When developing a market selection strategy, we must not only be able to correctly identify who the customer is (i.e., correctly identify the job executor), but we must also be able to correctly determine what job they are hiring products to perform. That is not always easy. Here are three insights we use to get the answer right:
1. We think about the job from the customer’s perspective, not the company’s. For example, a company that supplies herbicides to farmers may conclude that growers (the job executors) are trying to kill weeds, while the growers might say the job-to-be-done is to grow a crop.
2. We think big; to encompass the entire job. A narrow focus on market selection will hurt a company because customers are looking for products and services that help them get the entire job done better.
3. We define a market around a functional job, not the emotional goals that accompany it. A company that offers a product that “prevents people from getting lost when driving” would do themselves a disservice to conclude that their customers are hiring their product to “achieve peace of mind”. A focus on “peace of mind” will not deliver the insight that’s needed to better prevent people from getting lost. Knowing the customers’ accompanying emotional jobs is helpful, of course, but only when it comes to positioning and messaging.
At Strategyn, we know all the market selection pitfalls. With two decades of experience, we are the best in the world at defining the market at the right level of abstraction. It is part of our innovation process, Outcome-Driven Innovation (ODI). We bring markets into perfect focus by seeing them through the customers’ eyes. Learn more about our growth strategy consulting services.