Perhaps the most crucial step in this plan is the Markets phase.
Why is this phase so important? Because it sets company-wide goals for approaching the marketplace, selling products, and edging out competitors. With a clear understanding of which markets you’re going to tackle, your Corporate team can effectively allocate resources to make the most of each market’s opportunities.
Here’s what you need to know to accomplish the Markets phase.
The Markets phase defines which markets we will and will not compete in. What is the Markets phase?
The Markets phase defines which markets you will and will not compete in.
What problem does the Markets phase solve?
There are too many markets to choose from, and too little money to spend on them. To make sure you’re getting the most out of your budget, choose the markets that are most important to your company objectives.
If you don’t define the markets in which you will compete, you leave it up to each individual employee to make that decision. That just leads to conflict and competing priorities. By identifying key markets beforehand, you give employees the tools they need to beat the estimates next year.
How do we solve that problem?
In order to identify the best markets for your company’s goals, your Corporate team must be able to answer these 10 questions:
- What is our definition of a market by industries, geographies, segments, products, and buyers?
- Which markets are we going to serve?
- Which markets are we not going to serve?
- Why are we focused on serving these markets today?
- Why would we be interested in serving these other markets in the future?
- What is the size of the markets we want to pursue?
- What is our share in those markets?
- Who buys in the markets we choose to serve?
- Who are the key users of our products in our markets?
- How can we best reach buyers and users in our markets?
To apply these questions to your organization, sign up for our How to Make Your Number in 2016 consultation workshop today.
Once you complete this Markets phase, you can round out your Corporate Strategy by identifying the competitors in each market and how you will establish the advantage over them.
With your Corporate Strategy in place, your team will have the tools they need beat the estimates in the coming year.