How do you identify new opportunities and gaps?

> engage with customers to hear their unmet needs and pain points. Immerse yourself in their experience > industry trends and emerging innovations; white space opportunities > market data and segment users to reveal underserved niches > examining capabilities systematically to pinpoint strengths you can leverage in new ways > the competitive landscape for gaps left unfilled by rivals > brainstorm with cross-functional partners to gain diverse vantage points on possibilities > global markets and regional differences that present expansion runways > a formal opportunity identification process, not just ad hoc efforts

1. Understanding the pain point of the customer is key, thus catering to their needs. 2. It also helps you identify your USP by questioning what their pain is and how I can solve it? The answer to this question is nothing but your USP

In plain language - truly listen. This is often overlooked these days, we are so concerned about gathering data on the consumer that we have dehumanized their needs. Successful product marketing hinges on an intimate emotional connection.

Talk with your current AND past customers. Talk with your lost prospects. It’s actually quite simple, yet most companies seem to be afraid to approach them.

One of your key goals is to identify your target group and understand what you product / service and what makes your product / service unique.

One way to do this is to act like a consumer and do broad Google searches. Start the customer journey at the competitors websites and learn where they focus on, what makes them unique.

Once you've identified the pain points, check if there is any one in the ecosystem who is trying to solve this problem. If yes, can you offer a better solution. If not, then please exit. If yes, then move on to the next step.

The German Philosopher Author Schopenhauer said "Talent is the ability to hit a target others cannot hit. Genius is the ability to hit a target others cannot see." Ultimately, we should be looking for what others cannot see. Keeping an eye on industry trends and policies in your own industry is key, but I have found many times that the magic in finding white space is looking at what is happening in other industries just outside our defined boundaries and seeing the connections. This is when things get really messy and it is the beautiful space of innovation and creativity - "the target others cannot see".

Examples from the pharma industry: 1. Conduct A/B tests on marketing messages and campaigns targeted towards KOLs and consumers. For example, test two different sets of marketing materials (brochures, emails, ads) with different value propositions and messages to see which one resonates better with the target audience. 2. Collect and analyze data on how KOLs and patients respond to the product. This could involve gathering feedback from doctors, pharmacists, and patients. 3. Regularly review and update the personas of healthcare professionals and patients based on new data and insights gathered.

Validate the assumptions around the needs, pain points and your proposed solution with as many prospective customers as you can. Such discussions give a lot of insights and help you to modify your approach in finalising the Product Market Fit.

Keep digging to get a clear picture of: 1. Frequency of impact from using the product/solution 2. Willingness to pay for said product/solution There may be a good idea that a few people find valuable, but will they pay and keep paying for that value? And is that a common pain point across an entire industry or value chain?

There are great tools like Pendo and Userflow that enable product teams to instrument the product and see *what* actions are taken and under what conditions. Use that data to prioritize key messages to attract new prospects and how to engage them along the buying process.

I think we overthink monitoring the results and spend too much time "synthesizing" when we can be taking action - especially early in a tech product's lifecycle where we are accumulating tech debt and operating agile environments. The most helpful framework I have found for this is the OODA Loop by John Boyd. The OODA loop (Observe, Orient, Decide, Act) is a four-step approach to decision-making that focuses on filtering available information, putting it in context and quickly making the most appropriate decision while also understanding that changes can be made as more data becomes available.

Looking for specific gaps usually takes too much effort and certainly you can be incorrect. As a creative person I rather have a free flow of ideas and try those in the market as opposed to looking for a possible opportunity and filling it with an idea. This way you can implement many different tracks of thought and processes at the same time.

Make sure the problem you are trying to solve is faced by the customers on a regular basis, the magnitude of frustration whole facing this problem is high and the proposed solution has the ability to save substantial time Or cost.