Strategic Shifts: Unveiling Untapped Markets via Buyer Chain Analysis

Introduction:

In many industries, companies often target the same buyer, guided by a conventional definition of the “ideal customer.” However, reality paints a different picture.

The Reality:

In the real business world, a chain of buyers exists, whether directly or indirectly involved.

This chain includes purchasers, users, and influencers (note: purchasers and users are different). When these groups intersect, they attribute different values to the same product.

For instance, a retailer may prioritize timing replenishment and innovative financing from the manufacturer, while consumers may value ease of use. let me give you an example.

• Example: Novo Nordisk

Novo Nordisk In the insulin industry, companies vied (competed) for the purity of their product, eyeing doctors as buyers.

Novo Nordisk, thinking beyond influencers (doctors), targeted patients (users). Understanding the discomfort patients faced, Novo Nordisk introduced the Novo Pen — a user-friendly, self-contained insulin delivery system.

This move, based on user needs, opened up a new realm in the market.

Questions to ask

What is the chain of buyers (users, purchasers and influencers) in your industry, and which does your competition delve onto

How would shifting your buyer group of your industry unleash new value.

and now the Conclusion

Conclusion

The rule is simple — look across the chain of buyers.

Understanding the unique values of purchasers, users, and influencers can uncover opportunities for innovation, cost reduction, and the exploration of uncharted market territories.

Ready to redefine your strategic compass and sail into unexplored market waters?

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