If you are launching any new product or service it is critical that You understand and can define your market. How large is the overall market? What portion of it are you targeting and how big is this target market? What are their behavioral traits and how do I reach them? Where can I find them and how much competition do I have in this market? Whether you are a startup or a new corporate initiative, if you don’t understand these dynamics you cannot quantify the size and potential for your innovation.
Effective market modeling is not a core competency for most new initiatives but is a necessary first step in considering a product or service launch. Having an outside firms such as First Steps Consulting run market models, including trade analysis, market segmentation, demographic and behavioral studies, can help you present your market potential quickly and accurately.
Working with your marketing team, we develop segmentation studies that define potential markets based on 3 to 6 meaningful and measurable variables. We then identify target market segments for your offering and size of the total market and each of the market segments.
Our segmentation studies allow you to present highly defensible estimates of market potential for your target audience. In addition, because we build our segmentation off measurable variables, you are able to identify or locate your target customer in the market or in other data sets.
In addition to our market segmentation, we provide area estimates based on ESRI’s tapestry segmentation, which provides a reach set of behavioral data to profile your trade area.
With our market segmentation established, we identify where your target customer can be found and help validate locations or identify potential locations for your offering.
Our market mapping can also inform market teams on the best locations for outreach on a local or national level.