I keep writing about identifying a Single Target Market. It all starts by segmenting the market and then breaking it down further till you can reach a level of control on the market which you can Dominate.
Once you start dominating one market, you can move to the next, and next till you dominate the whole segment.
As an example you are the Product Manager for a telephone company which wants to segment the market by coming out with phones targeted at ladies. You can segment this further by either age , rural and urban, by the language options or all of them.
After you have done this level of segmentation you are left with a certain demographic profile combinations. Lets say one of the combinations you decide to choose is a lady, urban, upto 40 years of age, speaks English.
What you do next with the usage could look at this combination and see how many of these are homemakers and how many are working ladies. Now comes the interesting part. In this age group a lot of these ladies could be moms with small kids.
These days kids are smarter than us. So they could end up using their mother’s phone even when it’s locked because they have noticed the password that the mother uses. They then accidentally delete an official email or send an unwanted message accidentally to someone which is embarrassing to the mother later.
As a product manager can you incorporate a feature in the phone where working moms can physically block their phones (like child locks in cars) so that she’s at peace that her child will not be able to make calls or access official emails. You then target this specific usage to go to market. While even other ladies may like this, you’re targeting all your messaging to this segment alone and wanting to dominate it.
Till next time then….think of domination of your market.