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

15/10/2019

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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.

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  • Welcome | Market Route Mapping
  • Contact Us
  • Blog
    • Inspire, Thrive and Grow
  • What We Do