Finding the Right Job for Your Product
In this MIT Sloan article, the authors argue that a different kind of understanding is required to find the right product for the right market. This understanding, called the job-based structure, is knowing how the product fits into the daily lives of customers who just want to get their jobs done.
Customers simply need to get things done, whether that be fixing their car, staving off boredom, or finding something fun to do with their kids. These situational needs for which customers are looking to “hire” products or services go unnoticed during traditional market research and segmentation. As a result, the true breadth of competition often goes unnoticed too. When companies understand what they are up against in the mind of the customer, they can piece together the real size of the market in which they compete.
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