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Market Assessment Series: Part 8 | Extraordinary Business

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.
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Market Assessment Series: Part 7 | Extraordinary Business

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.
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Market Assessment Series: Part 3 | Extraordinary Business

Question 3: How well do our services fit in the market? Is it possible to create a new market for our services?

In this third part of our market assessment series, we’ll talk about the importance of a company’s products or services “fitting” in the new market. Will Caldwell, founder and CEO Dizzle explained on Entrepreneur Magazine that it is a challenging and time consuming process that requires businesses to get a deep understanding of their target market.
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8 Questions You Should Ask When Assessing a New Market | Extraordinary Business

Assessing new market
Entering a new market is a crucial step. It’s true for multi-billion dollar conglomerates, and its also true for service-based businesses with revenues between $1M and $50M.
Yet, quite a lot of companies are unable to perform a comprehensive analysis of the market they’re thinking of entering. From the potential size of the market to the behaviors and strategies needed to grow in that market, there’s a lot to cover on assessing new market.
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8 Questions You Should Ask When Assessing a New Market | Extraordinary Business

Entering a new market is a crucial step. It’s true for multi-billion dollar conglomerates, and its also true for service-based businesses with revenues between $1M and $50M.

Yet, quite a lot of companies are unable to perform a comprehensive analysis of the market they’re thinking of entering. From the potential size of the market to the behaviors and strategies needed to grow in that market, there’s a lot to cover on assessing new market.

 [···]

Read More