Define your Market
The first step in narrowing your focus to uncover market opportunities.
Many SMEs project a broad-brush version of their brand in the hope of capturing as many different buyers as possible.
Unfortunately this strategy has the opposite effect.
When buyers find it difficult to understand brand value, they move on or compare only on price. And if you’re not the lowest price…
The way to find your most profitable buyer is to narrow your focus and concentrate on a specific group with similar needs.
A proven 3-step methodology to help you uncover opportunities in your market is to:
- Segment (slice up!) your broad market
- Target a specific group of buyers (yes, not everyone!)
- Position your offering based on these buyers top needs but in different way to your competition.
The Plan2Brand eTool shows you how to use this STP process and the exercise is your first task which is – to define the market in which you operate.
From this FREE exercise you’ll get:
- The reasons why you segment your market
- The strategic advantages of market segmentation
- The criteria used to help you define your market
- A Segmentation Tree template to brainstorm your market
- Actual B2B & B2C market examples using the template
About Peter Engelhardt
“I’m a caffeine dependent Brand Strategist whose purpose is to help visionary business owners do amazing things in the World. Helping SMEs to craft their high level Brand Strategy is my passion because a differentiated, energised business with pinpoint customer focus leads to long-term prosperity.”
Based in Melbourne Australia, Peter is the founder of Strategic Marketing and Design Company Creative Brew and the self-discovery Brand Strategy eTool Plan2Brand. Author of Differentiate to Dominate and the brew blog.