This week, the first Star Wars standalone film “Rogue One: A Star Wars Story” premiers. As fans across the country get ready for an epic adventure that explores new corners of the galaxy – we get ready for a related adventure that happens in a galaxy not quite as far, far away.
If you’ve missed the hype, here’s what “Rogue One: A Star Wars Story” is all about:
In a time of conflict, a group of unlikely heroes band together on a mission to steal the plans to the Death Star, the Empire’s ultimate weapon of destruction. This key event in the Star Wars timeline brings together ordinary people who choose to do extraordinary things, and in doing so, become part of something greater than themselves.1
Another time that brings people together to do extraordinary things – within companies – is the challenge of assessing potential new markets. These analyses typically focus on new products, geographies, or buyer types. Proper assessments are key to determining what the best next strategic move is for a company – definitely not a project for a rogue team member.
If you’re charged with assembling the team to accept a marketplace assessment mission, don’t fret. We’ve got three tips to help you successfully scope and execute.
- Properly define the focus. Determine who the key stakeholders are in this assessment – and the outcome of it – to fine-tune your research and meet expectations. How you tackle an assessment can vary drastically depending on what frontier you’re exploring. Is the interest in exploring growth of a new product, a promising new region, or breaking into a new category? How many aspects of the new market would you like to explore? How much data is available?
- Time and cost. Once you know the specific area of opportunity you’re assessing, agree upon a project duration and budget. These elements can factor into how deep of an assessment is possible. Set expectations here so you know when your team will be ready for other work and to ensure you deliver the depth expected.
- Evaluate your team. Does your current team have the right set of skills and bandwidth to properly complete the assessment? Companies are continually pressured to be lean, nimble, and able to grow faster. These pressures aren’t going anywhere, and can make it a challenge to always have the right person available for the priority at hand. Don’t be afraid to ask for outside help if needed – after all, where would Luke be without the Jedi masters who proceeded him?
If you’re looking for an alliance in your next market assessment, we’d love to join forces and do something extraordinary with you. So, before you head to the box office this weekend, learn more about our Market Landscape Assessment offerings.
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