What are the best ways to identify and evaluate new market opportunities as a product planner?

1 Understand your value proposition

The first step is to define and communicate your value proposition, which is the unique benefit that your product or service offers to your target customers. Your value proposition should answer the question: why should customers choose your product over others? It should also be aligned with your business goals and strategy, and reflect your market positioning and differentiation. A clear and compelling value proposition will help you identify and prioritize the markets that are most likely to appreciate and pay for your value.

2 Conduct market research

The next step is to conduct market research to gather and analyze data about the size, growth, trends, needs, preferences, and behaviors of your potential markets. You can use various sources and methods of market research, such as secondary data, surveys, interviews, focus groups, observation, experiments, and testing. The goal of market research is to understand the problems and opportunities that exist in your markets, and how your product or service can solve them or create value for them. You should also identify and evaluate your competitors, their strengths and weaknesses, and their market share and positioning.

3 Segment and target your markets

The third step is to segment and target your markets based on the criteria that are relevant and important for your product or service. Market segmentation is the process of dividing your markets into smaller and more homogeneous groups of customers that share similar characteristics, needs, or behaviors. Market targeting is the process of selecting the most attractive and profitable segments that you want to serve with your product or service. You can use various bases and methods of segmentation and targeting, such as geographic, demographic, psychographic, behavioral, or value-based. The key is to choose the segments that have a high demand and willingness to pay for your value proposition, and that are accessible and reachable by your marketing and distribution channels.

4 Validate and test your assumptions

The fourth step is to validate and test your assumptions about your markets and your product or service. Validation and testing are essential for reducing the risk and uncertainty of launching a new product or entering a new market. You can use various tools and techniques to validate and test your assumptions, such as customer feedback, prototypes, minimum viable products (MVPs), landing pages, beta testing, or pilot projects. The goal of validation and testing is to learn from your customers, measure their responses, and iterate your product or service based on their feedback and data. You should also monitor and track the key performance indicators (KPIs) that measure the success of your product or service in your markets.

5 Evaluate and prioritize your opportunities

The final step is to evaluate and prioritize your opportunities based on the potential and feasibility of your product or service in your markets. Evaluation and prioritization are important for making strategic decisions about which markets to enter, when to enter, and how to enter. You can use various frameworks and models to evaluate and prioritize your opportunities, such as SWOT analysis, Porter's five forces, BCG matrix, Ansoff matrix, or scorecards. The goal of evaluation and prioritization is to compare and rank your opportunities based on their attractiveness and suitability for your product or service, and to allocate your resources and efforts accordingly.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?