How to find a market

It’s convenient to combine potential buyers into groups according to similar characteristics. Such groups form markets. You can influence the customers included in a particular group with the same marketing techniques, rather than chasing each client separately. Therefore, finding new markets saves money on product promotion.

Instruction manual

1

Answer the question of who and why needs the available goods / services. There are hundreds of uses for even a product like soda. Stephen Silbiger says 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 soda in toothpaste and air fresheners. These and other recommendations allowed the company to enter new markets. Do a similar analysis of your capabilities.

2

Find out who buys the product and who uses it. Sometimes the decision to purchase is not made by the person for whom the product is intended. This happens when paying gifts or giving charity. Women often buy socks and ties to husbands, because they do not like to go to the shops. In such cases, unexpected markets appear, which can be targeted advertising efforts.

3

Describe the purchase process. This is worth doing if the product is not bought spontaneously. When a customer needs additional information and there is a high risk of making a mistake, the purchase process is divided into stages. The buyer, under the influence of some events, realizes the need for the product, then searches for experts and consultants, analyzes alternative options, only after that pays for the product. New markets can be found between the links in this chain. The same consultants can be considered from the point of view of wholesale partners.

4

Estimate the level of customer involvement in the purchase process. With low involvement, the purchase process discussed in step 3 is accelerated over time because the number of links in the chain is reduced. The client makes a decision quickly. A good marketer can turn a low-engagement product into a high-engagement product. There is potential for the emergence of new markets. The costs of marketing procedures in this case are justified.

5

Analyze market segmentation opportunities. You can segment the usual markets. Then the company can become a leader in a more focused market.