Assessing opportunities

When assessing opportunities within a product discovery process, it's crucial to evaluate several key factors to ensure you're focusing on the most impactful and valuable opportunities. Here are the main areas to consider:

• Opportunity sizing: Determine how many customers are affected by the problem and how frequently. This helps prioritize based on the size and reach of the issue.
• Market factors: Evaluate how solving each opportunity could affect your product’s position in the market. Consider if it will enhance your competitive advantage or boost user acquisition and retention.
• Company factors: Consider how addressing each opportunity aligns with your company's mission, vision, and strategic objectives. Does it support long-term goals or promote growth?
• Customer factors: Assess how important the opportunity is to your customers. Are they satisfied with existing solutions, or is there a significant gap that your product can fill?

By weighing these factors, product teams can make informed decisions about which opportunities to prioritize.