During this COVID-19 crisis, it’s critical that you develop a clear plan to communicate with your existing customers and those customers you are cultivating
Is your business caught up in today’s market environment? Are you trying to stay ahead by incremental product improvement? There are 4 questions you should be asking about your future growth.
It is critical for small businesses to establish an operational growth plan. Identify the factors that lead to growth, the factors that prevent growth, and how potential markets fit into those factors.
To build your value-adding chain map, you need to document the boundaries, the flow of value, activities, and benefits, draw relationships, and analyze the value-adding chain.
The value-adding chain is the ecosystem in which your target market segment resides. It describes the relationship between suppliers and customers all the way to the end user.
Business owners often misread or ignore the causal factors that were the basis for their early success. From the very beginning of sales, owners must determine those few decision factors that will define success.
Only half of small businesses survive more than five years, and further decays continue over time. The reasons are similar to those that cause mid-level and large firms to stagnate. But the small business has one advantage.
When the market is new and the products are new, you end up with radical new ventures and/or new technologies, but new product development needs to be driven by facts from the customers.
Where should businesses focus resources to better serve their existing customers and to find new customers and new markets?
Marketing defines, develops, and delivers the entire business offering to the market. It’s the management process through which goods and services move from concept to the customer or end user.