Understand your market size, scope and opportunity
“To know your marketing strategy, you must define your market. Otherwise you are navigating without a map.”
Guy Smith, Silicon Strategies Marketing
Objective: Know your market size, scope, competitive landscape and complexity in order to dominate that market.
Benefits: Quality financial forecasting, precise segmentation, and accurately communicating go-to-market plans to employees, press, analysts, customers and investors.
Silicon Strategies Role: Define your market across multiple dimensions while mapping competitors, positions and market-force trends.
Defining markets is complex because markets are complex. Yet you need precise definitions to create precise plans. Thus, market definition is the foundation of your entire marketing strategy.
Aside from fundamental metrics of size and buyer demographics, markets are defined by changing and conflicting forces of competition, market maturity, buying trends, geography and channels. These must be incorporated into market definitions to achieve the precision that leads to market success.
When defining your market, you must document it on several levels using different tools for each level. This is necessary because you need to describe different aspects of your market for your internal business plan, to your investors and as part of your segmentation plan. You must document:
- The size of the market
- Total size
- Segment sizes
- Addressable market
- Realistic market
Market dimensions are bounded by many factors including:
- Market geography
- Technology market divisions
- Andrew Grove’s Six Forces
- Market disciplines of customers
- Competitive landscape
- Key product and economic trends in the market
- Channel realities and options
- Market penetration capital requirements
Silicon Strategies Marketing consultants help you through market definition and prioritizing opportunities. Tailored to your needs and budget, our marketing strategists optionally perform primary and secondary research to quantify your markets, your go-to-market planning and presentations to investors. Our best practices combined with solid research create precise market definition guidebooks for use in planning, positioning, competitive analysis and investor/analyst education.