In order to be successful in any proposed business venture, there must be a market opening in the targeted industry. A market opening can be defined an existing consumer driven need for a particular product or service. Ideally, market openings are readily available and visible. At times, there may be unique, un-contemplated circumstances that may require creating a market opening. In those instances, a person can create a market opportunity for his service or product. There are three steps to creating a market opening encapsulated by the IBC Principle.
Step 1: Identify an Unregistered Need
Step 2: Broadcast Availability of New Product or Service
To raise your proposed process solution to the targeted consumer’s conscientiousness, you must advertise and promote it openly across all industries. This is not done as method of selling or gaining a financial advantage, but to communicate that there is an alternative available. You want to capture the attention of both, the targeted consumer and everyone else within their sphere of influence. You may do this, through presentations, demonstrations, advertisements, any medium that guarantees you an audience with someone within the targeted consumer’s base or anyone within his sphere of influence. Once the word is out about the effectiveness and the overall improvement, then you can focus on the selling point.
Step 3: Connect the Targeted Market with an Existing Specific industry
There is an organizational level, to everything that we do. Consumers are oriented in their schemas based on certain pre-set organizational structure. To successfully create your market opening, you need to connect your idea to the existing hierarchy of industries. In order words, you do not get to reinvent the wheel. Unless, you are the 21st Century Picasso you must follow the existing hierarchy. This will allow people to comfortably embrace what you offer without undue burden on their existing schema or their understanding and perception of the way things work. The designation of which industry to synchronize with should be centered around the primary function of the product or service.
About the Author:
Catherine is the founder and owner of Delcin Consulting Group, a business consulting firm that provides comprehensive services to Startup Companies, Existing Businesses, and Non-Profits Organizations. The collaborative efforts of the DCG firm generate business solutions and long-term support to facilitate and ensure the successful pursuit of entrepreneurship. Connect with Catherine via email at Catherine.delcin@gmail.com, or connect with her on Twitter at http://twitter.com/CatherineDelcin.
Hi,
Running up with the time is the best way to target your market. Just try to fulfill the needs and bring innovations in your work. if you provide the best service and quality to your customer than it can help you a lot in growing your customer size. So, understanding to your customer and then facilitating him is the best motive that you may acquire to find large number of buyers for your business.