Focus ... Our Empathy with First Time Entrepreneurs and Selecting a Beachhead Market
Brian and I are so fortunate to meet so many entrepreneurs and if there is one thing we see a lot is the inability to keep a disciplined focus on their beachhead market. What's a beachhead market ? - it's simply the market that you've decided will be your initial target market that is the most efficient for you to succeed in. As a first-time entrepreneur it's human nature to never say no and you end up finding yourself very fragmented in your messaging and strategy. It's funny because both Brian and I have been there too so we have to empathize with these entrepreneurs when we both in our former startups would go after anything that would pay the bills. It's very hard to understand though that by lacking focus you are actually making it harder to succeed. Spending some time on your overall strategy here will save you a ton of time in the long run.
"At its most basic, customer segmentation (also known as market segmentation) is the division of potential customers in a given market into discrete groups. That division is based on customers having similar enough:
- Needs, i.e., so that a single whole product can satisfy them.
- Buying characteristics, i.e., responses to messaging, marketing channels, and sales channels, that a single go-to-market approach can be used to sell to them competitively and economically."
Photo credit: Edd Morgan