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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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5 Branding Lessons from America's Best Companies | Extraordinary Business

Do you own your brand? Maybe you designed the logo, chose a name, built a website and crafted a witty slogan, but none of that means you actually own your brand. A brand is more than a name, patent, trademark or slogan — it’s the perception of who you are and what you provide. So, essentially, it’s your customers who own your brand, not you.
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5 Branding Lessons from America’s Best Companies | Extraordinary Business

Do you own your brand? Maybe you designed the logo, chose a name, built a website and crafted a witty slogan, but none of that means you actually own your brand. A brand is more than a name, patent, trademark or slogan — it’s the perception of who you are and what you provide. So, essentially, it’s your customers who own your brand, not you.

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If You Aren’t Catching Anything – Perhaps You are Fishing in the Wrong Pond

Business Development – ensuring that you are approaching the right target

I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me.

As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services.

Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.

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If You Aren't Catching Anything – Perhaps You are Fishing in the Wrong Pond | Extraordinary Business

Business Development – ensuring that you are approaching the right target

wrong-customer
 
I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me.
As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services.
Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.
 [···]

Read More