Is there a much bigger market out there that you could serve?
At The Alpha Group we make certain that you plan how to successfully get your products and/or services into a big target market.
So, how does this happen?
Easy, its a six step-process using the power of the peer-to-peer advisory board.
Firstly the peer-to-peer advisory board help you identify what is your strategic problem.
you are often established in your chosen market niche. As a result, your sales and profits from the products/services in this niche are ok. However, thet know of a much bigger market that they could get your products/services into. If they are successful in this big market, they will substantially increase the profits and market value of your company.
What is your target big market into which you could get your products/services?
Some examples of big markets could be a larger market adjacent to one you are currently in e.g. moving from dental to doctors’ surgeries. Another example could be moving from one specialist part of a large company into a much bigger part of the same company e.g. from tractors to cars. Another example could be moving into a large geographical market e.g. moving from the UK into the US market.
The peer-to-peer advisory board help you identify the of the big market that they want to conquer.
Secondly the peer-to-peer advisory board help you identify your current position in relation to the target big market.
In relation to the target big market, you rate themselves for where they are currently on a scale of 1 to 10.
1 The product or service is mainly purchased by customers who value its unique, innovative features.
These early adopters want your product/service because it gives you a significant technical edge.
10 You have 'Productized' your product or service and so it’s selling well in your chosen big market.
Your conservative customers value your “total” product/service because it gives you security and safety, and substantial commercial benefits e.g. lower costs, higher productivity, increased sales.
We also explore other questions with you to get an accurate view of your position:
How much competition is there for your company in your target, big market? i.e. Are there lots of competitors with similar products/services to yours in your target market?
What are your strategic conclusions about your position in your target, big market and about your competitors in this market?
Thirdly the peer-to-peer advisory board help you create your total product/service solution.
What is a total product? It is a product offering that is easy for conservative buyers in your target, big market to purchase.
What is a 'Productized' service? It is a a fully tested, packaged, and marketed product or service around which you have added some extra features which makes it easy for conservative buyers in your target, big market to purchase. An example is an overseas package holiday in which the provider has added flight, coach pickup from the airport, tour guide etc. to the basic holiday at a specified hotel.
To get into your big, target market, what are the relevant additional services/features that you will add to your core product or core service. For example, if your core product is some specialised software for your niche market, you could add installation, training, support and additional software to make your product attractive in a big market.
The peer-to-peer advisory board help you to list out your top three services and features that they will add to the core product/service:
We look at the additional services or features that they will add, as well as who will this benefit and how?
Fourthly the peer-to-peer advisory board help you decide your best channel, marketing and pricing for the total product/service.
For the total product/service, you decide what best new channel they will use, how they will market your product/service through this channel and the pricing they will set. We look at your decisions, the reasons for your decisions, and as, some of these decisions may require changes to how they currently run your business, we also, consider how the current business will be affected.
you find it useful to use this template:
A What are your decisions?
B The reasons for your decisions
C How will these affect your current business?
Your best channel to your target big market
Your marketing to support this channel
Your pricing for this channel
What are your strategic conclusions on the above?
Lastly the peer-to-peer advisory board help you take massive action.
The profound impact on you and your company of getting your products and services into a big growing market is that you will transform your market value within 2 to 3 years.
If you would like to find out more about how The Alpha Group members get products and services into a big growing market then please get in touch and I will be happy to send you further information about visiting a suitable group, online, face-to-face or blended with a mixture of real world and virtual board meetings.