What is Size of Prize?
“Wait. So you’re telling me that we bet big on becoming a company with the most efficient manufacturing, building a best-in-class sales force and award-winning marketing, so that we can be the best at making, selling and marketing clothing that consumers no longer want?” That was the revelation for a CEO of a global apparel brand when he was confronted with new size of prize data that consumer demand was shifting too quickly — the size of prize of the old opportunity was shrinking as the new size of prize was growing.
Strategy can be defined as a plan to allocate scarce resources towards an ultimate goal. Someone may be great at building a plan, allocating resources and defining goals, but without a clear view as to how big the opportunity is — the size of the prize — it may not matter.
Size of Prize can help you understand pricing, structure your survey, estimate your category, and more. Over the years, I’ve conducted a lot of research into how to grow your category or create a new category. The data I’ve collected has now been compiled into a product that any business can use to increase their sales in existing categories or move into new ones. In short, it’s a gut check to help you see when you’re on track as you pursue opportunities.