Effective Market Wedges
Move With Speed and Precision
Whether you’re creating a new product or altering your existing product for a new market, getting the right wedge strategy is important.
Like a needle entering the vein, you’re looking for the perfect entry point to maximise your effectiveness.
The aim is to be as broad as possible while your message still strongly resonates with potential customers. Your market can be niched down to a single organisation if required so do not underestimate your capacity to identify increasingly focused niches in which to start and expand.
You need to determine how much of the market you can realistically impact, the size of that market and the variations of your approach that are required to facilitate an effective sales process.
This is your market wedge.
Healthcare is ultimately a network of niches and verticals that are inter-connected through different threads. Your job is to identify which of those threads to move through to expand your market wedge. Pick the right threads and the right approach to connecting with the end specialism or vertical and you more efficiently expand your market opportunity.
You can target a particular industry or profession as a prelude to a bigger industry or multiple professions. You can take a B2B wedge approach to facilitate a B2B2C long-term strategy. You can design a favourable business model for a niche as a wedge to expand to different services and solutions. There’s plenty of opportunity to strategically design a wedge that drives sales and business growth.
Here are 4more market wedge strategies that will facilitate a more effective market entry and lead to greater success.
Viral Networks Wedge
This involved the identification of a small number of influential people or organisations that have a significant influence on the broader market. Provide an ultra-personalised solution for them and get them obsessed with your offering. They will then advocate for your solution and create organic interest in your business.
Instant Payoff Wedge
Structure your solution to provide an immediate payoff for the customer. This could be revenue-based, cost-saving or anything that makes the customer immediately apparent that your solution works on day one. Customers don’t like having to wait a while for a payoff. Even if it does come in time it will be less gratifying than that exciting day-one success they feel.
Hyper-Targeting
From your proposed market entry identify 10 niches. For each niche create a hyper-focused approach. Test each approach to with common success metrics. Determine the strengths and weaknesses of each approach and refine. Once you’ve established a highly effective system consolidate your best learnings from each and systematise your approach. You turn hyper-targeting into an unstoppable market expansion effort.
Unique Data Wedge
Utilising your existing data repository or strategically acquiring multiple datasets can position you to have a unique data library that is highly valuable to other organisations. Selling access to all or parts of this data gives you a unique wedge to that particular market which you can then build upon having demonstrated clear value.
Establishing market wedges are essential when delivering a new product or service. You have to be strategic about your approach and consider which is the best for that given market.
Different verticals and threads across the industry are your highways to success. Being everywhere at once with no cohesive plan means you do not understand your customers and they certainly won't understand you.
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