"Value innovation is about making the competition irrelevant by creating uncontested market space. We argue that beating the competition within the confines of the existing industry is not the way to create profitable growth."
-W. Chan Kim and Renee Mauborgne, Blue Ocean Strategy

As in the goal setting stage, many Entrepreneurs have brought their former lives as employees to the definition of their own markets.  A person who worked previously delivering solutions to third party warehouses or trucking companies will naturally enter into this same market when they start their own company.

Unfortunately the tools used by most Entrepreneurs in selecting and defining their target markets frequently leads them into competitive and even commodity industries which inherently limit their growth and profits.

Key Consulting begins the Market Definition and Analysis phase by working with the client and their team to gather an understanding for the company's capabilities, the capabilities of their products or service, and the current markets that they service.  In order for us to help to find the uncontested high value market space that will maximize the potential for growth, we need to understand both where you are working right now and what underlying needs and values the product or service is meeting.

In the second stage of this phase, we will work independently or collaboratively with the client to brainstorm other potential markets with similar unmet needs, markets with aligned or complimentary unmet needs, and secondary needs within the existing market which may be currently underserved.  Once we have identified a number of alternative markets we will review their potential, competitive landscape (current and future), opportunities, and threats.

The result of the second stage of the process should be a clear definition of one or more target markets which are well aligned to provide exceptional potential for growth and the achievement of the goals set out in the first step.