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Understanding Customer Segments for Effective Market Strategy Development

In this discussion, we delve into the critical aspects of customer segments, exploring their impact on market strategies and product development. Key topics include identifying customer archetypes, understanding market types (existing, resegmented, niche, and new), and determining the implications of these segments on adoption rates and marketing strategies. We will outline methodologies for testing customer interest, brainstorming key behaviors, and consolidating insights to create a robust value proposition. Join us as we identify assumptions and refine our approach to meet customer needs effectively.

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Understanding Customer Segments for Effective Market Strategy Development

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Presentation Transcript

  1. Discuss L3, Customer Segments • Agenda: • Discuss Customer Segments (L3) • Coming up: • Report on Value Proposition (L2) • Report on L3 • Discuss Channels (L4)

  2. Deliverable Recommendations • Follow the format • Answer all the questions • Look for where you were WRONG • Meet ahead of time to discuss to plan so that you follow the lean startup process • This is not just a data dump • Good evidence and clear insights are the goal

  3. Types of Markets – They Matter • Clone Market • Copy of a U.S. business model • Existing Market • Faster/Better = High end • Resegmented Market • Niche = marketing/branding driven • Cheaper = low end • New Market • Cheaper/good enough, creates a new class of product/customer • Innovative/never existed before

  4. Market Type Market Type determines: • Rate of customer adoption • Sales and Marketing strategies • Cash requirements

  5. Who are you building this for? • Name, draw out, and describe the customer archetype of the payer (economic buyer) • Develop several very quickly – focus on #’s • Identify facts and demographics • Brainstorm common behaviors • Find needs & goals that your product will solve • Consolidate your ideas as a team • Of the many archetypes, focus on one • Identify key assumptions that, if wrong, will cause your business to fail

  6. Archetypes

  7. Multiple Customer Segments • Each has its own Value Proposition • Each has its own Revenue Stream • One segment cannot exist without the other • Which one do you start with?

  8. Customer Types Can you create an archetype for each?

  9. Customer Problem

  10. How Do They Interact to Buy? • Diagram it! • Organization Chart • Influence Map • Sales Road Map

  11. MammOptics Private practice purchasing decision tree

  12. Pass/Fail Signals & Experiments • How do you test interest? • Where do you test interest? • What kind of experiments can you run? • How many do you test?

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