Understanding Market Opportunities & Consumers
9 out of 10 startups will fail. 42% identified the 'lack of a market need for their product' as the single biggest reason for their failure.
Who are the different types of consumers in the market and how do I target them with the brands in our portfolio? Can we go beyond the standard lifestyle segmentation that is less actionable for me?
PRISM™, Acorn’s hybrid segmentation model profiles the market psycho-graphically, attitudinally and demographically to understand segments’ motivations and effectively target them. We profile their behavior in terms of values / beliefs, attitudes, behavior in relation to the product category.
For each segment we profile key occasions where they use the product, identify the need state for each of these occasions and
prioritize segments by potential / size of these occasions / needstates.
Determine positioning of key brands vis-à-vis competitive set
Identify the segment / needstate in which to position your product
Develop a strategy for targeting each of the needstates.