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How to Choose a Beachhead Market for your Corporate ...
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Bonus Material: Target Market Evaluation Canvas “The term derives from the military concept of a beachhead – it’s a market that should be easy to capture, strategically valuable and give you a foothold from which you can advance and capture further markets.” Before you choose a beachhead market for your intrapreneurial venture, you’ll first want to consider all the potential markets for your concept. Think broadly and creatively, and segment the entire market into groups that share common characteristics. (If you’re new to market segmentation, The Market Segmentation Canvas can help you do that.)
A beachhead market is the segment of the entire marketplace that you want to conquer first with your internal startup idea. The term derives from the military concept of a beachhead – it’s a market that should be easy to capture, strategically valuable and give you a foothold from which you can advance and capture further markets. “Before you choose a beachhead market for your intrapreneurial venture, you’ll first want to consider all the potential markets for your concept.” Then, when you have your market segments defined, the next step is to perform a target market evaluation. In this exercise you will select your beachhead market by analysing your top 5-6 market opportunities against 5 key criteria. The rest of this article will explain exactly how to do that.
A beachhead market is the segment of the entire marketplace that you want to conquer first with your internal startup idea. The term derives from the military concept of a beachhead – it’s a market that should be easy to capture, strategically valuable and give you a foothold from which you can advance and capture further markets. “Think broadly and creatively, and segment the entire market into groups that share common characteristics.” Then, when you have your market segments defined, the next step is to perform a target market evaluation. In this exercise you will select your beachhead market by analysing your top 5-6 market opportunities against 5 key criteria. The rest of this article will explain exactly how to do that.
Before you choose a beachhead market for your intrapreneurial venture, you’ll first want to consider all the potential markets for your concept. Think broadly and creatively, and segment the entire market into groups that share common characteristics. (If you’re new to market segmentation, The Market Segmentation Canvas can help you do that.) “In this exercise you will select your beachhead market by analysing your top 5-6 market opportunities against 5 key criteria.” Part 1: Assess Each Market Segment against the Target Market Evaluation Criteria
(RELATED: [DOWNLOAD] Target Market Evaluation Canvas) “Choosing a good beachhead market is about finding a good fit across all the criteria that will have an impact your initial success.” Success will come from getting the right balance across these five ranking factors:
(RELATED: [DOWNLOAD] Target Market Evaluation Canvas) “It’s not about finding the largest market, nor about finding the most lucrative.” Success will come from getting the right balance across these five ranking factors:
Are you good at working with the people and companies in this market segment? Do you get on with them and have rapport? “Do you or your team have existing market knowledge that you can make use of?” Do you or your team have existing experience of this market? Do you already understand the language, the goals and the values of the people in this segment?