Awkward Reality #95
Great product development is always preceded by great market segmentation.
Three conditions must be met: 1) A market segment (cluster of customers with similar needs) is clearly defined. 2) The segment is worth winning in terms of size, growth, profit potential, etc. 3) The segment is winnable, i.e., it’s not defended by a well-entrenched competitor. Overlook these conditions and you’ll waste resources.
Read more in article, B2B Customer Interviews: Are They Different? (Originally published in B2B Organic Growth.) If you are using a one-size-ﬁts-all VOC interviews for industrial goods that others use for consumer goods, you’re sub-optimizing. Collaboration, pre-selling and value capture are wonderful goals, but to reach them you’ll need new approaches.