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How to Identify New Markets

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How to Identify New Markets

Paul Vatistas shares an article that explains a strategy to help small to medium size B2B firms reposition themselves in a struggling market. 

In these extraordinary times, many UK businesses are facing the stark reality that the vast majority of their clients and revenue that were there in February are not going to be there in April.  Whole industries have shut down or gone ‘on hold’, projects have been postponed or cancelled, and even your best clients are saying. “come back in 6 months”.  This creates acute cashflow issues and a narrow timeline for action for many smaller businesses.  

If you are one of these, what can you do?  How do you now allocate and refocus your resources into the right activities?

Recognise and accept that it’s a new world.  Where you are positioned today, and where you need to be positioned – literally – tomorrow may be completely different.  Your best client for the last 5 years may have been from the hospitality business, but they have probably now cancelled every non-essential expense for 2020.  Including your product or service.  So you will need to find new opportunity areas, and fast.

Identify new markets where your company skills and experience are relevant.  While some industries seem to be, at least temporarily, collapsing (airlines, bricks & mortar retail, hotels), others are growing rapidly (life sciences, healthcare, logistics, online shopping channels).   Which of these industries, which sub-segments, and/or which parts of their logistics chain can you participate in?  With rapid growth in these sectors there is definitely room for companies that find the right marketing message.  These are new large markets that have been created almost overnight.  But how do you resource the new effort to succeed in that market?

 

Key Points include:

  • Growth markets
  • Market triage
  • Reallocate marketing budgets

 

Read the full article, COVID-19 JUST VAPORISED MANY OF MY CLIENT PROJECTS. WHAT NOW?, on LinkedIn.