Every business owner strives to achieve growth and expansion of their overall market. Before the expansion process is implemented, a lot of planning and preparation must be taken into consideration to ensure that success is achieved.
There are various strategies that can be implemented for scaling and growing a business.
Some of the most common marketing strategies used by firms to grow their overall market size involve:
Diversification – This strategy involves developing new products to target customers of various demographics to expand their market size.
Merger and Acquisition – Businesses can strengthen their financial and market values by combining different companies into one.
Entering a new Market – Various businesses enter an entirely new market in order to increase their overall sales territory.
Develop new business model – Strategy involved in developing new products and services to replace existing ones.
Canvassco provides a Four Step Market Approach Solution that will help businesses plan and prepare for scaling their overall market.
Four Steps that businesses need to consider before making a move to develop and scale a new market involve:
1. Implement market research and customer analysis:
The first step involves conducting a research in order to assess the viability of new goods and services to get the required answers to questions like :
what are the jobs to be done?
What is the desired outcome?
What are the pain points involved in the entire process?
What are the constrains at each step of the customer’s journey, etc.
2. Develop Value Propositions:
This step requires businesses to generate a list of customer intelligence. The data that needs to be acquired would consist of features and benefits from the customer’s perspective to evaluate and understand the customer’s sentiment towards the product/service.
3. Develop and Conduct Pilot Test:
After developing the value proposition, businesses need to find the early adopters of the product and engage in creating a B2B branding strategy to cater to their target audience. Customers who are early adopters are not only those who are looking for a solution to their problem but also those who are willing to invest into a new solution.
Once the segmentation has been done, B2B branding strategy needs to be developed in order to pilot sales and marketing techniques.
The main purpose of generating a pilot test for the product is to search for the sales and marketing approach that has the greatest feedback and highest impact in terms of positive brand awareness and demand generation.
4. Measure responses and feedbacks
After the pilot testing of marketing techniques and sales practices, the attained feedback needs to be measured and evaluated. Benchmarks need to be identified so that the KPIs can be generated. Moreover, a qualitative feedback needs to be gathered via telephone interviews with the potential customer to find out where their views on the product.
Furthermore, the qualitative information attained should be used to feed back into the value proposition and sales approach.
This Four-step approach is designed to help businesses identify and study new markets by gaining access to the customer’s view towards the product. Businesses can use this information to launch pilot tests while measuring the feedback, thereby ensuring success in scaling their B2B market.
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