Find New and Important Market Segments
Segment the customers in your market both by their importance to you and by their currently unmet needs.
What steps should I take?
We have designed StrategyStreet to work in levels. You begin with the most basic level and proceed to more complex levels only as you find the greater detail necessary and helpful.
Consider each of the steps below for your situation and then use only those that offer you immediate help.
Step 1. Watch the Three Videos in the Overview of Segments Series
These videos (Videos 66-68) describe how to look at segmentation in your market, what to expect as your market matures and what to do about these developments. These videos are an excellent introduction to segmentation and provide much needed context for your next steps. Each of the three parts of this video series will take about twenty minutes to view.
(You will also find a link to these videos under Tools/Videos/Segments on the navigation bar.)
Step 2. Answer the Segments Questions in Board of Directors
If you would like to understand the segments in your market, begin by reviewing the Segments questions, Questions 1-3, in the
Board of Directors section of StrategyStreet. There are three questions regarding segments in this section of StrategyStreet. These are the most basic segmentation questions you face. Review each of these questions to determine whether you can answer them to your satisfaction. If you would like to pursue these questions in more detail, go to Step 3.
If you feel you have a good understanding of your market and simply wish to develop new ideas, skip to Step 4.
(You will also find a link to Board of Directors questions on the navigation bar.)
Step 3. Complete Steps 1 to 12 in the Basic Strategy Guide
Each of these steps in the
Basic Strategy Guide helps you understand your market, and your company's situation, in more detail. Each step outlines a specific analysis for you to do. It shows you what the completed analysis looks like, and tells you how to do it. The step explains why the analysis is important, advises you on what to expect to see, and then recommends an action or decision you might take at the completion of the step.
You may find that you need more information than these steps provide. If so, at the bottom of each step you will find a link entitled "More Information," click on this link to go to the Advanced Site of StrategyStreet, where we discuss the concepts in the greatest detail.
Step 4. Find New Needs-Based Customer Segments
If you are satisfied with your understanding of your market segments today, you are ready to develop new segments in your market. To develop these new segments, use the Improve/Segments section of StrategyStreet. Use the many ideas in this section to develop new customer segments based on your core customers' unmet needs.
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