Business- THE CHIEF STRATEGIST WAY!
Having mapped out your target opportunity, you proceed to narrow down to that part of the market you believe you can penetrate or capture- potential market. And with that, you focus your energy and take the necessary actions to effectively serve them.
These are some of such focus actions you need to take:
Get information on those target customers and the basis you’d compete. For example would you be competing on basis of price, service, location, superior knowledge?
So, let say your potential target market is corporate market of a sector or geographical area. You will want to consider:
No of businesses that exists in your service area; No of companies that engage or can engage your services; The number of players in these sector/geography- total market size for your service or product offering; Statistics of companies offering similar concept; No of customers you can capture based on your competitive advantage; Customers frequency of purchase; Income based on projected target customers and frequency of purchase.
Same is applicable if you were or going to serve a retail market.
Importantly is that you are realistic when mapping your potential target market because there is a trajectory of this to your actions and marketing & advertising decisions that will generate your projected customer sales.
The CHIEF STRATEGIST at Jeremiah 31 Strategy ppt, slide 21 puts it aptly when it flashed:
“Set up signposts to mark your trip home. Get a good map. Study the road conditions. The road out is the road back…”
We getting close to the financial plan phase of your business plan in a bit and I’d see you next week BHG.
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Truly Rewarding 2016 it is.
Have an Inspiring Week. Good morning!