{"id":1813,"date":"2016-07-05T11:32:36","date_gmt":"2016-07-05T11:32:36","guid":{"rendered":"https:\/\/ioipartners.vp77wsn4-liquidwebsites.com\/?page_id=1813"},"modified":"2017-12-05T08:31:39","modified_gmt":"2017-12-05T13:31:39","slug":"market-development","status":"publish","type":"page","link":"https:\/\/www.ioipartners.com\/services\/market-development\/","title":{"rendered":"Market Development"},"content":{"rendered":"<p>IOI Partners is an executive advisory firm that excels at helping business leaders improve top and bottom line performance. Our clients are constantly seeking to expand their businesses and improve top and bottom line performance. We help companies of all sizes develop and implement growth\u00a0strategies, including start-up companies with little or no commercial capability, organizations entering into a new geography, and large established enterprises launching a new product in a new vertical.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1830\" src=\"\/wp-content\/uploads\/2016\/07\/market-development-service.jpg\" alt=\"Market Development\" width=\"720\" height=\"361\" srcset=\"https:\/\/www.ioipartners.com\/wp-content\/uploads\/2016\/07\/market-development-service.jpg 720w, https:\/\/www.ioipartners.com\/wp-content\/uploads\/2016\/07\/market-development-service-300x150.jpg 300w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Top line growth results from leveraging customer, market and product knowledge, identifying the distinctive capabilities of your organization and positioning them to reach new customers.\u00a0 The strategy for introducing new products and services to the market is aptly called a market development strategy.\u00a0 An effective market development strategy is critical for top line growth.\u00a0 Whether the opportunity is a new product or service, a potential new market for an existing solution or an adaptation of an existing product for a new market, realizing the intended growth is dependent on the robustness of your market development strategy.<\/p>\n<p>IOI Partners can help you to discover and develop opportunities, evaluate legal, regulatory, staffing and financial planning issues and develop a market entry strategy. This may include primary and secondary market research, gap analysis, entry via new entity, acquisition or joint venture, or indirect entry via third party distribution.\u00a0 We then work hand-in-hand with you to execute the agreed market development strategy, ensuring you realize\u00a0maximum value from your investment.<\/p>\n<h2>Researching\u00a0and Knowing\u00a0Your Market<\/h2>\n<p>Market development activities are often hindered by common challenges, all of which can be overcome through a clear and structured strategy that includes:<\/p>\n<ul>\n<li>Market Knowledge: Well defined market opportunity including characterization of current unmet user needs<\/li>\n<li>Segmentation: Accurate market and target customer segmentation<\/li>\n<li>Market Entry: Rapid market entry through proven sales and distribution channels<\/li>\n<li>Sales Management: Effective sales qualification and pipeline and management<\/li>\n<li>Performance Metrics: Effective management of sales and operations performance<\/li>\n<\/ul>\n<p>Here are some quick considerations to make before developing\u00a0a market development strategy:<\/p>\n<ul>\n<li>Is the market attractive?<\/li>\n<li>Do you have and are you willing to commit the required resources to reach this new market?<\/li>\n<li>What will it take to serve the needs of this new market?<\/li>\n<li>What will it take to establish or maintain your competitive advantage in this new market?<\/li>\n<\/ul>\n<p>Too often companies spend time and money developing a new product and service offering before fully understanding how the new product will be marketed and sold.\u00a0 Consider the following questions if you\u2019re thinking about developing new products or expanding your product line:<\/p>\n<ul>\n<li>Will your customer benefit from the added value or new product?<\/li>\n<li>Do you have the skills and capabilities to develop, produce and sell the products proposed?<\/li>\n<li>Are there regulatory challenges that exist?<\/li>\n<li>For established companies, do potential manufacturing, marketing, and distribution cost efficiencies exist from an expanded product line? Can you share current costs across the new products or services?<\/li>\n<li>Can your current assets, brand, marketing, and distribution be used with the new product?<\/li>\n<\/ul>\n<h2>Driving Growth Through New Product Development<\/h2>\n<p>After you\u2019ve fully analyzed the market opportunity, have given product development some consideration, and you\u2019ve decided to proceed full steam ahead, here\u2019s how to develop new products and services to meet your market\u2019s needs:<\/p>\n<h3>For established organizations<\/h3>\n<ul>\n<li>Add new features or services by extending your current products. For example, diagnostic testing companies at menu to existing platforms, expanding the available market for an existing platform. Here are a few ways to extend your current offering:\n<ul>\n<li>Adapt (to other ideas and developments)<\/li>\n<li>Modify (change color, motion, sound, form, shape)<\/li>\n<li>Magnify (more for a higher price, stronger, longer, extra value)<\/li>\n<li>Reduce (smaller, trial version, shorter, lighter)<\/li>\n<li>Substitute (other ingredients, processes, power)<\/li>\n<li>Combine (other options, products, ideas, assortments)<\/li>\n<\/ul>\n<\/li>\n<li>Develop additional models and sizes of your current products. For example, automated single channel pipettors became automated 4 and 8 channel pipettors to improve workflow and increase throughput.