Market Opportunity Analysis Canvas
When to Use This Market Opportunity Analysis Framework
This market opportunity analysis framework Board is designed for strategic planning stages when a company or founders needs to evaluate new markets for potential entry, expansion or innovation creation.
It is particularly useful when assessing the viability of creating new products or services, entering new markets, or identifying untapped customer segments.
This framework should be employed during the initial innovation planning phase, prior to making any investments in product development or marketing efforts, ensuring that decisions are driven by market factors and not your guts.
If you already have a product, you can also use this to find who can be most benefit from your product and select where to focus all your marketing and sales efforts.
Who Can Use This Market Opportunity Analysis Framework?
Startup Founders & Innovators: Ideal for entrepreneurs looking to validate the market potential of their innovative ideas before committing resources.
Product Managers & Product Marketing Managers: Helps in evaluating the markets and selecting them before commiting to product development resources.
Marketing Strategists: Enables the identification of new customer segments.
Business Development Professionals: Assists in spotting market expansion opportunities.
Decision-Makers in Organizations: Beneficial for C-level executives and directors willing to prioritize new markets to enter.
How to use this market opportunity canvas
Define the markets to analyze with combinations of audience + use case.
Create a market analysis board with the 9 factors to analyze by each market.
Market assessment: The quick way is to execute working sessions with your team to reflect on each of the 9 factors. The right way (market-driven) is to do interviews with your market in order to assess each of the 9 factors.
Factor Scoring: Use the attached excel to score each factor by market.
Prioritize market opportunities with the top-scored segments.
What This Market Opportunity Analysis Board Helps You Accomplish
Using this market opportunity analysis framework you can achieve several key objectives:
Identify your best product/market fit opportunity.
Narrow down your positioning strategy by finding your best market (audience + use case)
Pivot your strategy or reposition by finding the market to target (audience + use case / job-to-be-done).
Understand competitive landscape: Assess the strengths and weaknesses of current and potential competitors to identify market gaps and areas for differentiation.
Understand customer needs and preferences: Gain insights into what customers value, their pain points, and how your product or service can meet their needs better than alternatives.
Make market-centered decisions: Use analysis to guide strategic decisions regarding market entry, product development, and marketing strategies.