Steps to Management Success – Step 52: Learn B&E: Breaking and Entering New Markets

Written By Rick Frishman Published April 1st, 2010

STEP FIFTY-TWO

Learn B&E: Breaking and Entering New Markets

New customers are the lifeblood of any business, but markets are finite, and complete market penetration is simply unrealistic. So how is a business to grow? By exploring new geographic and demographic markets—and perhaps, by retooling your existing products and services to better fit the needs of these new markets.

WHAT IT MEANS: Too many business owners limit themselves by accepting the status quo in terms of where their offerings could be sold. We really do live in a global economy, so why not take advantage of it? If your product has been successful locally, why not consider distributing it more widely? If your sales are limited to the United States, why not explore the possibility of exporting? If your attempts at online selling or catalog placement have been less than spectacular, maybe you’re just not doing it right. All of these avenues, not to mention other industries or population segments you just haven’t thought of yet, represent significant opportunities to take your business to the next level.

ACTION PLAN: Do your homework. Many of these “brave new markets” require special knowledge and expertise to enter. If you or no one on staff has that experience, you should consider hiring a consultant or firm that can help make it happen. Needless to say, no foray into a new market should be hasty or halfhearted. Develop a plan. Allocate some dollars. Try to form strategic partnerships. Whatever you do, treat these plans with the utmost of importance. They might not only affect the future of your business, they might ensure the future of your business.

EVEN BETTER: Do focus-group market research to determine how new market segments might respond to your current product/service line. What products/services are most likely to succeed? What modifications might be of greatest value? Finally, keep in mind that it is no failure to fall short of realizing all that we might dream. The failure is to fall short of dreaming all that we might realize.

(Excerpted from: 10 Clowns Don’t Make a Circus. . . and 249 Other Critical Management Success Strategies by Steven Schragis and Rick Frishman)


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