Make My Market – Overview of the Market Lens (Series of 9, Part I)

This nine-part series of blog post has been designed to explain the basics behind each of the 9 lenses. Through this blog series, we hope that you will begin to understand the revolutionary concepts of the 9Lenses schema so that you can improve your business by turning insight into action.

The market lens is the first consideration of any business. Without a market, there can be no business. A company that does not understand its market is like a sports car without an engine. Sure, it looks nice, but it doesn’t do anything. This is why the market lens is the touchstone of every business.

The market (not marketing) lens focuses on a business’s understanding of both the customers and the market it competes in. By examining the sub-lenses of characteristics, competition, customer, position, and timing, a company can generate essential insights about its market. Take the customer sub-lens, for example. What pain points do customers feel? What do the customers want in a product? How do they view the product? The sub-lens structure is intuitive and comprehensive which helps businesses optimize every factor affecting market performance.

Unfortunately, most businesses mix their strategy and operations lenses into the market lens. They immediately begin discussing how they can sell and deliver their products before they even understand the market. Businesses must heed this sage advice: “first, know thyself.” Otherwise, they will not be able to operate effectively in any market. The key to a sound business strategy is to know the market, generate an understanding of the customer, and then discuss the strategy for selling the product. Insight must come before action. So, dive into your market lens.