Space Thinking … reframing markets as spaces not sectors … talking in the customer’s language, anticipating unmet needs, designing propositions that resonate, and driving innovation and profitable growth

May 8, 2025

Do customers care about banks, or about their wealth? Do they care about insurance, or their protection and peace of mind? Do they care about cars, or travel?

Michelin got it right. The French tyre brand always said it was about the journey, not the rubber. And as a result, it was able to add value in more human, more relevant and inspiring ways – from better maps to the best restaurants.

In a world of rapid change, defining your business by traditional sectors – like banking, retail, telecommunications, or automotive – is increasingly limiting. Conventional categories frame the conversation around products or services, not the outcomes customers truly care about. Businesses that cling to these outdated labels risk irrelevance and missed opportunities for growth and innovation.

A more powerful approach is to reframe markets in customer-centric “market spaces”—sometimes called arenas, domains, opportunity spaces, or experience spaces. This thinking builds on the discovery-based strategy work of Rita McGrath, the jobs to be done thinking of Clay Christensen, the adjacency models of Scott Antony, and blue oceans of Chan Kim and Renée Mauborgne.

These “spaces” are defined not by what you sell, but by the human outcomes you enable: the experiences, goals, and aspirations your customers seek. By thinking in terms of spaces rather than sectors, companies can create far more relevance, unlock new value, and identify opportunities that conventional market definitions obscure.

From sectors to spaces

Traditional sectors describe what a company sells. Market spaces describe what people actually want to achieve. The shift may seem subtle, but it has profound strategic implications:

• from Banking or Financial Services … to Wealth, Financial Freedom, Life Planning
• from Insurance … to Risk and Security, Peace of Mind
• from Automotive … to Travel, Mobility, Adventure
• from Telecoms …  to Connection, Communication, Collaboration
• from Food and Drink … Nutrition and Wellbeing, Pleasure and Sharing
• from Retail … to Lifestyle and Experience, Daily Joy, Convenience
• from Healthcare … to Health and Vitality, Thriving and Longevity
• from Fitness and Gyms … to Energy, Performance, Personal Growth
• from Education … to Knowledge and Growth, Future Readiness
• from Technology and Software … to Creativity, Capability, and Enhancement
• from Pet Care … to Companionship, Health and Happiness

This shift in language reframes strategy. Instead of asking, “Which sector do we compete in?”, businesses ask, “Which customer outcomes do we enable, and how can we do it better than anyone else?”

Practical examples of market spaces

Leading companies show how redefining markets in terms of customer outcomes drives growth and differentiation:

• American Express: Reframed from credit cards to the market space of Membership & Experiences, emphasizing belonging, lifestyle, and privileges.

• Nike: Operates in the Human Potential & Performance space, enabling achievement, self-expression, and empowerment.

• Apple: Focuses on Creative Expression, helping people create, connect, and express identity.

• Airbnb: Moves beyond rentals into Belonging / Travel Experience, creating emotional connection, cultural discovery, and memorable experiences.

• Spotify: Competes in Music & Emotional Connection, highlighting the social and emotional value of music, not just streaming.

In each case, the company’s success comes from shifting focus from product categories to the experiences and outcomes that customers value most.

Why customer-centric market spaces matter

• Focus on human outcomes, not products.
  Customers care about results and experiences more than products themselves. By aligning with these outcomes, companies build relevance and loyalty.

• Unlock innovation opportunities.
  Thinking in spaces rather than sectors reveals adjacent opportunities for new products, services, and business models. For instance, a company in the Travel space can innovate across transport modes, experiences, and digital services—not just vehicles or airlines.

• Guide growth and diversification.
  Market spaces help leaders identify areas to expand that naturally extend the value delivered to customers, reducing the risk of pursuing unrelated markets.

• Differentiate your brand.
  Competing in a customer-centric space allows a company to stand out through experiences and outcomes, rather than features or pricing alone.

How to find and shape your space

1. Start with the human goal.

Ask: “What outcome does our customer truly seek?” Consider functional, emotional, and social dimensions of the experience.

• Example: Rather than “How do we sell insurance?” ask, “How do we help people feel secure, confident, and cared for?”

2. Reframe the market in customer language.

Translate industry jargon into spaces that reflect the real-world experience of customers.

• Example: “Telecommunications” → Connection, “Automotive” → Travel, “Banking” → Wealth

3. Map opportunities across the space.

Identify where you can create additional value: products, services, experiences, partnerships, or technology. Seek natural extensions that enhance the customer outcome.

• Example: A company in the Fitness & Performance space could expand into nutrition, mental wellbeing, wearable tech, or coaching services.

4. Innovate around the customer journey.

Examine the full journey customers take to achieve the outcome your space promises. Identify friction points, unmet needs, and moments of emotional impact.

5. Measure relevance and value, not transactions.

Focus on outcomes: engagement, loyalty, satisfaction, and impact. Your success in a space is determined by how well you deliver meaningful experiences.

50+ customer-centric market spaces

Here’s a practical cheat sheet of conventional sectors reframed as customer-centric spaces:

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This list is a practical tool for strategy and innovation, helping teams move from conventional product-focused thinking to customer-outcome-driven market spaces.

Compete in Spaces, not Sectors

Reframing markets from sectors to customer-centric spaces is more than a semantic shift—it’s a strategic imperative. Companies that succeed in spaces:

• Deliver deeper relevance and loyalty by focusing on human outcomes.

• Unlock innovation opportunities across products, services, and ecosystems.

• Gain strategic flexibility to adapt and grow in a dynamic world.

• Differentiate their brand through meaningful experiences rather than products alone.

Market spaces—whether called arenas, opportunity spaces, or experience spaces—allow businesses to anticipate unmet needs, design offerings that resonate, and create meaningful, lasting value. In a world of constant change, the organizations that thrive are those that define themselves not by what they sell, but by the outcomes and experiences they enable for their customers.

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