December 11, 2013 at 8:07 AM
By James Glover
Once a Day Marketing
James Glover, That Branding Guy, provides the inspiration and ideas for you to build more mindshare and capture marketshare with your customers in his Once a Day Marketing blog. Tune in often to his short, entertaining and practical marketing and branding tips and watch your organization become more successful and profitable.
Once a Day Marketing™ featured video blog: New Markets Create New Opportunities
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, consider new markets you may be able to launch your product in. You can research by demographics; age, gender, income or education or psychographics which point to consumer interests.
For example, assume you have developed a rugged, stylish outdoor shoe for mountain climbing. Customer feedback tells you people also like to wear them as a fashion statement. Targeting customers interested in style rather than outdoor enthusiasts may open up a whole new market and customer base.
Another approach is around 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.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email firstname.lastname@example.org. Listen to Ask Those Branding Guys™ every Monday at 11:00am (MST) streaming live on SantaFe.com KVSF 101.5 FM.
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