Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today is Action Wednesday and we are discussing introducing your existing products to new markets.
You’ve been working hard to refine your product and penetrate existing markets. In previous blogs I’ve talked about growth vectors and in particular the market development strategy of launching an existing product in a new market.
For Action Wednesday I want you to consider where you may be able to take your product into a new market. You can research demographics; age, gender, income or education or psychographics pointing to consumer interests.
For example, let’s assume you have developed a rugged, stylish outdoor shoe for mountain climbing. Customer feedback tells you people also like to wear it as a fashion statement. Targeting customers interested in style rather than outdoor enthusiasts could be a whole new market.
Another approach might be location. For instance, you may find that a product you have developed for the US market is also attracting the interest of the Chinese market.
The most appealing element of this market development strategy is that you don’t have to change your product. You are only focused on repositioning the product in the minds of new customers.
Consider how you can take your product to a place that you have never taken it before. Once you identify these potential markets you are also going to find new opportunities.
That concludes Action Wednesday. Join us tomorrow for Recon Thursday. To discuss an online or onsite service engagement and enhance the marketing and branding for your organization, contact James Glover: (505) 501-1330 or firstname.lastname@example.org. I’m Jim Glover, That Branding Guy, for Once a Day Marketing™ and we’ll see you next time.
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