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Market segmentation Target Market - Workbook

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The components of a Target Market segmentation - Workbook

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Market segmentation Target Market - Workbook

  1. 1. Market Segmentation Target Market - Workbook Dr. Celen P.Paul
  2. 2. 2 Selling System of 21st century The markets of the 21st century are not the same anymore as before. Tremendous change has occurred in the buyers / client behaviour. More than 60% of buyers call you in when they are already in their solution choice phase. It is therefore of the utmost importance that “ start-ups “ segment their markets very well and frequently review the Go-To-Market strategy, and eventually switch to a Go-To-Customer strategy. The profile has therefore changed dramatically GTM to GTC
  3. 3. 3 • The components of a •Target Market segmentation
  4. 4. 4 Seven Steps to Successful Segmentation for Startups • Step 1: Determine where you really are within the startup life cycle. Relative position in chasm / demand type • Step 2: Create as broad idea of an addressable market and then break it down in to all possible sub-segments. Use CSF’s and MPRS • Step 3: Create customers profiles for all remaining sub- segments. Use problem/Need search process • Step 4: Assess profiles again critical flaws criteria and eliminate those that fail • Step 5: Assess remaining profiles against selection variables continuously until top segment remains. Define Beachhead… • Step 6: Test target segment against SWOT and performance goals • Step 7: If no segment apparent, repeat process
  5. 5. 5 Primary Market Research Segment Business Markets Target Markets Problem Testing Rate final segment Assess & Validate Group Similar Need markets Rank & Prioritize Start Defining Value Proposition Process Target Market search
  6. 6. “ ” 6 The components of Target Market segmentation 1. Primary Market Search Life Cycle Positioning If you have done the positionig in the Value Proposition Module then skip this step and go immediately to Step 2
  7. 7. 7 PRIMARY MARKET RESEARCH
  8. 8. 8 Tech Adopt Life Cycle Early markets Mainstream market Conservatives Technology Enthousiasts Visionaries Pragmatists Conservatives Skeptics Innovators Early Adopters Early Majority Late Majority Laggards Percentage 2,5 - 3 10 - 13,5 - 15 34 34 15 Characteristics They want the truth without any tricks This group of pragmatism care about : Their real goal in buying new- tech products is simply not to get delayed. Conservatives do not have high aspiration about their high-tech investments and so, will not support high price margin. They like to buy preassembled package at a heavy discounted price. The price can be low because the R&D has long since been amortized. They want access to the most technically knowledgeable person to answer their question. * the quality of the product they are buying * the infrastructure of the supporting products Technology is a central interest in their life They are people who relate the potential benefits of new technologies and system interfaces * the reliability of the service they are going to get. They make a technology purchase simply for the pleasure of exploring the new device properties Buy new product concept very early, but unlike innovators, they are not technologists The word risk means chance to waste money and time Share some of the early adopters ability to relate to technology but they are driven by a strong sense of practicality Wait until something has become an established standard Don’t want anything to do with new technology They are not many but winning them over at the outset of a marketing campaign is a necessary condition They’re not comfortable with their ability to handle a technology products They use road map since their born and they don’t want to buy a GPS To be the first to get the new stuff Why ??? Curiosity Personal win Calm Risk-averse Stubborn Personalities Glory & Glamour Company Loayl Risk Takers / Ambitious Product Satisfied with Minimum Viable Product Need " Whole Product Requirements Minimum set of features required to get feedback from market Need Productivity Improvement Expectancy Need Productivity Improvement A whole product is combination of all things that give buyer a compelling reason to buy This includes yr core product <plus any services and other products that augment it GAP's Between innovators and early adopters A huge GAP between early adopters and early majority Why ? : the technology product cannot be translated into a major benefit Mainstream / Early majority wants a productivity improvement Between early majority and late majority late majority is less competent with technology than the early majority
