Planning and implementing a growth strategy to develop new markets and expand your business before your current market flattens out will not only help your business survive tough times, it could also give you a considerable edge_ WHAT TO EXPECTYour business market, like everything else, will change with time. As your business matures and your market share steadily increases, you will probably begin to encounter the growth limits of your original target market. Planning and implementing a growth strategy to develop new markets and expand your business before your current market flattens will not only help your business survive through tough times, it could also give you considerable edge on the competition. This Business Builder will take you through the process of new market development. It will provide you with some easy-to-follow steps on planning and implementing a market expansion strategy before your current market flattens or declines. WHAT YOU SHOULD KNOW BEFORE GETTING STARTED [top] The decision to develop a new product can mark the beginning of an extremely difficult process for many businesses. Because every business differs in regard to products or services it offers, the information in this Business Builder is designed to be as broad-reaching as possible so that it may be adapted to a variety of situations. Applying the information in this Business Builder to your business will help you become more adept at expanding your business into new markets. This Business Builder was developed to help you expand the market for your established products or services. Another method of market expansion involves developing new products that you will introduce to the same or new markets. The Business Builder "How to Expand Your Business Through New Product Development" provides information on how to grow your business by developing new products. Following are a few things to keep in mind before you get started:
AGE: 25 to 60 years old GENDER: Men MARITAL STATUS: Single or Divorced Parental Status: No Children or Grown Children Financial Profile:After you perform the market research activities described in the next step, you may find that you will need to modify your target area boundaries, or find a new target area. That’s OK. Identifying the boundaries at this stage will give you some ideas of where to focus your research activities. Now take some time and complete the worksheet for your new target market. Step 2: Do Your Market Research Once you have developed a customer profile and identified the extent of your new target market, then you can do some basic market research to determine the following information: Interest in your product or serviceYour market research is a very important piece of the market expansion process. The more you know about your potential customer base and your competition, the easier it will be for you to identify your niche in this new market. Your data may even help you to decide whether or not you should focus on this potential market.Where to get the Information Your local college and public libraries are excellent resources for national and regional demographic and business-directory information. Here are some helpful resources that you may want to consult:
Building and Inspiring an Organization Articles in our Entrepreneur’s Resource Center appeared in print and online newsletters published previously by the foundation. More than 1,000 articles can be found in the categories below, addressing timeless challenges faced by entrepreneurs of all types. |