Tags |
|
|
Links |
|
|
Digg it UP - Do You REALLY Want to Enter That New Market?
Sell more to each customer. Now there’s a simple formula anyone can easily understand. But many entrepreneurs and small business owners fail to capitalize on the "sell more now" strategy to maximize their returns. Yet, it’s the easiest way to make more money in virtually any business.Converting prospects to customers is often a difficult challenge. Moving them from a place of uncertainty and indecision to a “yes -- I’ll take it!” state of mind, means using the full complement of sales tools and techniques.But once your prospect has made the decision to buy, the pressure is off. They’re relaxed and relieved. That's the time to sell more products and services.It's your golden opportunity to increase revenues, cash flow, and profits with very little additional effort.How?Simply by increasing the dollar amount of the initial purchase -- by offering di
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer
A brochure can be a great promotional tool, whether it is for is a real estate listing, a trade show handout, a data sheet, or some other application, but sometimes it’s hard to know where to start. Brochure printing companies can provide their expertise as well as a wide range of printing and marketing services.Most brochure printing companies do other types of printing as well. The range of services available within a company that prints brochures is quite broad. The process of finding the right company that meets the requirements of your job is an easy step-by-step process.First, carefully consider your budget. Then assess the job you have in mind, whether you prefer full color or a single color, whether you prefer offset printing or digital printing, print run, type of fold, paper and shipping. Following these basic guidelines should help make finding the right
Sometimes it is obvious that entering a new market is a “no brainer” or it is perceived as the “right thing to do” because a competitor has taken the plunge or a handful of existing product or service users, within that market segment, are asking for your market participation.
Taking on a new market is an integrative decision process, cutting across a broad number of competitive issues, internal company functions and various targeted organizational entities. A decision of this magnitude should not be taken lightly because of the overall affect it can have on the total direction of your company and prudent use of limited resources. The cost of making a wrong decision here can be significant both in actual capital outlays and the opportunity costs realized of NOT pursuing another, “better” market alternative.
In Al Ries and Jack Trout’s, “The 22 Immutable Laws of Marketing”, being FIRST in a new market is everything, first is best! Sometimes deciding to venture into a new market segment just because a competitor did only makes the same decision one of duplicate failure.
Anyone who has ever been involved in sales management knows that sales personnel have a tendency to sell what they don’t have … always trying to solve all of every customer’s problems no matter whether it makes financial sense for the company they represent or not. Marketing managers also have to learn to systematically justify entering a new market not because a handful of existing market participants have asked them to enter their market.
The first step in evaluating the overall merit of entering a new market should be to discuss and determine the applicability of these 14 market segment attributes:
14 Critical Market Segment Attributes
1) The number of products/ services required to effectively compete:
* Ideally the more “full service” you can be the better your chances of success
* Customers prefer “one-stop shopping”, if you cannot provide the complete customer solution package, they have little reason to switch suppliers
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer
If you're running a small business, then at some point you may be faced with the problem that you want to gear up your marketing in order to grow the business, but at the same time you're afraid of getting it wrong and losing whatever you invest in it.Whilst large businesses can afford to throw large amounts of money at campaigns, and absorb the losses if their marketing doesn't work, small businesses need a return on every pound they spend. They need some level of certainty that the money and effort they invest is going to produce good results. Otherwise, what can happen is that they keep doing what they're already doing (which probably isn't working that well), or they blow a load of money on advertising or marketing solutions that don't work, and then lose faith in outside help or marketing altogether.If you want to avoid wasting money on marketing and advertising, o
In Al Ries and Jack Trout’s, “The 22 Immutable Laws of Marketing”, being FIRST in a new market is everything, first is best! Sometimes deciding to venture into a new market segment just because a competitor did only makes the same decision one of duplicate failure.
Anyone who has ever been involved in sales management knows that sales personnel have a tendency to sell what they don’t have … always trying to solve all of every customer’s problems no matter whether it makes financial sense for the company they represent or not. Marketing managers also have to learn to systematically justify entering a new market not because a handful of existing market participants have asked them to enter their market.
