PHASE 1: MARKET INTELLIGENCE
Validate the needs of your market so your products can achieve a competitive advantage.
Every day, products that are seemingly great ideas are launched. Often, they either don’t meet user expectations, or simply fail. The potential causes are plentiful: not having the right market intelligence to understand what the market problem is that you are solving, who the players are, what features are critical to the customer, the market size and if it is growing, or who are the users and buyers. With the right market intelligence program, these areas are monitored on a regular cadence to understand what is happening in the market, to identify the emerging trends, and to provide insights on how products can be successful.
1. New product launches always meet first year objectives.
2. Using a research-based approach, you understand the problems the marketplace is trying to solve.
3. You adhere to a disciplined selection process and are confident you have the solution customers want.
4. Using a research-based approach, you have identified the users of the product and their use cases.
5. Using a research-based approach, you have identified the buyers of the product.
6. You know the features that are important to the target customer based on direct customer feedback.
7. Using data-driven models, you have identified the markets/verticals/industries where you will compete and win.
8. Based on industry trend analysis and market research, you understand the market growth rate.
9. You know the competitors in the space and study their go-to-market strategies in detail.
10. You study the strengths and weaknesses of the competitors and understand why customers buy their solutions.
• Total Available Market (TAM)
• Market Growth Trend Analysis
• Market Listening Process and Cadence
• Competitive Analysis
• Buyer/User Needs Analysis
• Feature Gap Analysis
• Innovation Pipeline and Review Process