Identifying New Markets

The first step in identifying new markets for your business is understanding your product and customer. Who does your product serve? What problems does it solve? Who uses your product, and how is it used? Knowing the answers to these questions is only the beginning of identifying new markets. Uncovering and discovering new markets begins with understanding your business, followed by continuous research.

Stay Informed

Read industry periodicals, study market research, and stay abreast of the business climate. By understanding how the economy will affect your business you can better predict when to enter a new market and when to wait.
Survey your satisfied customers and prospects who decided not to use your product. Ask for suggestions on how to improve your offerings, customer service, and what products or services you should consider adding.
Study competitors. Look for trends. Did your top three competitors recently add a new product or service? Follow them on social media, subscribe to their blog, and pay attention to their marketing, special offers, and other calls to action.
Join industry groups in person and on LinkedIn. Participate in discussions and monitor industry trends.

Beta Test

Try new products and services on a small sample. Offer them to your existing customers and seek their feedback. If they are appreciated and profitable, they are marketable.

Solve Problems

Search for problems in your industry’s marketplace. If you find a common problem and can offer a solution, you have a ready market.

Ask your Team

What are your team’s FAQs from customers and prospects? What opportunities does your team recognize?

Look for a Fit

If you’ve established a customer base of loyal clients, what else can you offer them to make their job easier? As VP of Operations for a large home remodeling company I was involved in plans to grow the business. Our philosophy was that there was no such thing as stagnancy. It was grow or die. One of our early attempts at growth was adding new locations. We had a system that worked, and we grew through this expansion. However, our most significant growth was accomplished by surveying our customer base and adding new products and services that fit their needs. We had a large base of loyal customers who knew and trusted us. When we added products and services that fit their needs, it was an immediate success.

Expanding your market, finding new audiences to target, and offering additional services are common sense. A mentor once shared with me, “Common sense isn’t common; it’s genius.” With a bit of research, forethought, and common sense, you can become a genius in your industry. How have you found new markets and audiences to target?

How Can I Help You?

I like to help people and organizations, but I have three criteria I consider before taking an assignment – I believe in what the organization stands for, I know I can help, and it looks like fun. If you have any questions, Contact Me.

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Are You in Sales Management?

Are you leading people or managing projects? Do you set goals based on activities to continue, eliminate, or improve or do you strictly look at the results? Do you believe one sales strategy fits all your clients and all your sales team? If so, you’re walking the streets I paved, and those streets lead to disappointment. The good news is if you recognize these behaviors in yourself, you can change. I did. I eventually became a highly effective sales manager and so can you. This workbook is the place to start. The New Sales Managers Workbook

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