Today’s topic is understanding how to determine which markets to compete in and which markets to avoid. To follow along, download our 10th annual workbook, How to Make Your Number in 2017. Turn to the Markets phase on pages 60 – 64 of the PDF.
Why this topic? Many executive teams tend to focus most of their attention on gaining share in their existing markets. While it is necessary to maintain, and sometimes increase market share, changing your company’s exposure to growing and shrinking market segments should be a major focus.
Joining us is Jim Briles, the Chief Operating Officer of American Global Logistics. AGL manages the supply chain for customers who primarily import ocean freight from Asia into the United States. During the interview, Jim will demonstrate selecting the right markets by using AGL as an example.
In the first segment of the program Jim describes how he determines the “sweet spot” of your addressable market. We discuss if there are markets Jim is deliberately avoiding and why. Finally, Jim explains how to determine who you are going to compete with and who you are going to avoid.
Listen to Jim and I discuss the three types of growth strategies, and which Jim chose and why.
- Market expansion- growth comes from current market expanding rapidly.
- Market exposure- growth comes from exposure to a new market.
- Market share- growth comes from taking share from competitors.
In the final segment of the show Jim advises the audience on three things to do right now to determine which markets to compete in and which ones to avoid.
If you need more help with determining which markets to compete, download our 10th annual workbook, How to Make Your Number in 2017. Turn to pages 60 – 64 of the PDF. To request a workshop with an expert simply sign up for a MySBI account and check the box in your preferences to request a workshop.