25A – What’s Next?
Existing Market
Step 1: I think marketing my service would be the next or finding a way to increase services I offer.
Step 2: When I Interviewed the three customers who are already part of my existing market and asked the what they belived is next one of the said to start marketing while the second interviewee said to look for potential investors or partners. The other interviewee did not reply with an idea.
Step 3: Based on the feedback I received I should primarily be focused on finding ways to grow my business whether it be through finding investors or marketing it to my existing market.
New Market
Step 1: I am currently marketing primarily to B2B who are struggling with their business or have no experience running a business. I could target a more experienced businesses and larger more successful ones.
Step 2: I could instead of offering business coaching start offering consulting services.
Step 3: I found two people who fit this market segment, one person works for a large company and the other one owns a fairly successful store. I asked them both if they would ever considering using my service to hire a consultant. Of the two people I interview, one person was open to the idea of being able to find business consultants through my service. While the other one said that his company has its own way of hiring consultants.
Step 4: This new market at first seemed would be a harder segment to market to but I realized larger business have more of a need for consultants with the amount of projects they have. They are more likely to outsource their work which would make my service an easy way for them to find people.
While smaller and more struggling business are less likely to ask for help because they might not be able to afford or justify the fees of a business coach. This might end up being a more attractive market.
Step 1: I think marketing my service would be the next or finding a way to increase services I offer.
Step 2: When I Interviewed the three customers who are already part of my existing market and asked the what they belived is next one of the said to start marketing while the second interviewee said to look for potential investors or partners. The other interviewee did not reply with an idea.
Step 3: Based on the feedback I received I should primarily be focused on finding ways to grow my business whether it be through finding investors or marketing it to my existing market.
New Market
Step 1: I am currently marketing primarily to B2B who are struggling with their business or have no experience running a business. I could target a more experienced businesses and larger more successful ones.
Step 2: I could instead of offering business coaching start offering consulting services.
Step 3: I found two people who fit this market segment, one person works for a large company and the other one owns a fairly successful store. I asked them both if they would ever considering using my service to hire a consultant. Of the two people I interview, one person was open to the idea of being able to find business consultants through my service. While the other one said that his company has its own way of hiring consultants.
Step 4: This new market at first seemed would be a harder segment to market to but I realized larger business have more of a need for consultants with the amount of projects they have. They are more likely to outsource their work which would make my service an easy way for them to find people.
While smaller and more struggling business are less likely to ask for help because they might not be able to afford or justify the fees of a business coach. This might end up being a more attractive market.
I believe the new market that you have considered presents a promising opportunity for you, especially when you pointed out that these bigger businesses take on a greater amount of projects. And it's interesting that you found a potentially more profitable market to target, because the new market I thought of for this assignment was also bigger than the group I had planned on marketing to originally.
ReplyDeleteI think that your new market entrance is pretty interesting. I always thought your idea was good, but this post helped me realize how practical it really could be. Well done!
ReplyDeleteI really like your idea to expand into consulting. I wish you had elaborated more on your interviews, but you still got the relevant information across so your post was still very good. Consulting would definitely add another area to your business that you could market and use to gain more market share. That would be a great way to find success in the future as well as the ideas you already have with this business.
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