Looking through a jobs-to-be-done lens, we see that a market opportunity exists when customers struggle to get a job done. Indeed, addressing those unmet needs is the key to success. But in most companies, managers don’t agree on what a customer need even is. This means it’s impossible for them to know what all the needs are, let alone for there to be consensus on which are unmet. Our methods of prioritizing market opportunities work because they are built around our solid understanding of what a customer need is. Our opportunity algorithm (explained below) makes it easy for us to determine which customer needs are unmet and to what degree. Knowing which customer needs to address in priority order enables us to systematically accelerate company growth. This is a key output of our innovation process, Outcome-Driven Innovation (ODI).
Companies often define a market opportunity as a new product or technology they have created. They believe that finding a need that their technology or product offerings can address is the actual market opportunity, but that is a myth that misleads. A market opportunity does not exist because a company has a certain competency or has created something; it exists because customers are struggling to get a job done. Their struggles are the market opportunity: success comes from discovering unmet consumer needs and helping them get the job done without the struggle.
This landscape reveals a market that is underserved and in need of a solution that will help customers get the job done better. Each market opportunity is revealed. The underserved outcomes represent opportunities for growth.
This landscape shows a market that is overserved and ripe for disruption. Knowing the market’s underlying structure is critical for formulating the right innovation strategy.
Choose from a dozen case studies with companies such as Microsoft, Ingersoll Rand, Bosch, and others, and learn how we have used our ODI methodology to identify market opportunities and help companies grow.