  9. 9. 9 MVP versus „Whole product“ Minimum Viable Product ( MVP ) A Minimum Viable Product is the smallest feature set that lets you start learning about customers. Don't confuse your MVP with a minimal product. Your MVP needs to address your top customer problems and deliver on your Unique Value Proposition. Objective Details Step-by-Step Process Define the minimum feature set needed to solve your top 1-3 problems. For each of the problems outlined earlier, sketch out the top features or capabilities that will address those problems. • Outline a possible solution for each problem • Don't spend too much time detailing • These features will form the basis for your Minimum Viable Product
  10. 10. 10 Positioning : questions to ask Status Question Answer Start /hypothesis • What is my idea ? • What is my proposal ? Target Market • Who is your target customer? • Who is my potential buyer ? • What kind of problem do you solve for them? • Is this an important problem for this customer? • Is it an urgent problem? • Where is “ Low Hanging Fruit” ? • How do you plan to solve this problem ? • What type of benefits will it generate • A • B • C • D • E • F • G • H Ideal Customer Profile • Describe Demographics • Describe Psychographics Positioning PLC All of these PLC-phases, with the exception of the introduction phase are existing markets. For each type of market a different value proposition and business model has to be defined Are you in a market : • Starting phase • Growth phase • Maturity phase • Declining phase Find out the „ Demand type New Concept, New Paradign or existing Market Find out what phase of the technology transfer (Chasm- principle) yr market segment is • Profile early Adapter looking for • Describe profile pragmatic Summarize a viable MVP what do prospects say about yr solution ? Whole Solution what is whole solution ? How can you achieve it
  11. 11. 11 Create +Test the MVP Question Answer Describe the key aspects of your MVP for which you are currently seeking market feedback. Answer the following questions after testing the MVP. Is our understanding of the customer problem accurate and relevant? Does the MVP solve the customer’s problem? Does the product solve the problem better than a viable alternative currently on the market? Would they use the product? Can they imagine the product as part of their everyday life? What is their primary concern about buying and implementing the product? How much would they be willing to pay for the product? What process / process-changes would the customer employ when deciding to buy such a product? Who is involved in the decision-making process? Whose budget will the funding come from? Who will be the users of the product?
  12. 12. “ ” 12 The components of Target Market segmentation 2. Segmenting Business Markets Compose the broadest idea for your Product / Market mix ( Ansoff)
  13. 13. 13 Segmenting Business Markets How can I segment MY hypothetical market Question Answer Demographic segmentation Industry : which industries should we focus on Company size : what size of companies do we focus on (3-Tier ) Location : what geographical areas should we focus on ? Operating variables Technology : what customer technologies should we focus on ? Usage/non-user status : focus on heavy, medium or light users OR non- users ? Customer capabilities : focus on MVP-potentials or “whole product” Purchasing approaches Organizational : highly centralized or decentralized Policies : leasing, SaaS-lovers, service-contracts, RFP,… Situational factors : Urgency, specific application, size of order Personal characteristics Buyer-seller similarity, attitudes toward risk, loyalty
  14. 14. 14 MPRS –approach - exercise This methodology Matrix priority Rating system is very usefull for start-ups with Horizontal Products • Please look at next slide when you have an horizontal solution and you start from scratch with only 1 or 2 Hypothesen. • For each of your hypotheses list minimum 2 -3 criteria about " why customers would buy yr solution ". Sometimes they are also called “ CSF “ ( Critical Success factors ) • Here are listed industrial segments with subsegments in the example. • Only with gut-feeling, try to score them from 1 to 5. A 5 for a good fit with the CSF, a 1 for a poor fit • Make totals • Then set a treshold for the total sum and select a couple of business segments ( with highest values ) • look in a directory for companies in those segments to contact for testing the validity of your hypotheses • Then check your essentials and effectivity requirements
