Evaluate Market Potential of an Initial Product Concept With Jobs-to-Be-Done

Abstract

Many product innovations fail to gain customer acceptance, and the reasons for this can vary. Various instruments, including product roadmaps, market segmentation, requirements engineering, and tender and performance specifications, are typically used to reduce the risk of failure in product development. These methods aim to incorporate and translate various customer requirements into product features. However, the measure of success can often only be observed after the market launch. Until then, a product innovation requires a high expenditure of time and money, which cannot be amortized in case of failure. Therefore, this article presents a methodology for assessing the market potential of product innovations based on the jobs-to-be-done theory. The methodology focuses on evaluating initial existing product concepts to minimize the possibility of product failures and identify them early. For this purpose, it comprises three phases. The first phase focuses on identifying market segments based on jobs and circumstances. In the second phase, stakeholder needs and market potential are linked. In the third phase, the results of phase two are analyzed and elaborated in a 2 × 2 matrix. The methodology was applied in the context of an actual use case of a spraying equipment manufacturer.