Growth and expansion are difficult for a lot of businesses. It is important to understand the type of customer that is best suited for your product/service. A lot of time and money can be wasted if you do not have a clear understanding of who your business is targeting.
K2 Business Solutions will develop a specific criterion and framework to help you identify the appropriate companies and industry segments that you should focus on. Once you have a clear understanding of your target audience, you can start thinking about the best methods of going to market.
Part of this process includes:
- A realistic evaluation of your company’s production, distribution, and/or service capabilities
- Determining which market segments should be reviewed
- Establishing a criterion used to define a specific target market (by size and demographic)
- Identifying those targets within the specific target market(s)
- Developing an action plan for each product and/or service designed to effectively penetrate the selected market(s) by customer, territory, industry segment, etc.