CEO Tools Blog
Re-Mix Your Market Segmentation
In a continuing look at re-mixing your business for efficiency as well as profit and reputation, how about the area of market segments?
What we've seen in the past couple of decades is a minute segmentation of markets, permitting new businesses to develop in the holes left by competition. Take the magazine industry, for example: today there are magazines that focus just on a single aspect of their genre that hadn't even bee thought of a few years back. Such as for model train hobbyists, where there is today a publication called "Steam in the Garden" which contains articles and ads for live steam locomotives ranging in size from about six inches in length to over two feet in length, operating in complete fire-boiler-steam mode exactly the way the full size locomotives of yesteryear! There are today a myriad of motorcycle magazines offering a particular brand or type of motorcycle focus, such as "hogs" and "cafe racers."
So, take a look at your business and see if there aren't niches that haven't even been dreamt of yet! Ask, "what is impossible?" Or, "what hasn't been done?" Or, "where might there be a market segment not being served today?" Paraphrasing what Steve Jobs of Apple often said: many times the customer has no idea what they want since th haven't seen such a thing yet! That was the genesis of today's incredible I-Phone population.
Again, hope re-mixing helps you strategize innovatively in your business!
Best of re-mixing, Kraig