Norton, David W.
(2024).
« Developing a growth strategy for situational markets ».
Strategy Magazine(39), pp. 24-27.
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Résumé
The way that strategists think about their customer markets is based on the outdated idea that each person represents a unit within a market. Today, many companies still use terms like ‘mass market,’ or strategies like the ‘all the people are customers’ strategy, or ‘only certain types of people’ are our customers (‘segmentation’ strategies). When companies define a ‘market’ as a certain number or type of customer, they put artificial constraints on their solutions, with the most glaring being that certain solutions are only for certain people. These constraints hinder innovation and limit growth. As intelligent experiences begin to dominate business models and dramatically increase customer expectations, it is a strategic imperative that we create a ‘new’ definition of what constitutes a “market.” Ironically, the answer may lie with what seems to be the common definition of the word “market;” a situation in which a customer has a need and a company has a solution. Therefore, anyone who finds themselves in a situation where they need a solution can and will find that solution immediately. The objective of this article is to explain the concept of a situational market, distinct from the traditional concept of a market, and to propose an approach for sizing situational markets. This approach enables companies to build new market strategies that create far more revenue.
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