Descriptions: Bill Aulet discusses how he and his team at SensAble conducted market segmentation for their novel 3D imaging technology.
Instructor: Bill Aulet
We have a whole series of things that we drill down and look at. The example that you're going to see is one that worked well for us, but yours might be different. But these types of things are what you're going to see.
As we laid it out, we had entertainment. We had the industrial designer. I apologize for the hard-to-read writing here. And so you can see what they were doing as well. Industrial design, you would have medical visualization. Companies like GE had 3D data sets that they were getting through CAT scans, MRI, and they wanted to look at them, interact with those data sets.
We had surgical simulation. We also had computing for the blind, human-computer interface for non-visual human computer interface. And for each one of these, we have molecular modeling and assembly path planning, and we even had analyzing seismic data. All of these different ones, we laid out, and then we dug down in here for a matter of a week or two to understand what each of them were.
And then at that point, we had a nice market segmentation that we could then take a step back and take a look at and say, wow, those are the top opportunities. Which one should we go after?
This takes a lot of work. But the work that we're going to put in upfront is going to pay dividends, because our team will now have had a chance to look at all the different opportunities. And when we choose one, we're going to have the highest level of confidence possible.
So that is market segmentation with a very specific, real example at Sensible Technologies which ended up working out quite well for us.