To grow, businesses need to move into new markets.
Three key questions we work with clients to answer when they are looking at a new market sector or a new location or a new product line are:
- Is there a market there?
- Can we enter that market?, and
- Is that market profitable?
Through our business knowledge, supported by robust market research and extensive modelling, we help clients answer those three key questions through:
- Defining where their markets are and what the size of those markets are
- Modelling expected costs & returns from those markets
- Exploring the barriers to entry to those marketplaces across the standard metrics of people, money and physical resources
- Ascertaining competition, including assessing the effectiveness of competitor’s marketing message across all platforms.
Once the questions are answered, we’ll work with you to move to the next stages of your market expansion.
The most powerful part of our work in this area is showing when a move into a new market won’t work. It can be challenging for a client to hear something won’t work but inaction can be better for the business in the long term. Clients have come back and said ‘We didn’t like the message at the time but not making that move has resulted in a stronger business now’.
To talk about moving into new markets, call Jo: 077 333 94 641 or email jo@gapcomm.co.uk