Is Your Market Still Listening? Why It May Be Time to Target A New Market
There comes a time when a company faces the reality that its market may be shifting, shrinking, growing, or even dictating a new path. As a business leader, maybe you’ve started to notice that sales in a certain area are declining or clients are beginning to ask if you offer a specific service. If you’ve served the same market(s) for years but have a hunch that times may be changing, how do you begin to address the need to target a new market? In this article, we’ll explore a few analytical exercises that will help you understand your market, so you can begin to design marketing campaigns that address your changing market’s needs more effectively.
First, It’s Time To Survey Your StakeholdersBefore you scratch your head in wonderment, creating numerous assumptions about the behaviors of a new market, take a step back to make sure you really understand your existing market. Just because you may need to target a new market doesn’t mean that you should abandon the existing one, so be sure your messages are still resonating with them before you begin tailoring your messaging to a new market. Your goal will be to design messaging that taps into the new market without alienating the existing, profitable one. Start by designing a survey for your existing clients or customers that asks specific questions about the services or products you’re currently delivering, but also addresses what those individuals would be likely to purchase from you if you offered it. Try to dig into your audience’s preferences as much as possible to gain insights into why they do or do not purchase those services from you now. Also, try to focus your questions on understanding the demographics of your key clients. For example, you might consider questions like:
- Where do you research companies online?
- How do you make purchase decisions? Price? Convenience?
- Are you a manager or senior-level leader?
- If product ABC was offered, how much would you be willing to spend for it?
- Have you ever purchased product ABC in the past? What is most important to you when purchasing this product?