Understand New Markets
Rapid Market Assessment™ (RMA) is a deep qualitative dive into a market space to determine if there is a potentially attractive opportunity for your current business offerings to provide profitable benefits to either an adjacent market or geographical market that you currently do not serve.
Identify the growth opportunities in the considered markets.
Define alternative business strategies/models that may be necessary to participate.
With Rapid Market Assessment, you gain firsthand knowledge through focused interviews of the selected market in order to be able to
- Describe the market dynamics and emerging trends in technology, needs, and offerings
- Identify emerging discontinuities in the market
- Define values and needs of specifying users
- Validate the value chain, where money is made and centers of power exist
- Establish an understanding of main players that could become acquisition targets based on the market-back view
- Offer alternatives to market entry that capitalize on your strengths
Learnings will then be used to advance the market space into further in-depth market assessment, through a full market assessment to confirm (or disconfirm) your original assessment, as well as an in-depth market evaluation and strategy. Your team will deliver a summary of the
- Scope of the opportunity (how broad, narrow, or focused)
- Value of the opportunity
- Strategic fit with your company (with whom and how)
- The industry or market, including composition of the market, key players, market drivers, unmet needs, key issues, influencers, and who has the power in the chain
- Characterization of key players who are potential acquisition targets
- An initial business hypothesis and value proposition
- Other opportunities that may have emerged from the work
The RMA Approach
We will meet with your leadership team in a half-day session to develop a project charter and define the team required to conduct the Rapid Market Assessment. We will conduct a one-day workshop to generate an initial sketch of the market(s) to engage. We will then coach and/or actively participate in the team’s work to generate the considered market learnings required to make a recommendation. We will conduct another one-day workshop with the team, this time to develop recommendations and the path forward. Lastly, we will make our recommendations.