  15. 15. 15 MPRS- approach to close in and focus what are the 3 key criteria why a prospect should buy from you ? Primary Sectors ( NACE ) Subsectors Criteria TOTAL x y z ?? A - Agriculture, forestry and fishing Crops Animals Forestry Fishing 0 B - Mining and quarrying Coal Petroleum Gas Metal ores 0 C - Manufacturing Food, beverages, tabak Textiles, Leather Paper. Printing Chemicals, rubber 0 D - Utilities Electricity Gas Steam Air conditioning 0 E - Water supply; sewerage; waste Collection Treatmnet Waste, sewage 0 F - Construction Building Roads Railways Tunnels 0 G - Wholesale and retail trade Nutrition Household goods IT-equipment Other 0 H - Transporting and storage Passenger, Freight Land, water, Air Warehousing Postal, courriers 0 I - Accommodation and food service Hotels, Resorts Campings Restaurants Catering 0 J - Information and communication Publishing Media Telecom ITC 0 K - Financial and insurance activities Banks, Monetary Inst Lease, Credit Insurance, Risk coverage Pension funds 0 L - Real estate activities Buy and Sell Agencies Renting 0 M - Professional, scientific and techno Legal, Accounting, Vets Consulting, Advertise Architects, Engeneering Testing, R&D,Mktng 0 N - Administrative and support service Renting, lease HRM, Call centre Tourisme, travel agent Security, cleaning 0 O - Governement Defence Social Security Police, Justice Firebrigades 0 P - Education Primary Secundary Higehr / University Other 0 Q - Human health and social work Hospitals, GP practice Residential care Nurses Social Work 0 R - Arts, entertainment and recreation Artistic, creative Entertainment,Sp ort Library, museum Gamble, betting, 0 S - Other services activities Trade Unions, Prof. Org. Repair, Washing Fitness centre, well-be Hairdressing, Funeral 0 T - Activities of households Domestic personnel Undifferentiate goods 0 U - Extraterritorial organisations bodies 0
  16. 16. 16 Essentials of market research Essentials Y / N / OK What is the size of the market? How large is the target market? Geographic spread ? What is your demand Type ? What problems concern the target market? Are any of these problems greater than the one you’re addressing? How does your product or service fix the problem? •Who will buy your product or service? Why do they need it? What unique need does your TYPE of product/ services meet? Why would they buy from you? What is the gap un-serviced by current players? Who are your competitors? Who are the other key players? How is your product different from competition? What are their strengths and weaknesses? Can you make the reference price in the market ? How efficient is your solution ? Is this segment a price sensitive ? Dou you have a premium? How much are customers willing to pay for this product/ service (top/ bottom/average)? What is the REAL available market for you? What share of this can you reasonably expect to get?
  17. 17. 17 Requirements for Effective Segmentation Measurable Size , profiles of segments can be measured Substantial Segments must be large or profitable enough to serve Accessible Segments can be effectively reached and served Differential Segments must respond differently to different marketing mix elements Actionable Must be able to attract and serve the segment
  18. 18. 18 Key Information about your segment Key Questions Answers What are the key political, regulatory, economic, environmental, social, cultural and technological trends that affect the space you are in? What are the key issues facing customers in this space? Who are the key stakeholders? Who are the analyst firms, analysts, journalists, bloggers and conference presenters that talk about relevant issues and technology? What are the main conferences and events? What are the main media outlets that keep people informed about the industry and its technology? Prepare your list of questions and issues to address in your customer meeting / talk / interview
  19. 19. “ ” 19 The components of Target Market segmentation 3. Customer Profiles Use „ Problem-Need cycle
  20. 20. 20 Understand Customer Problem and Need • What problem causes the pain or frustration? Sketch a scenario in which the customer attempts a task and feels pain as a result. • How does the customer try to cope with the problem now? • What is causing the problem? What is interfering with a speedy solution? What goes wrong and why? • How much money is the customer losing, either in additional costs or lost revenue? Quantify the pain. • Who is the individual who feels the pain first and how does it “waterfall” up or down? • Who else feels the pain? The customer’s customers? Suppliers? Partners? Investors? Think Plan ExecuteAnalyse Adapt Phase 1 Test customers / prospect‘s perception • of the problem and • his urgency / need to solve it
  21. 21. 21 „Problem-Need cycle“ ( explanation next slide ) Hypothesis Assumptions Product Ideal Customer Market Type Demand Creation Test Need / Problem Relations Ideal cust. Interviews Evaluate Results Summarize / Adapt Adapt & Test Product Reality Check Product presentation Customer visits Validate Verify Product / Market fit Problem / product Iterate KOL Create Business M
