Market Development Strategy
Companies, large and small, create market development strategies to map out their business’s growth. Still, that is not an easy task. It takes time to build a solid strategy. It also drains a substantial amount of resources even before you begin planning.
You need to conduct extensive market research to answer several questions before you can start creating a market development strategy roadmap. These include but are not limited to:
- Should you enter a new market or develop your current one?
- Which markets are the most lucrative for your offering?
- Should you use your existing products, adapt current ones, or create an entirely new product line?
- Are your current capabilities and know-how enough?
- Can you attract more customers? How are they segmented? What do they value?
- Where should you position yourself?
- How intensive is the competition?
- What resources do you need? Is the investment even worth it?
We use our market research and consulting expertise to identify the factors that will affect your market development strategy. Specifically, we help you understand the:
- Market ─ its dynamics, and influence factors;
- Consumers ─ their characteristics, values and needs;
- Required capabilities and know-how;
- Competitive landscape;
- Production and raw material base;
- Logistics and distribution;
- Marketing practices and sales channels;
- Financial performance.
Our approach meticulously researches and analyzes the market and its characteristics. Then, we analyze the market gaps and present you with opportunities your company and its products can leverage. All findings are presented in a comprehensive business plan for the next one to five years.
Our methodology is continuously refined to accommodate your business’s needs and goals. After all, each business is unique and requires a novel approach.
Contact us to learn how we can help you develop your business.