This is the first in a series of short inspirations to help tech-entrepreneurs weather the uncertain times and come out stronger as a consequence.
The first thing to reflect on is segmentation. Segmentation has always been crucial to any business – it’s even more critical today. Where last week the question was: ‘Who are you for? and ‘Who are you not for?’ Today it’s more subtle: ‘Who are you ideal for now?, and ‘Who are you not so ideal for now (anymore)?’
The Coronavirus impacts every business, but as always, some fare better than others. And this is essential to understand. The first win for your business is to eliminate waste. This starts with understanding where you can make the most significant difference for your ideal customers, and where your good intentions would be wasted.
For some of you, this might be easier than others. It might even be that none of the segments you target has any appetite for your solution at all, given the shifts in their priorities. Still, it’s highly valuable to do the exercise, and you’ll likely have to dig deep and turn every possible stone.
It all starts with asking some essential questions. For example:
- Reflect on each segment
- How are my customers/prospects in this particular segment impacted?
- Are the services or products they offer in higher demand, lower demand, or no demand at all.
- Are there any exceptions to the rule? Think of region, delivery/business model, or for example the sub-segments they target
- Which segments will best positioned for growth after the crisis?
- Reflect on shifting priorities
- How are their short-term strategies changing?
- Where do they put more focus, and where less?
- How are their targets changing as a consequence?
- Are there any exceptions to the rule? Think of differences in mindset, differences in aspirations, growth opportunities shortly beyond the crisis…
- Reflect on the decision-makers you typically face
- What are the top 5 challenges they have to overcome as a consequence of this change in strategy or focus?
- How is this different from ‘last week.’
- Where (and why) is doing nothing not an option for them?
If you review all the market segments you target this way, you’ll get a clear view of where you have an opportunity to make a difference. This focus will give you a north star to weather the storm and to come out better at the end—more on this in part 2.
On another note: Together, we are stronger – that’s why I established the Remarkable Effect tribe for Tech-Entrepreneurs-on-a-mission. If you are such a tech-entrepreneur, on a journey to do something big and meaningful: you’re invited. Find your peers, accelerate your journey, be part of something larger than yourself and weather the storm together: https://movement.valueinspiration.com.