Market Scout

Leveraging existing strengths in new and adjacent target markets

A market scout is designed to identify adjacent markets for existing technologies, products, and/or processes. Our phased project process begins by defining the differentiating parameters of your solution (and the minimum requirements for client interest) and, in most cases, ends with customer discovery interviews and introductions in new markets.

In Phase 1, we combine the differentiating properties with known market needs (better, faster, cheaper, etc.) and search for additional applications that value what you can deliver — sounds simple in theory but the process leverages our broad knowledge across industries, creative thinking, and willingness to ask stupid questions to drive success. The output of Phase 1 is a spreadsheet of selected potential markets, scored and prioritized based on relevant triage criteria.

After conferring and prioritizing markets of interest, Phase 2 consists of a deeper dive into each segment separately. The goal is to build out the ecosystem and competitive landscape for each new market to identify specific opportunities and inform questioning for expert interviews.

Phase 3 leverages the background knowledge of Phase 2 to begin reaching out to potential customers to identify unmet needs. Interviews are an important part of the process, but if done earlier cause the whole process to slow to the speed of scheduling. Prioritizing the areas of interest and developing in-depth background quickly enable better questioning for more likely areas of interest.