Opportunity Canvas
Evaluates opportunities with goal, opportunity, and success metrics.
PURPOSE
Not every idea is worth pursuing, and teams need a structured process for evaluating opportunities. The Opportunity Canvas helps systematically assess opportunities before resources are invested. It ensures decisions are based on clear goals, metrics, and an understanding of value.
HOW TO USE
The team fills out the canvas for each potential opportunity, evaluating aspects such as goal, users, problem, solution, and success criteria. Multiple opportunities can be evaluated in parallel and compared. The best opportunities are prioritized and carried forward into implementation planning.
WHAT IT IS
The Opportunity Canvas is a visual evaluation tool for product and innovation opportunities. It includes fields such as Goal, Users and Customers, Problem, Solution, Metrics, and Budget. The canvas is from Nomad8 and combines elements from Lean Startup and agile product development.
EXAMPLE
Example: Your product team has ten feature ideas on the table, but the budget only allows three – and everyone thinks their idea is the most important. With the Opportunity Canvas, you evaluate each idea based on Goal, Target User, Opportunity, and Success Metrics. This transparently shows that the chatbot integration has the highest potential at the lowest effort.