The first step in evaluating the overall merit of entering a new market should be to discuss and determine the applicability of these 14 market segment attributes:
14 Critical Market Segment Attributes
1) The number of products/ services required to effectively compete:
* Ideally the more “full service” you can be the better your chances of success
* Customers prefer “one-stop shopping”, if you cannot provide the complete customer solution package, they have little reason to switch suppliers
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer
Looking for a job sounds simple, but it can be a daunting task without a guide. Once you devise your plan and use it, keep it handy and ready to reactivate. Research shows that you will be back in the job market several times during your lifetime.Use these 10 steps to guide you in your job search.1. Assess career options based on determining your strengths, skills, and passions. This is the perfect time to determine if your goals are up to date and in alignment with what you love to do. Ask yourself questions. What provides meaning in my life? What are my core strengths and purpose? How does work fit into my vision for life?2. Create a resume that encompasses your work experiences, training, and formal education. Start with an overall statement that describes you as if you were being introduced. Follow with your work experience, most current to your first
The first step in evaluating the overall merit of entering a new market should be to discuss and determine the applicability of these 14 market segment attributes:
14 Critical Market Segment Attributes
1) The number of products/ services required to effectively compete:
* Ideally the more “full service” you can be the better your chances of success
* Customers prefer “one-stop shopping”, if you cannot provide the complete customer solution package, they have little reason to switch suppliers
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer
If you're searching for ways to increase your bottom line, starting a new venture or going after a new business opportunity might not be the answer. Your small business could have hidden money through overcharges that you're not aware of - and revenue recovery may be the answer. Did you know that businesses lose approximately $250 billion per year through inefficient billing systems and practices? More than 80% of all businesses are overcharged annually without their knowledge! Your home business or small business could very well be within this percentage. Don't become a victim of poor business management. Good business economics comes from smart management. Knowing about overcharges and how to prevent them will greatly improve your business finance management today and for the future. What are Overcharges? Overcharges are additional charg
* Customers prefer “one-stop shopping”, if you cannot provide the complete customer solution package, they have little reason to switch suppliers
2) Capital required to effectively compete:
* Understand your costs to enter a new market before you assume your revenues
* Sales projections are typically too high and cost estimates too low in new business ventures
3) Long term sales potential:
* Accelerating advances in technology reduces long term customer retention possibilities. In many markets customer needs are constantly changing.
* Priority should always be give to retention of existing, short term revenue streams, ultimately the best means to fund potential long term growth
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer
It’s the middle of the night. You’ve woken up with a brilliant idea on how to improve the way your business product is delivered to your customers. You scribble it down and can’t wait to share it with your co-workers during your morning meeting.The appointed hour arrives and you get your idea onto the agenda. Unfortunately the meeting proceeds without focus and at the speed of really good ketchup—slow. The person directing the meeting has gone over the same things you've already discussed ad nauseum, and your co-workers are mired down in dissecting ideas before anything tangible can be accomplished. By the time your agenda item is up for discussion, everyone is tired and frustrated. The nitpicking has drained all the energy out of a potentially terrific idea.What is happening in this meeting? While it might be easy to blame it on your co-workers, the boss, or your team
4) Relative Profitability:
* Is return on investment greater via a new product or pursuing another market?
* It is always less costly to grow profits from existing customers in existing markets than to pursue new customers in new markets
5) Ease of product distribution:
* New markets are often best penetrated with non traditional distribution/ sales representation
* Does this potential market “fit” with your current distribution structures?
6) Post sale service requirements:
* Product/ service information demands of new market customers can require more and new forms of post sale customer service
* Technical support for state-of-the-art product/ service offerings can be in limited supply and very costly, difficult to staff
7) Degree of customer loyalty:
* Every market has a varying degree of customer loyalty depending on number and quality of competitive product/ service offerings
* Do key targeted users within the new market buy on product/ service value or well established relationships with existing suppliers?
8) Time required to get into the market:
* Product/ service “life cycles” in some industries last only a couple of months
* Can your company develop, test, certify and fill distribution channels of a short life cycle product/ service within the time frame required?
9) Anticipated competitive response:
* New market entrants are greeted with new competitive marketing tactics upon entry by established suppliers who seek retention of existing market share
* Will existing pricing levels remain once you have entered the market?
* How will market pricing degradation eventually affect your margins and ROI?
10) Number of viable competitors:
* If there are a relatively few number of viable competitors participating within the targeted market, it may more than
justify your market entry
* Sometimes it is less expensive to acquire an existing, resource limited, market participant than try to take market share with a new approach
11) Ability to maintain a technical advantage:
* Can you protect your technology within the time frame required to cover your new market entry investment?
* Maintaining technical advantages requires quality, technical talent. If your current technical staff is over burdened or limited you will not compete
12) Fit with existing company resources:
* Can your company absorb the financial, emotional and physical changes required to effectively compete in the new market?
* New markets often require new, certainly more, talent and personnel
13) Fit with established customer perceptions:
* How will your existing customers be affected by your pursuit of a new market and new customer base?
* It is critical to define and evaluate your existing customer’s perceptions of all your major strategic moves
14) Financial status of key targeted customers and market share mix:
* Are key targeted customers financially stable?
* Is there a diverse mix of new market participant market shares?
The justification of entry into a new market segment involves effectively identifying viable competitors, relevant target market attributes, competitor and key customer market shares while correctly defining your company’s current financial, technical and human resources.
For marketing and sales management this 14 m
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggitup.net/article/29232/diggitup-Do-You-REALLY-Want-to-Enter-That-New-Market.html">Do You REALLY Want to Enter That New Market?</a>
BB link (for phorums):
[url=http://www.diggitup.net/article/29232/diggitup-Do-You-REALLY-Want-to-Enter-That-New-Market.html]Do You REALLY Want to Enter That New Market?[/url]
Related Articles:
Niche Ideas For Online Sites, How To Come Up With Them
Buy the Blades, We'll Give You the Razor
Bookmark it:
|