OPPORTUNITY EXPLORATION: Finding the right ideas

There is a lot of science to the art of discovery. 

The odds of finding everything from oil to gold to fish increases significantly with both the right tools and the knowledge and experience to use them.

One has to go through the discovery process numerous times before they start to recognize subtle clues and notice anomalies that others miss.  This includes knowing both where to look, and how deep to go.

The same principles apply to recognizing business opportunities in different categories.

Some times there is a neglected segment with money to spend, but no one to take it.

Other times, there is dissatisfaction among existing shoppers begging for a new product to address.

And then there are the new solutions no one articulates, but the desire is recognized the moment the product is revealed.

YIN & YANG WITH SHADES OF GRAY

This is an art and a science.  It is about logic and emotion.  It is about appealing to existing desires while cultivating new ones.

And it is not about categorizing ideas as just good or bad.

There are small ideas (with limited market potential):  This is like discovering a reservoir containing just a few barrels of recoverable oil.

There are big ideas (with lots of sales and profit potential):  These are the reservoirs that contain a billion recoverable barrels.

There are incomplete ideas (that could become a huge idea or a bust):  This is the risk of abandoning a test well before enough investment has been made to reach the reservoir.

Some companies are structured for imitation.  Their best opportunities are defined by how well they can copy the competition.

Other companies are most comfortable with incrementalism.  They are great at introducing products with a slight improvement compared to existing products.

A few companies are actually ready for innovation.  They have the resources and will to change reality.  They can design, introduce and support products never seen before.

And too many companies think they are ready to be innovators when their true capabilities fall short.  While the bigger opportunity might sound most appealing, the risks and resources to pursue it might be greater than a company is willing or capable of doing.

Instead, companies need to find the right opportunity.  And that is where we help.

OPPORTUNITY, LIKE SALES, IS A FUNNEL

Opportunity exploration should start broad.  It often takes fresh eyes not constrained by the realities of today or knowledge of how things have always been done.  This is why opportunity exploration handled internally often produces ideas that look remarkably like first cousins of products the company currently sells.

It takes curiosity to have an open mind that can discover and entertain dozens of new ideas, including those that do not initially appear to be viable (for any number of reasons).  Introducing judgment or critiquing too early can prevent the big ideas from ever entering the mix…or evolving from the small ideas.

And then it takes talent and discipline to narrow all those ideas down to a manageable number that can be effectively researched and developed to produce the best possible pipeline of new products.

Contact us if your business needs help starting with a broader view or narrowing down to better options.