigator also helps to identify an effective plan B and new growth options on your innovation journey.
How Does It Work?
Choosing your market too early could lead to inferior results if you do not take the time to consider all of your options. So, how do you use Market Opportunity Navigator?
There are three steps to the process:
- Identify a portfolio of market opportunities based on an understanding of your core capabilities, technologies, and unique abilities.
- Reveal the most attractive domain by evaluating the potential and challenges of each option.
- Prioritise your market opportunities smartly to set the boundaries for your lean experimentations.
Our certified consultant Peter will use three worksheets to help tackle each of these steps:
- Helps to generate your market opportunity set – this helps you have a wider view and look at all the prospective markets where your innovations can provide value.
- Teaches businesses how to evaluate market opportunity attractiveness by analysing each market’s potential and challenges, comparing which would be most beneficial for your business.
- Looks at designing your Agile Focus Strategy. After you have selected the best market to focus your effort on, it helps you understand what your back up and growth options are, mitigating risk of failure and keeping you agile.
Market Opportunity Navigator is a great tool for your business and will help you maximise the opportunity from your innovations and if you want to take advantage of it, check out What We Offer. To find out more about the importance of innovation and the different options available to you have a look at our Innovation page.