Want to know if your idea is worth pursuing? There are lots ways to determine this. Marty Cagan, author of Inspired: How To Create Products Customers Love, outlines a lightweight method he calls the Product Opportunity Assessment. This document’s goal is to determine whether or not a particular product opportunity is worth pursuing.
Here is what goes into a Product Opportunity Assessment.
- Value Proposition: Exactly what problem will this solve?
- Target Market: For whom do you solve that problem?
- Market Size: How big is the opportunity?
- Metrics/Revenue Strategy: How will you measure success?
- Competitive Landscape: What alternatives are out there now?
- Differentiator: Why are you best suited to pursue this?
- Market Window: Why now?
- Go-to-Market Strategy: How will you get this product to the market?
- Solution Requirements: What factors are critical to success?
- Go or No-Go: Given the above, what’s the recommendation?
This sounds like a method entrepreneurs can use as well. It’s meant to be fairly basic, yet comprehensive. While it may not replace a full business plan for a VC presentation, seeing all of these factors spelled out and help you decide on your next product or business idea.