We are working with a health accelerator now and we are doing customer discovery interviews this week and next, employer/payer/retail/health system, how do we decide which is the best market segment to pursue?
I think what Frank says is absolutely spot-on with one exception. In healthcare, you might not have as much choice as you think. Ultimately, if you are dependent on adoption of your solution by multiple stakeholders, you should engage early and equally with all stakeholders so as to understand the eventual objections you'll have to overcome and hopefully acquire some early evangelists but focus on where there is least resistance to try and build a forcing function that reduces resistance to the change you're trying to make.
I built an online service in the late 90s that was sold to employers and adopted by individual employees. The Company was subsequently acquired so happy to talk to share that experience with you in a call.
In my Customer Factory Marketing Model I have a technique I call creating your Prime Client Profile. Your most profitable target markets will be those who: 1) Have a need most directly in alignment with your solution; 2) You can most readily communicate with; 3) Most clearly see and/or are looking for your unique offering; 3) Are the most ready, willing and able to pay; 4) Are actively looking for a new or alternative cure for their pain.
I hope these general guiding principals are of some help. Without more information regarding your business or offering I can't be much more specific. Good luck!
Frank
In The Lean Entrepreneur I discuss how to create a segment matrix: put your different segments in rows (hopefully these are NARROWLY defined!); in columns, come up with salient criteria to measure segment worthiness. It's ultimately up to you, but might include "Depth of Need", Budget, "Ease of Reach" (marketing), etc. Could even include things like "Matches Values." Be sure to write in such a way that a High-Medium-Low ranking is consistent across criteria. In other words a High Depth of Need is a good thing, so other high scores must be a "good" indicator. Rank each segment in the criteria High, Medium, or Low. It's OK to guess at this point, but your customer discovery should attempt to validate the values. It's likely that 1 or 2 segments will rise to the top.
I have over 17 years experience working in and owning several businesses in the medical / healthcare field. As well I do / have done consulting with hundreds of other healthcare businesses.
I would be happy to share my insights with you. Your question would require more clarification (for me) and as such I would certainly be willing to offer a free initial call to gain this clarity and see if I can be of assistance.
Shoot me a message if you are interested in talking and I'll set up a code for that free initial call.
In any case...Best of luck!