  22. 22. 22 Explanation „ Problem-Need“ cycle • A linear process now. Needs a few iterations • Remember : Steve Jobs made 7 iterations before he launched the i-Pad • For now one should understand the general principles of the „ problem-Need cycle „ and how the iterative process works. 1. make the assumption about which urgent problem or need this idea / hypothesis will solve 2. make an assumption about the ideal customers and his compelling reasons to buy. Which decision criteria are the basis for decision. What is the urgent problem or need that needs to be addressed 3. Do MPRS-exercise = evaluation and ranking of the economic (sub)sectors with reference to their affinity for the 3 parameters above : hypothesis / problem / decision criteria. The highest scores are further taken into further evaluation. That can be wrong, but due to scarce resource one has to limit the number of test-markets 4. Use Problem/Need search process, 5. Create customers profiles for all choosen sub-segments. Try to group learned experiences into an MVP-matrix. 6. Assess profiles again critical flaws criteria and eliminate those that fail. 7. Finally choose a few, the top 5 or top 10, assess them against neutral, pragmatic selection variables until top segment remains. Define a Beachhead if possible. 8. Test target segment against SWOT and performance goals 9. If no segment is apparent, or the assessment indicates a weak correlation, then repeat the whole process • Fill in next slide to start with
  23. 23. 23 Test Need / Problem paradigm Identify your customer's must- have problem(s) and how they address them today. Step-by-Step Process Based on your customer segment outline/list their top 1- 3 problems Fill in Slide Objective Details Questions to ask Describe the top 1-3 problems the customer needs solved. Look at the problem from the customer’s point of view first, independent of any solution ideas. Describe : 1. Aa 2. Aa 3. Aa Existing alternatives are how your customers address these problems today. Many times these existing alternatives are not necessarely an obvious competitor. • What problem causes the pain or frustration? Sketch a scenario in which the customer attempts a task and feels pain as a result. • How does the customer try to cope with the problem now? • What is causing the problem? What is interfering with a speedy solution? What goes wrong and why? • How much money is the customer losing, either in additional costs or lost revenue? Quantify the pain. • Who is the individual who feels the pain first and how does it “waterfall” up or down? • Who else feels the pain? The customer’s customers? Suppliers? Partners? Investors? • The objective of their work: What are they trying to achieve? • How they perform their work • The problem they face • How the problem impacts their objective
  24. 24. 24 Ideal Customer exercise Customer Profiles Approach Who is the ideal customer in the chosen Market segment ? Answer Facts Assumptions Innovators curiosity Where to find them ( 3% of market ) Check on trade shows, congresses, blogs, etc… x Early Adapters His Problem What problem causes the pain or frustration? Sketch a scenario in which the customer attempts a task and feels pain as a result. How does the customer try to cope with the problem now? What is causing the problem? What is interfering with a speedy solution? What goes wrong and why? How much money is the customer losing, either in additional costs or lost revenue? Quantify the pain. Who is the individual who feels the pain first and how does it “waterfall” up or down? Who else feels the pain? The customer’s customers? Suppliers? Partners? Investors? His Personality The objective of their work: What are they trying to achieve? Buy new stuff first to get personal advantage How they perform their work Beat competition How the problem impacts their personal objective Assumptions need to be validated later on
  25. 25. 25 Ideal Customer exercise ( 2) CATEGORY GOOD FIT / QUALIFY IN POOR FIT / QUALIFY OUT PRODUCT/SERVICE OFFERING TARGET MARKET DEMOGRAPHICS: SIZE - (£/$ revenue, #employees, etc.) SECTOR - (Industries, functions, etc.) LOCATION - (Geography, etc.) KEY STRUCTURAL FACTORS Internal issues - how they are organised, what systems they have in place, etc. How they make decisions, where the power lies, etc.) (External issues - including their position within their industry, etc.) Current issues, trends and trigger events that are likely to initiate a buying process) OTHER FACTORS Other key qualifying factors notcaptured elsewhere, beyond theusual Finance, Authority, Interest, Need and Timescale) NOTES Capture anything else that could be useful
  26. 26. 26 Find an Early Adapter Objective • Define an early adopter - not a mainstream customer. • Test customers / prospect‘s o Perception of the problem o his urgency / need to solve it Details • The elements of your business model can and will vary greatly by customer segment. • It’s important to distinguish between customers and users. o Customer is someone that pays for your product. o User is someone that interacts with the product or service of the customer. • Early Adopter is a customer that you have defined with specific attributes and will initially target Step-by-Step Process: • Start by brainstorming the list of possible customers you envision using your product. • Distinguish between customers and users. • Split broad customer segments into smaller ones as you can’t effectively build, design, and position a product for everyone. While you might be aiming to build a mainstream product, you need to start with a specific customer in mind. • This your early adopter. • Example : Even Facebook started with a specific user in mind - college students.
