15th Oct. 2019 | The Market. Strengthen Your Business.

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Understanding the market allows you to target promising market segments which suit your strengths.
Who are the users of products or services like yours?

• Divide them into different categories (segments), to help you spot the best opportunities.

For example, a pet product company might use three levels of segmentation: pets generally, type of pet (ie. dog), and breed (ie. Labrador).  The corresponding products are feeding dishes (for all pets), dog leads, and a Labrador video.

So what do the users value most in products or services like yours?

• How do they choose between different suppliers?

And how can you reach the customers?  Or, put another way, how do your customers purchase your product or service?

• The obvious channels might include direct sales, wholesalers, retail, agents and distributors, internet or social media channels.
• Consider alternative channels and influencers.  For example, one accounting software company built its success on using the accountancy profession as a channel to reach smaller businesses.
  

What size is the market?  Is it expanding or declining?  What are the key trends?

• Be realistic.  For example, the market for a high street store is probably restricted to people who already visit the town centre.

What is the competition doing?

• Profile your competitors and their products.  Ask their customers why they prefer the competitor's products or services to yours.

And lastly, what other factors influence your business environment?

• For example, government expenditure, foreign imports, new technology, or quality standards.

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Market Route Mapping can help you develop and market your business.  To find out how, please contact Market Route Mapping to arrange a FREE consultation.
Your route to being more: Visible | Serviceable | Profitable.