Segment your potential customer base into groups with similar characteristics who are likely to use your new product or service in the same way.
Market SEGMENTATION Canvas
What's it for?
If you have an idea, you probably have a target market and use case in mind, but as a first time intrapreneur…
- It’s likely not specific enough
- There may be other markets that are a better match.
To give yourselves the best chance of success it’s vital to pick the right market to enter first – one that you have both the talent and passion to serve.
The Market Segmentation Canvas outlines six facets of a market. These facets and associated prompts will help you describe each market you consider.
Don’t worry about trying to choose the best market just yet. Initially you will just want you to capture all the possible markets you can think of.
Be open-minded and creative! This is a stage where the different perspectives and diversity of your team are crucial.
How to Get Started
Start with your vision statement and brainstorm all the possible markets (or audiences) that it could apply to.
Complete the worksheet adding as much detail as you know. If you’re not sure, make your best guess initially.
Add more detail where you can find it out quickly, for example, with a quick Google search or a phone call to a contact. The more real data you can gather, the better your decision making will be in the next stage.
The worksheet has three columns for candidate markets, but don’t feel the need to limit yourselves to just three. Use more worksheets and capture as many markets as you need to.
If you’re looking at internal markets in your company, you could think in terms of organizational structure such as departments (verticals), grades (horizontals) or even cross-org groupings based on common interests or behaviours.
The Market Segmentation Canvas is one of the tools we teach in the Intrapreneurship Mastery Training Program.
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