Best Practices

Identifying New Opportunities with a Better Approach to Opportunity Scoring

 2021/10/chalkboard-123.jpg One Two Three
One Two Three

As the saying goes, “Just because something can be done doesn’t mean it should be done. “

Brands are constantly challenged to stay ahead of the competition by offering new product innovations designed to both keep current customers and attract new ones. New products or features that appear great on the drawing board may fall short in the marketplace. This is often not because the offerings themselves were faulty, but because their key selling points didn’t resonate with customers. Either the benefit was not needed or valued OR the product was simply ahead of customer experience, understanding or demand.

Given the rapidly evolving marketplace it’s critical that brand leaders have a clear path to identifying, early on, where to invest resources for innovation and extension.

The challenge is that typical means for uncovering new ideas (i.e. focus groups, ideation, etc.) are often limited in what they can achieve. Consumers tend to focus on the “here and now” and have trouble articulating, or even envisioning, future product options. This often leads to a gap between what is possible to develop from an engineering standpoint and what will succeed with the consumer several years out.

So, how do brands determine what innovations to invest in for future adoption?

This is where an enhanced Opportunity Scoring approach becomes critical.

We know that consumers can articulate the pain points and needs they have currently. By focusing on these pain points and making some key enhancements to traditional Opportunity Scoring, you can uncover latent needs that your offerings could fulfill and, importantly, create differentiation between those needs among key target audiences.

This allows brands to focus on product innovations that solve current needs and, more importantly, future needs. Brands can then distinguish between innovations that might not resonate with the marketplace and those that present real opportunities.

Radius has devised a stronger approach to Opportunity Scoring that identifies those needs causing the greatest pain with consumers and that are most vital for a brand to solve. It accounts for a perspective on occasion usage/salience along with the satisfaction (or lack thereof) that consumers currently have in addressing their needs.

By integrating this idea of “frequency” into the Opportunity Scoring equation we have found a clearer path to identifying ideas that will resonate, and succeed, with customers.

This helps brands prioritize which product innovations to focus on that are not being addressed currently and helps create a product roadmap to increase customer satisfaction and create differentiation in the marketplace.

The added value is that we can look at different key audiences, such as Mainstream or Early Adopters, to further enhance your roadmap.  Early Adopters are particularly interesting in that they generally encounter challenges that may not yet resonate with Mainstream Consumers. As such, they allow us to determine which needs may be more forward looking and will ultimately become needs for Mainstream consumers.

An advantage of this approach is that you can start with a fairly large list of ideas (50+), quickly drop those that don’t resonate, easily highlight niche opportunities, and get focused on those that have broader potential (and for which there is no strong solution currently in the market). The result will allow you to delight current customers, attract new customers, and create a unique space for your brand in the market.

Please contact us if you’d like to learn more.

Stay on top of the latest marketing trends and innovative insights approaches.

Subscribe