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Develop Market Segmentation for Your Idea.
Develop market segmentation for your idea, product, or technology. Brainstorm possible applications, narrow your focus to 6-12 most interesting opportunities, and complete the process with primary customer research.
Strive for specificity. In addition to listing potential industries, also list the markets, market segments, and prospective end users.
Describe what tasks the end users perform, what problems and needs they experience, and what benefits they would attain with your solution.
Primary customer research is king. No market segmentation is complete without it. Interview at least 10 prospective end-users / customers. In the beginning, focus on not only quantity, but also variety of end users.
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Services can be defined as separately identifiable, intangible activities which provide want-satisfaction when marketed to household consumers and/or industrial users.
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