  27. 27. 27 „Problem-Need cycle“ : fill in Hypothesis Assumptions Solution : …… Ideal Customer : • Aaa • Aaa • aaaa Market Type : • Aaa • Aaa • aaa Demand Type Test Need / Problem Relations Ideal cust. Interviews Evaluate Results Summary/Adapt Adapt & Test Product Reality Check Product presentation Customer visits Validate Verify Product / Market fit Problem ……. Iterate : • 1 • 2 • 3… KOL Create Business Model :
  28. 28. “ ” 28 The components of Target Market segmentation 4. Validate and Assess Customer Profiles with Test & Interviews
  29. 29. 29 Prepare to talk to customers • Make list of 20 – 30 customers proportionally spread over 3 Tier and the business segments under consideration • Prepare your list of questions and issues to address in your customer meeting / talk / interview • Make Script with possible objections or questions ? Prepare also the answers, eventually train yourself with role-model. • Describe your product vision : this should be your Value Proposition • Write a statement that describes your product vision, which identifies one or more of the following: • Your target customers and their problem • The product solution you are making • How the user goes about their job and will use the product solution • Customer outcomes and benefits • Three- and five-year scenarios for your product and company • Culture needed : NO selling mode !!! • Search then execute • Learning and discovery • Agile development • No „ fear of failure culture“ • No sales, marketing, bus.development departments
  30. 30. Script preparation
  31. 31. 31 Hypothesis 1 : Description. Details of your hypothesis Help Name xyz Content Describe here the products, services that you offer your customers in the context of this hypothesis Customer NEED or PROIBLEM ! • Need/Problem 1 • Need/Problem 2 List of needs, problems of your prospects that your hypothesis provides solutions for. Ideal Target Market Describe your ideal customer / target market (company size, sector, geographic area, etc.) Proven customer interest in your hypothesis • % of customers contacted who show an interest • % of interested customers who actually bought Describe here your sales experience for your hypothesis: Average Turnover / customer (order of magnitude) Different options are available: a single value regardless of the size of the company, several values for different sizes, a value "per employee or user", etc.. Total number of actual customers
  32. 32. 32 Hypothesis 1 : Sales pitch / argumentation Needs/Problem customer Summary of your sales pitch / argumentation Situations with encountered problem Summary of your sales pitch / argumentation
  33. 33. 33 Hypothesis 1 : Objections & Counterarguments Customer objections Summary of argumentation and counterarguments IT afdeling Website manager In your list, order the objections by frequency of occurrence: first the more frequently encountered than the rarer
  34. 34. 34 Customer Interview program • Scenario : • Use script /questionnaires and surveys • Use the Internet • Use Telemarketing / Congresses / Trade Shows • Who ? Talk to potential customers Talk to suppliers / resellers / potential future partners Talk to competitors Talk to complimentary services/products Talk to bankers, lawyers and accountants • Customer Archetype / Buyer Profile / Persona Forrester Siriusdecisions
  35. 35. 35 Welcome •Set stage •1-2 minutes Collect •Collect demografics •Check/test customer segment Story tell •Set problem context •Few minutes Problem Rank •Test Problem •5 minutes Explore •Explore customers world view •Test Problem – 15 minutes Wrap Up •The hook and ask •2 minutes Results •Document results •5 minutes Example : Problem Interview in 30 minutes • Briefly set the stage about how the talk will work • Ask introductory questions to test Customer Segment • Identify early adapters • Illustrate top problems • State top 1-3 problems and check /r ank with customer • Test each problem. Ask how they address today. Listen • Ask follow-up questions • Permission to follow-up • Referrals • Document Results
  36. 36. 36 Asses & Validate : Scotsman qualification + segment identity Questionnaire Qualification Yes No S Solution Do we have the right solution ? Does the customer has a lot oft objections? C Competition Who is the competition ? Can we beat him ? O Originality USP and does the Prospect agree with it ? T Timing Is the time plan agreed and realisitc S Size Is the estimated Budget big enough to afford the resources and do we have the necessary ressources? M Money does the customer has a budget ? I is the project worthfull / profitable for him ? A Authority Is our contact person the decision maker ? Do we know the decision maker? Does our competition knows ? N Need What is the final goal of the customer ? Which problem to solve ? Do we know his business problems? Do we understand ? TOTAL TOTAL Number Points in Yes / No column
  37. 37. 37 Assess Problem No Question Fact Assumption 1. Who is your target customer? What kind of problem do you solve for them? 2. Is this an important problem for this customer? Is it an urgent problem? 3. How do you plan to solve this problem for the customer? Describe how your solution will work in the customer’s hands and the benefits that it will generate. 4. Who is your competition? How do they solve this problem for their customers today? 5. What is unique about your way of solving the problem? Why are you better than anyone else in solving this problem? Label each answer as Fact (and list the accompanying evidence) or Assumption (if you don’t have any evidence at this stage).
