![]() |
Marketing Information |
|
|
A Pass / Fail Test for Any New Market
If you are considering entering a new target market, with an existing or new product or service, it makes sense to first systematically analyze the market in question via some fundamental market evaluation criteria. It is not only rational but most cost effective to determine if a new market pursuit makes sense for your company before any significant resources are further applied to the effort. A "pass or fail" test of your targeted market is recommended with your company's core management team collective involvement. Discussing the attributes of a given market and further analyzing the business logic behind your intention to participate in a new market will generate some very enlightening conversation among your key decision makers. Having various management functions present for the discussion generates the most effective, broad base perspective, appropriate "next step" for this strategic decision. Besides further justifying or reducing your intentions to enter a new market, weighing all the same attributes of any one targeted market candidate against another target markets of consideration can lead to a pivotal decision for the future direction of your company. The opportunity cost of choosing the "wrong" or "least rewarding" target market, given limited corporate human and financial resources, can make or break your collective ability to meet or exceed your company's short and long term growth objectives. Again, effectively utilizing a simple, systematic evaluation checklist made up of some of the market attributes listed below can be most time efficient and cost effective. Our list of market attributes cover various business sectors and should not be considered a complete listing. To make this evaluation exercise most productive for your management team, first evaluate this list for relevancy and then add whatever number of additional categories or attributes that correlate to your company's collective business priorities, resources, risk/ reward tolerance levels and growth objectives. MARKET PRODUCT / SERVICE LINE ATTRIBUTES: MARKET CUSTOMER ATTRIBUTES: MARKET SERVICE ATTRIBUTES: MARKET COMPETITION ATTRIBUTES: MARKET GROWTH: If you want to further quantify this analysis you can numerically weight each market attribute with your own specific market attribute priorities and then give numerical "grades" to any or all new market entry candidates to calculate a weighted value for each new market opportunity. Evaluating new business opportunities should be a well thought out, straightforward, iterative process. Beginning the evaluation process with a simple tool to justify further analysis is a prudent procedure. The more effective your analysis, the greater the probability your strategic decisions will maximize return on investment. About the Author:
MORE RESOURCES:
Google News |
RELATED ARTICLES
Direct Mail Marketing Generates Sales Leads: Heres How 1. Personal Unlike an advertisement in a trade publication, which can be read by anyone, your sales letter arrives at your prospect's place of business as a piece of personal communication from your mind to his. Leverage The Power Of Using Flyers To Advertise Your Online Product or Service Offline One commonly overlooked method of advertising offline is flyers. Flyers are extremely easy to create. Small Business Marketing Tip - Focus on a Niche or Target Market I think selling and marketing today often feels a bit like talking to a brick wall and that in interesting metaphor to help grasp the importance of niche marketing especially when it comes to small business marketing. Imagine for a moment that you are attacking that brick wall with a hammer, randomly hitting it everywhere. Motivate Your Market Force IntroWant me to tell you something on how you can motivate your market force in 2005. I will do so today. Five Cheap Tricks for Promoting Your Business If you're like me, you're always looking for ways to promote your business - without spending a ton of money. Well, you're in luck. Benefits of Developing & Maintaining a Database A database is more than a simple list of names and addresses. What turns a list into a database is the additional information, coupled with your ability to select names from or report on the list using any combination of data elements. CRM: Strategic Engine or Just Another Tool? CRM?strategic engine or just another technology tool? How would you answer this question about your company's CRM initiative? It depends on how honest you are in answering some other questions, including:Do your people have real decision-making power to provide great customer service?Do you have the right people with the right knowledge and skills?Are you including people across the board, not just in your customer service and call centers?The bottom line is that people skill sets need to be similar to the technology they are using -- information sharing needs to be fast, focused, integrated.Let's Start With the LeadersFor CRM to become the strategic engine, not just a tool that people opt to use when they choose, managers and leaders need to demonstrate the new vision through their day-to-day actions. Give It Away Now - The More You Share, the More You Sell! Give away your knowledge, and you'll make money. How does this work? Isn't this counter-intuitive? Let's think about this. 9 Highly Effective Marketing Tips Here are 9 low-cost but highly effective marketing tips to help you boost your sales and profits fast.Tip 1: Look for some low-cost ways you can enhance the perceived value of your product or service. Making a Hit with Your Marketing Campaign Considered a vital link in a show's promotional plan, direct marketing is vital only if it's done right. It's certainly not as simple as typing a letter, adding an address and stamp, and popping it in the mail. 7 Marketing Lessons I Learned From the Muscleheads at Golds Gym Can I share a secret with you?I love working out. So much that several years ago I considered a career in fitness. Top Five Tips for Marketing that Gets Results When marketing your practice, as well as designing your brochure, website, business card, flier, advertisement, or other marketing effort, I recommend investing the time and effort needed to effectively address the following:Tip #1: MARKET FOR YOUR DESIRED PROSPECTS, NOT YOURSELFWhat looks good to you is not necessarily effective for your desired audience. Do your market research and test your strategies on your target market. Features vs. Benefits vs. End Results If you've been in the copywriting realm for very long at all, you've heard the phrase "features vs. benefits. Marketing Your Franchise Online Do you want to successfully market your business franchise online? Here's an internet strategy you can use for your franchise opportunity.1. Plant a Seed and Watch Your Business Grow Do you have all the business you could possibly want or need? If you're like me, you're still growing your business. Marketing is an ongoing item on my agenda, and I'm always looking for new ways to market my services. How To Successfully Launch A New Business Activity I often talk with business owners who tell me how excited they are about a new product or service they are offering .. Promotions for Mobile Detailers Mobile businesses are quite unique in the way they must promote to stay in the customers mind; it takes creativity, savvy planning and a lot of listening to your customers. After years running a franchise system in 23 states with mobile detailing units everywhere. Developing the Unique Selling Proposition The "Unique Selling Proposition" advertising campaign was developed by Reeves in 1961. Reeves proposed that marketers offer products different from their competitor' offerings by developing products that have a special formula, design, or feature. Whats Your Marketing Attitude? Entrepreneurs pay a lot of attention to the mechanics of marketing. They take workshops, read books, and hire consultants to find out how to do the best job they possibly can. So What Do You Do? Once you have the attention of a business prospect, at some point in the conversation, the prospect will ask you, "So what do you do?". In most cases, you will only have 60 seconds, to catch the interest of the prospect. |
| home | site map |
| © 2006 |