Remember back in section 1.2 we looked at a couple of opportunites for a market? Now it's your turn. This is a broad topic that people have written books about (search for Jobs to be Done, The Innovators Dilemma, and What Customers Want in your favourite book shop).
For now, to keep this relatively simple and give you a better sense of where to focus your product using our formula for a market based on the Jobs to be Done framework from Tony Ulwick:
A Market = a group of people + an activity they need (or want) to do
👉🏼 An opportunity = market activity ➗ problems doing the activity ✖️ unmet needs
In a previous example I gave the example:
Market X = website owners who need to optimise their site for conversions Website Analytics = Market X ➗ low visibility on user behaviour ✖️ bad site optimisation
<aside> 📝 Write out your market opportunity
List out all the problems your market has during the activity. If you're not sure, look at what they think and feel during the activity - where are the pains and frustrations.
Listen to the sessions (you should have recorded at least the audio for all of them)
List of problems doing the activity 1. 2. 3.
List of unment needs (its important to them + they are unsatisfied with the way they do it at the moment). 1. 2. 3.
Now fill in the final box below:
</aside>
write a summary of the biggest opportunity here
| Market | |
|---|---|
| Problem | |
| e.g. biggest pain during the activity | |
| Unment need | |
| e.g. most important but least satisfying (or missing!) product | |
As your opportunity becomes clearer to you, it will be easier to say it in less words. If you want to do that, you can do it here and it will show up in your dashboard:
👉🏼 [ opportunity ] = [ activity ] ➗ [ problems doing activity ] ✖️ [ unmet needs ]
That's it, if you've followed along you will have made considerable progress and validated your market! It's possible that you have INVALIDATED your market by revealing that the need you thought was there, well.. its not a big problem to solve afterall.