Your business has been growing to the point that you’ve decided to expand or move into other markets.
What information do you or your team need to gather to make profitable decisions?
Similar tactics are typically used when you set up your original marketing plan for your business.
This is a crucial step as unless a foundation is laid with marketing/competitive data–the venture may fail.
Today’s Digital Marketing Update
In today’s On Demand Advertising Solutions, Digital Marketing Update Video Podcast #92, host John D. Verlin discusses Business Need To Expand? Powerful Strategies To Enter A New Market!
He comments a post by Jeremy Diamond in Entrepreneur.
On Demand Advertising Solutions Three-Part Strategy
The Extended Marketing Platform
We do this through an extended marketing platform–the perfect compliment to current advertising campaigns.
Check out our strictly audio podcasts here.
Enjoy The Video Podcast
(To read closed-caption transcription, please click on the “gear” icon, then turn on “CC” in the above Youtube player)
Key Podcast Take Aways
- Spend time and money in research and development. This is a crucial step to determine what market, if any you have vs. competitors.
- Perform market research. Learn about consumers, competitors and the effectiveness of your marketing programs. You can gauge interest in your product as well as industry and economic trends.
- Conduct customer surveys (via Survey Monkey) , interviews and phone calls.
- Query your customers to get their opinions about your products’ strengths and weaknesses.
- This research will give you an idea about how you may perform in this new market.
- Evaluate your competitors strengths and weaknesses. You can make offerings to improve upon or counter what they’re doing.
- Determine the market share you’ll achieve once you enter the new market. This is an important step to get an idea of how successful you may be. Your goal may not only be to increase sales but to reach or take from the competition some share points.
- Once you’ve evaluate your chances of success–determine how much you’re willing to risk by talking to specialists and attorney’s to find out if the risk is worth taking.
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All podcasts are recorded by Verlin Studios / Gardner, Kansas
Copyright, John D. Verlin 2017