Question 8: Which customer organizations should we target first?
We started the market assessment series to take a deeper look into the best ways to analyze a new market when entering it. From market size and segmentation to competition and profit margins we discussed many crucial aspects of market assessment. In this 8th and final part, we’ll discuss the importance of understanding your ideal customer.read more
Small and medium-sized businesses are often tempted into thinking that they don’t need to market their products or services. This complacency usually arises when the business has a loyal set of customers and growing revenues and profits. The company owner thinks that when the firm already has more customers than it can handle, it would be a waste to spend on business development.read more
According to an article in the Harvard Business Review, truly great companies don’t scramble to adapt to the future but instead adapt and work to create the future. This includes anticipating, adapting and reacting to new technologies and integrating one’s business model. The article also points to the case of Microsoft, where the CEO dismissed the iPhone and claimed it would never gain significant market share; IBM acted to the contrary by directing its focus to growing technology in cloud computing, which led to rapid growth.
Your company doesn’t need to invent a new product like the iPhone to compete. But you do need to anticipate growing trends in technology and the infrastructure being created in order to get ahead. Take the first step by combining the use of new technology with growing business trends, like automation, to stand-out and compete.read more
Question 7: What sort of margins are expected in the new market and how do these compare to the overall margins in our company?
In the previous article we discussed the matter of sizing up competitors in the new market. In this seventh part of our market assessment series, we’ll look into another crucial aspect – profit margins.read more