It is convenient to group potential buyers into groups based on similar criteria. Such groups form sales markets. Clients in a specific group can be influenced by the same marketing techniques, rather than chasing each client separately. Therefore, finding new sales markets saves money on product promotion.
Instructions
Step 1
Answer the question who needs the available goods / services and why. There are hundreds of uses for even a product like soda. Steven Silbiger tells in his book MBA in 10 Days that experts discovered new markets for selling baking soda after answering the question of who needs this product and in what cases. They suggested using baking soda in toothpaste and air fresheners. These and other recommendations allowed the company to enter new sales markets. Make a similar analysis of your capabilities.
Step 2
Find out who buys the product and who uses it. Sometimes the purchase decision is made by the wrong person for whom the product is intended. This happens when gifts are paid or charitable assistance is provided. It is not uncommon for women to buy socks and ties for their husbands because they do not like to go to the shops. In such cases, unexpected sales markets appear, which can be targeted by advertising efforts.
Step 3
Describe the purchase process. This is worth doing if the product is not being bought spontaneously. When a customer needs more information and there is a high risk of making a mistake, the buying process is divided into stages. The buyer, under the influence of some events, realizes the need for the product, then looks for experts and consultants, analyzes alternative options, and only then pays for the product. New sales markets can be found between the links of the considered chain. The same consultants can be viewed from the point of view of wholesale partners.
Step 4
Evaluate the level of customer involvement in the buying process. With low engagement, the buying process discussed in step 3 accelerates over time, because the number of chain links is reduced. The client makes a decision quickly. A good marketer can turn a low-engagement product into a high-engagement product. There is a potential for the emergence of new sales markets. In this case, the costs of marketing procedures are justified.
Step 5
Analyze the opportunities for market segmentation. You can segment the usual sales markets. Then the company can become a leader in a more focused market.