  38. 38. 38 Test – Validate the assumptions Assumption Information Where/Who Method 1. 2. 3. List the assumptions and then make an action plan : • What key piece of information would validate the assumption? (Information) • Where does that information reside? Who has that information? (Where/Who) • What is the best way to gather that information? (Method)
  39. 39. 39 Evaluate market feedback • Is the market problem urgent? Will customers care if the problem is not solved? Do they have another way to solve this problem? • Is the market problem pervasive? Determine if the identified market problem applies to a significant percentage of your desired target market. • Will your buyers pay to have this problem solved? • On the basis of the answers to the above questions, which direction should you take? • Make a list of the interviewed companies : OK or failed
  40. 40. “ ” 40 The components of Target Market segmentation 5. Validate and Assess remaining Customer Profiles
  41. 41. 41 Create Groups According to Similarities Unless you have unlimited time and money, rationalize all the profiles into segment groups • Out of 50 or so profiles, about 2-3 segments will likely coalesce • Look for key similarities • Vertical markets • Common problems and pain points • Similar economic impacts • Similar groups of users
  42. 42. 42 Assess Profiles against Critical Flaws • Assess each profile against 5 key criteria that can “make or break” your chance of succeeding in that segment • Ask and answer a series of questions and rate the answers on a binary scale of yes or no. Include a sentence or two on why. • Eliminate any that fail and set aside all related segments • Questions : • Do They Have a Reason to Buy? Is the financial impact of the problem severe enough to drive the need of a solution ? Of all possible ways of solving the problem, is yours the obvious choice • What Do They Actually Need to Buy to Solve the Problem? deliver the “whole product”? • Who Else Can They Buy From? • Can They Buy? Criteria Yes No Reason Segment: Produce Reefer Location for Carrier Cies Compelling reason to buy √ Deliver whole product √ Buyer with economic power √ No competition √
  43. 43. 43 Assess Variables + Rank them At What Price Will They Buy At? How Are They Going to Buy? Why Should They Buy From You? Will the Segment Survive? Are There Adjacent Segments That You Can Jump To? Rank each variable on a scale of one to five Rank all segments and eliminate weakest 50% • Use totals as an overall indication • Weight variables according to your flexibility or ability to change your situation Repeat ranking exercise until top one or two segments revealed Assess Variables Ranking Example
  44. 44. 44 Assess Variables + Rank them Finalise Question Answer Fact Assum Action Unless you have unlimited time and money, rationalize all the profiles into segment groups Create Groups According to Similarities Vertical markets Common problems and pain points Similar economic impacts Similar groups of users Rank them / Prioritize Assess Variables • At What Price Will They Buy At? • How Are They Going to Buy? • Why Should They Buy From You? • Will the Segment Survive? • Are There Adjacent Segments That You Can Jump To? Beachhead strategy Ranking • Rank each variable on a scale of one to five • Rank all segments and eliminate weakest 50%  Use totals as an overall indication  Weight variables according to your flexibility or ability to change your situation • Repeat ranking exercise until top one or two segments revealed
  45. 45. 45 Assess Variables + Rank them : Example
  46. 46. “ ” 46 The components of Target Market segmentation 6. Assess „ Happy Few „ against SWOT & KPI
  47. 47. 47 Rate Final Segment Against Final Criteria – Can You Win It? • Undergo a SWOT exercise in relation to segment • Involve all internal stakeholders and decision makers • Rate chances of success against corporate weaknesses and strengths • Assess segment honestly against core competencies • Technology bias • Marketing ability • R&D ability • Build one and two year financial models to assess revenue potential, profitability, share, growth • Can you live with the risk of failure • What is the cost of failure? • Can the company survive? • Establish Performance Goals / KPI’s • Rate your chances with remaining customer profiles against KPI • Update if necessary your Value Proposition
  48. 48. “ ” 48 The components of Target Market segmentation 7. Next Steps IN or OUT
  49. 49. 49 Create the Business Model or Repeat the process Business Model
  50. 50. 50 Initial Approach : Search not execute a structured process for testing business model hypothesis Think Plan ExecuteAnalyse Adapt Think Plan ExecuteAnalyse Adapt Understand Customer Problem and Need Develop Validate Develop Repeatable Business Model Adaptive Learning When not enough paying customers GTM ?

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