Understand Your Target Market and size up the “universe” in which you’ve chosen to compete.
The market forces behind big ticket, complex sales differ significantly from those of small-ticket or consumer-based sales. Accordingly, an understanding of your marketplace must go beyond the simple and take into account not only competitors but alternatives. You must also grasp the market forces (see note below) driving the marketplace “universe” your company competes in, as well.
Examine the essence of your offering’s connection within its target market: the greater this connection, the greater your company’s ability to influence and navigate the marketplace.
- Is your business overlooking key changes in your competitive marketplace?
- Are you wary of the crucial outside forces that can affect your product’s success?
- How can you use the dynamics of your market to enter the market faster and with greater success? (Think of the archetypical “sci-fi” movie scene where someone exclaims, “…all we have to do is whip around their moon – use its gravitational force – and gain the speed we need to break free of their sun’s orbit…”.)
Adapted from the forthcoming eBook, “Know Thy Customer” by Jose Palomino
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