Step 2: Markets
Define which markets you will, and will not, compete in.
Being in fast-growing markets is the largest driver of revenue growth. Least important is market share growth. Yet, many executive teams tend to focus most of their attention on gaining share in their existing markets. While it is necessary to maintain, and sometimes increase, market share, changing your company’s exposure to growing and shrinking market segments should be a major focus.
- Market segment definitions
- Market attractiveness criteria
- Market adjacency identification
- Market share
- Total available market
- Critical success factors
- Buyer and user personas
- Buyer persona access plan
With your Markets well defined, it is time to move on to Step 3: Products.