<\/li>\n<li>Develop totally new products. In this case, leverage your brand recognition. A leader in central laboratory diagnostics testing may expand into point-of-care or a supplier of manual pipettors might expand into automated multi-channel pipettors.<\/li>\n<\/ul>\n<h2>For Start up organizations<\/h2>\n<ul>\n<li>Offer new product attributes that are differentiated and fulfill unmet customer needs. For example, a better quality product, that is less expensive, easier to use, and faster than the competition.\u00a0 Often, these products are based on innovative concepts resulting from customer feedback achieved through primary market research and market segmentation.<\/li>\n<\/ul>\n<h2>Driving Growth Through\u00a0Expansion of Existing Markets<\/h2>\n<p>Established companies can improve top line growth by focusing a market development strategy\u00a0 toward improving existing product line.\u00a0 Possible ways to generate meaningful growth include while focusing on existing product lines are:<\/p>\n<h3>Increase Current Customers\u2019 Rate of Use<\/h3>\n<ul>\n<li>Increasing the size of purchase<\/li>\n<li>Maximizing the rate of product obsolescence<\/li>\n<li>Finding new uses for your product<\/li>\n<li>Advertising other uses<\/li>\n<li>Offering incentives for increased use<\/li>\n<\/ul>\n<h3>Attract your competitors\u2019 customers<\/h3>\n<p style=\"padding-left: 30px;\">You lure customers away from your competitors by establishing differentiation between yourself and them, increasing advertising efforts, adjusting\u00a0your prices or\u00a0offering a special service or extended warranty.<\/p>\n<h3>Attract nonusers to buy your products<\/h3>\n<p style=\"padding-left: 30px;\">This process can be done by offering strategic introductory offers such as, trial uses of your products, incentives for strategic accounts or targets that offer a reduced introductory rate in exchange for testimonials and written papers highlighting their customer satisfaction.\u00a0 Depending on your market segment and target customer, there are many ways you can tailor your market development strategy to lure nonusers to buy your products.<\/p>\n<h3>Expanding Geographically<\/h3>\n<p style=\"padding-left: 30px;\">When you\u2019re thinking about expanding, first think about where you want to cultivate new business. You have options: other regions, nationally, or internationally.\u00a0 Geographical expansion works well for a company that wants to expand its service territory because it needs a physical location to serve its customers.\u00a0 Or perhaps your product is better suited for geography and you seek a product life cycle extension.\u00a0 Either way, geographical expansion will require the same market development diligence as introducing a new product to a new market.<\/p>\n<h2>Summary<\/h2>\n<p>There are many ways an organization can improve it\u2019s top and bottom line.\u00a0 Market Development created by a market driven organization is one proven method to increase an organizations performance.\u00a0 Careful market development planning that starts with uncovering your customer needs and ends with a robust, well thought out plan that is ready for execution can be achieved with the right approach.\u00a0 The fundamental properties that drive the best market development plans will remain useful throughout the course of the product line life and with the right care, will fuel the shared knowledge base of the organization and lead to a much more successful company.<\/p>\n<h3>Related Articles<\/h3>\n<ul>\n<li><a href=\"\/articles\/de-risking-adoption-of-innovations-market-risk\/\">De-Risking Adoption of Innovations: Market Risk<\/a><\/li>\n<li><a href=\"https:\/\/www.ioipartners.com\/articles\/a-winning-go-to-market-strategy-how-to-launch-strong-in-todays-dynamic-marketplace\/\" target=\"_blank\" rel=\"noopener\">A Winning Go-to-Market Strategy: How to Launch Strong in Today\u2019s Dynamic Marketplace<\/a><\/li>\n<li><a href=\"https:\/\/www.ioipartners.com\/articles\/unveiling-real-user-needs-through-conjoint-analysis\/\" target=\"_blank\" rel=\"noopener\">Unveiling Real User Needs Through Conjoint Analysis<\/a><\/li>\n<li><a href=\"https:\/\/www.ioipartners.com\/articles\/how-market-segmentation-and-analysis-can-make-or-break-your-launch\/\" target=\"_blank\" rel=\"noopener\">How Market Segmentation and Analysis Can Make or Break Your Launch<\/a><\/li>\n<li><a href=\"https:\/\/www.ioipartners.com\/articles\/the-market-driven-organization-what-does-it-mean-and-why-does-it-matter\/\" target=\"_blank\" rel=\"noopener\">The Market Driven Organization: What Does It Mean and Why Does It Matter?<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.ioipartners.com\/services\/\">Back to Services<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IOI Partners is an executive advisory firm that excels at helping business leaders improve top and bottom line performance. Our clients are constantly seeking to expand their businesses and improve top and bottom line performance. We help companies of all sizes develop and implement growth\u00a0strategies, including start-up companies with little or no commercial capability, organizations [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":15,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/pages\/1813"}],"collection":[{"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/comments?post=1813"}],"version-history":[{"count":0,"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/pages\/1813\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/pages\/15"}],"wp:attachment":[{"href":"https:\/\/www.ioipartners.com\/wp-json\/wp\/v2\/media?parent=1813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}