Target Market Segment Strategy Plan for your Business

Dear readers

In my last blog post on writing your marketing plan with the help of Business Plan Pro (business plan software) we discussed how to use Business Plan Pro’s market analysis table (the wizard) to do your market analysis. Now, after you have created your market analysis, you need to discuss your segment strategy in your business plan.

Basically, you need to explain in detail your strategy behind your market segmentation and the reasons for choosing your specific target markets – especially if you are looking for venture capital. Potential investors need to know why you have chosen certain segments of the market and if your segmentation of the market is not based on flawed reasoning. At least they would like to know why you have chosen your selected target markets above other available market segments.

For example, Business Around The Globe.Com is an e-commerce business focusing on the small and medium business sector (“SMBs” or “SMEs”).

By means of educational business publications and cartoons we assist entrepreneurs in their business planning efforts – specifically in writing complete business plans. By complete business plans we mean that we provide the necessary information to entrepreneurs to identify and assess their business risks, design adequate and effective countermeasures (controls) to mitigate these risks so as to reduce profit erosion, to minimize their risk of business failure, to survive in good and bad economic times and to increase their chances of business success. We believe that business failures are due to improper planning and business plans. Yes, entrepreneurs do plan to make a profit, but they do not plan to protect the profit they are making – i.e. they do not include this aspect in their business plans.

However, we also provide the means to perform proper business planning – e.g. our business plan software and marketing plan software.

So, our market segmentation can be summarized as follows:

We focus on the small and medium business sector by providing:

1) The means to perform business planning (e.g. business and marketing plan software).

2) Educational business planning products using the following mediums:

2.1) E-publications and 2.2) e-cartoons on the subject of:

• Business plans
• Business risks
• Business management
• Business presentations
• Business control and protection principles and methods
• Customer and client services
• Profit strategies
• Business delegation
• Business growth
• Business survival
• Human resources
• Business failures
• Business vision and mission statements
• Business opportunities
• Risk management
• Strategic business planning
• Business ethics
• Business systems
• Business policies
• Market change and market demands
• Computer (IT) risks
• Workplace and office

As you would have noticed, we are extremely “surgical” in our market segmentation, focusing on specific business subjects related to the importance of business planning (and specifically business plans) so as to reduce your chances of going out of business and to achieve business success.

Mainly the reason why we have chosen the small and medium business sector is because this sector lacks proper educational material when it comes to the subject of business risk management, covering ALL business areas as the above list indicates.

If you have any questions, you are welcome to contact us. Your comments are more than welcome.

Warm regards

Michiel Jonker, CISA

Tags: Business Plan, Business Plan Software, market, market segmentation, market segments, marketing strategy