The purpose of market definition is to uncover the most valuable and accessible opportunities for your organization to capture and grow market share.
For new initiatives, before even considering digital, teams, assets, products, or code, market definition can ensure your organization is focused on capturing the right opportunities. For existing products and services, market definition helps you focus your resources where they can most effectively be deployed, while identifying new market opportunities.
The key considerations we look at which define the right opportunities that drive business value include:
- Understanding problems and pain points within market segments that your organization can solve;
- Determining the weight of these problems and the value that is provided with a solution;
- Determining demand for the problems to be solved;
- Determining market willingness to pay for the solution to their problem, including indirect paths to capture the market which derive revenue from the distribution chain;
- Identifying paths to market through partnerships, distribution, sales, and marketing;
- Identifying potential roadblocks to market access and factors that limit the size of the market, including competition and other market alternatives;
- High-level outline of the scope, effort, and timeline required to capture the market;
- Outline of assumptions and considerations related to each of the proposed opportunities in order to take next steps on research, validation, and scope.
With these considerations in mind, our market opportunity analysis and related reporting highlights the market opportunity, market segments, scope of opportunity, and potential roadblocks.
This reporting provides the detail you need to make a decision of whether to invest in a particular market, to dig deeper into the opportunity with further research and business planning, or begin investing in strategy, design, code, and go-to-market strategies.
These next steps begin with system strategy and customer journey mapping.
System strategy helps accelerate internal decision-making with an approach that uncovers key opportunities to drive customer engagement and retention while optimizing operations. We achieve this by mapping internal capabilities and consumer objectives in order to define an effective roadmap that meets organizational and market needs.