How to Define a Market in a Few Simple Steps
Are you looking for an effective way to define and target a new market? Using the Jobs-To-Be-Done method may be the answer you’ve been searching for. Many companies define their market based on the technology they use. But eventually, that technology will become outdated. That is why jobs-to-be-done (JTBD) defines a market as a group of people and the job they are trying to get done. These simple steps explain why this method works so well and how it can efficiently define a market!
Step 1: Traditional Market Definition
Begin by understanding what you seek to innovate – this is the grounding point of your exercise. From there, you can take steps toward forming a better market definition to meet consumer needs and establish a competitive advantage.
Step 2: Job Executor Determination
Step two focuses on identifying who’s using the product to get a job done. This step enables you to uncover a wide variety of potential users and is key to understanding the actual value of your product.
Step 3: Abstracted Job Executor
The step defines the all-encompassing term for those using the product, rather than focusing on specific job titles. It aims to create a market by clustering people around their shared need for your product. For example, you can think of these users as “consumers” when creating consumer goods.
Step 4: Job Executor
Here, home in on the perfect phrase to define your target audience. Look for more inclusive labels – something as simple as using the term ‘educators’ over ‘teachers’ can make all the difference. Additionally, you want to ensure you choose a title that covers all types of people and applications, so pick wisely!
Step 5: Function of the Product
Understanding the function of a product is essential for innovators to successfully create products that meet customers needs and expectations. However, when innovating, remember the product’s function represents only part of the job customers have in mind when they use it.
Step 6: Other Products Used
A job map can provide valuable insight into the bigger picture of what job your customer is trying to get done. Ask them which other products they use immediately before, while, and after using your product or service. By understanding this critical process your customers go through, you can develop better products to help them with their job.
Step 7: Abstracted Job Statement
Make the job statement in a confident tone based on the answers given. It is essential to keep in mind that the job answered may only partially encompass the customer’s desired expectations.
Step 8: Customer’s Job-to-be-Done
By now, you have the customer’s job-to-be-done abstracted like a pro. If there are multiple versions to consider, work with the job to determine the most appropriate.
Get a Clear Vision of Your Market!
Using the Jobs-To-Be-Done method is an efficient way to ensure that your company has a clear vision of its target markets and is well-positioned to capitalize on them over time. Make sure that your innovations have staying power by exploring this proven approach today!