11 Ways to Discover New Customer Segments

A Strategy for Innovation and Differentiation

In an era where industries are saturated with competitors vying for the same customer base, finding new avenues for growth requires a shift in perspective.

A strategic approach to identifying new customer segments opens up untapped potential and sets the stage for innovation and differentiation.

This involves going beyond traditional market segmentation to uncover currently unsatisfied, ignored, or unrecognized needs.

Here are 11 ways to discover new customer segments:

1. Look for customers who are unsatisfied with the current offering in your industry or of your company.
2. Look for customers who want your or your industry‘s offering but can‘t have it for some reason (affordability, access, knowledge,…)
3. Look for customers who are refusing to buy or use your offering.
4. Look for customer segments that your entire industry is ignoring.
5. Look for customer segments that your industry is underserving.
6. Identify changing customer needs or priorities and group customers according to those needs.
7. Re-segment the market in a creative way so as to merge smaller customer niches into larger ones.
8. Create a new customer need and build the customer segment around it.
9. Remove functionality from over-engineered products and attract customers to a simpler version.
10. Segment the market customer needs rather than by demographics and focus on new or underserved needs.
11. Target a different customer segment from those that the traditional competitors focus on.

How are you differentiating your business?

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