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 glover@onceadaymarketing.com. 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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