Gate 2: Who is your Customer?
entreprenerdshAbout This Gate
After forming teams and defining an initial concept in Gate 1, Gate 2 leads participants through essential steps to understand their venture’s target customers. Through market segmentation and primary market research, teams identify their beachhead market and develop detailed customer profiles and personas. This process clarifies who their venture is for, creating a strong foundation for market positioning and customer engagement strategies
Learning Outcomes
Understand Market Segmentation
- Learn the purpose and importance of market segmentation in identifying target customers.
- Gain skills to divide a broad market into smaller, distinct groups based on needs, demographics, and behaviours.
Conduct Market Research
- Acquire techniques for gathering and analysing data on potential customers and market needs.
- Learn to use market research to inform strategic decisions about target customers.
Identify the Beachhead Market
- Understand the concept of a beachhead market and its strategic importance for a new venture.
- Develop the ability to select a focused, initial market segment that offers the highest potential for success.
Develop End User Profile and Persona
- Learn to create detailed profiles and personas representing the venture’s ideal customer.
- Identify customer demographics, behaviours, pain points, and needs to tailor products and marketing efforts.
Estimate Beachhead Market Size
- Gain skills to assess the size and potential of the beachhead market using market data and analysis.
- Learn to quantify and evaluate market opportunities based on realistic estimates of customer base size.