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.
It’s pertinent to not only understand the customers’ existing needs, but to foresee future ones as well. When entering a new market, going through this process enables a company to create invaluable connections and develop a sharp sense of industry needs. The process is worth the time and should be treated as such. Ultimately, it lets the company better relate to their customers and create trust and credibility in their eyes.
A “sub-question” you can ask is, “Is it possible to focus on ONE significant value proposition in the new market?”. Analyze any significant emerging trends in the market and try to identify areas where your competitors fail to solve problems. You can adapt your services in light of your findings to strengthen your entry in a new market.
No company is too big to not need credibility. And one of the best ways to build credibility is to tell a story. People want to know how your services will make sense for them. The best way to do that (your marketing head should be telling you this, if not, you can tell him/her) is by weaving your customers’ needs into your brand story.
While brand stories are all the rage in startups, bigger companies can and should take full advantage from them. Especially, as you gear up to enter a new market. Get ready to tell the story about your company and your services to the new group of people you hope to sell one day.
Aman Advani, founder of Ministry of Supply and an expert on creating a new market, noted on Forbes Magazine that while creating a new market with your services is more challenging, the reward is also greater. As you’re entering a new market and you ask yourself, “Is it possible to create a new market for our services?”, you should focus on two key areas.
First, you should educate and acquire customers. It is your job to educate your target market on your services’ value and placement. Second, you should explore new channels to find your customers. Figure out which of the available channels make the most sense for you in the new market. Re-examine and review; what worked for you in an existing market may or may not work in the new market.
Many companies focus on getting their services to the market, and then marketing them.
Michelle Snyder, Senior Vice President and CMO of Welltok, says that its important to prime the market early on. You need to realize that you don’t just have to find out how well your services will fit in the new market, but proactively adapt your services if needed, to succeed in new markets.
Fatima Mansoor is a writer at Aepiphanni, a small business operations and strategy consultancy that exists to help small business owners CREATE | DESIGN | BUILD extraordinary businesses. She is a freelance blogger, specializing in business & entrepreneurship, digital marketing, and health & fitness. Her focus is on creating compelling web content for small and medium businesses form diverse industries. She mostly writes for entrepreneurs and marketing agencies across the US, Australia and UK.
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