I’ve been working with managers who have dreams of growing their small business by developing markets their offering. Most small businesses grow because the products and services they offer happen to find favor with customers. How refreshing it is to work with business people who growth strategy .
We began by reviewing marketing strategies that Bill, Gary and Tim have four products. Some products are doing well, but one of them needs to be re-positioned in the market and Tim worried about how this might change the orientation.
Options in the Market
For each product, we explored the f special marketing program
1. Get current market your to attract more customers (with the current product).
2. Extend marketing to reach customers in new markets (with the current product).
3. develop a new product for existing customers (instead of the current product).
4. The variety of products offers you a way to complement the existing product.
Small businesses tend follow a strategy for each product at a time, and as Bill rightly pointed out, it takes 18 months to properly test the market response to policy change. So we talked strategy for product A.
Gary’s technical design team member so he wanted a third approach -. Selling new products and services to existing customers
Bill has more sales skills and favored the first approach (selling existing products and services to new customers that are similar to existing customers) with the second approach (reaching customers in new areas of the market).
for each product, the team considered, discussed, argued and finally agreed that they wanted to do. Next we will break the ‘product strategies’ in ‘business strategy’ to work out how the marketing of each product would affect marketing of others.
This resulted in a decision to treat products A and D as a pair and find new products for B and C products -. aims to have seven products in their portfolio next year
Building strategy business plan
Through this policy, Tim changed the business to reflect the decisions taken during Bill Gary modify the marketing and production plans.
How customers respond to the new marketing push will be interesting and Tim, Gary and Bill will have to change their plans as they see what happens. My hope is to develop marketing their portfolio like this, they will have more control over where their business is going and what their customers buy from them.