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Market Development Models
The document discusses different market development models for companies to use to capture market share through innovative solutions. It outlines three models - the Toe In model, which involves minimal resources and provides only a high-level understanding; the Jump In model, which utilizes more resources for some actionable customer insights; and the All In model, which commits the most resources to influence markets through passionate customer collaborations driving market growth.
Market Development Models
- 1. Market Development Models- Customersare the Megaphone to Grow Markets!! Dominic Testa Marketing Chemistries Capturing Critical Market Share with Innovative Solutions
- 2. Framing the Models •Market Development Models are complex to execute but, not difficult to understand • Market Development is a long-term asset ( i.e. provides future economic benefit); short-term (<1yr.) results are minimal • The economic benefits of Market Development are predictable & the results are quantifiable Clarity & communication of expected results is key to success
- 3. Principle of MarketDevelopment Customers visualize the benefits of a product by the application problems that it solves. Customers, not companies drive markets!
- 4. Market Development Models AllIn Jump In Toe In Resources GrowthVelocity
- 5. About the Models •All models are useful & provide different levels of insight • Models differ w/r/t the speed of Market Growth & Sales • Models are not absolute; hybrids can be very effective • Models must align with business strategy & objectives Focus & investment drive the velocity of results!
- 6. Toe In Model “It’sbetter than no information “ • What does it fell like? – A 30,000 ft. view of customer insight, pain points & market dynamics but, not very much actionable data • Resources? – It’s a one person show; i.e. 1 WW Market Manager • What you get? – Basically, slides sets that help management & marketing talk about the customers & markets at a 30,000 ft. level • What you don’t get? – Neither actionable insight about customer pain points, technology needs or relevant product features nor market growth
- 7. Jump In Model “WantMore Faster but, resources are limited” • What does it fell like? – A 5,000 ft. view of customer insight, pain points, market dynamics & some actionable data • Resources? – 1 WW Market Manager + 1 Technical Expert • What you get? – Collaborations with a few influential customers who are active & vocal about how your product solves problems + Targeted & improved sales training + Better market messaging • What you don’t get? – Neither Speed! nor proactive market influence to grow the market
- 8. All In Model “Influencingmarkets & driving growth” • What does it fell like? – A ground level view of the insight that drives customers & markets to buy your solutions because they solve the compelling problems • Resources? – A team of Market Managers + Technical Experts + marketing budget • What you get? – A large group of influential customers who are passionate, committed & vocal telling the market about your great company & solutions! • What you don’t get? – Well, you’re “All In” so…you are getting the full benefits!
- 9. Summary 1. Customers arethe best megaphone to grow markets! 2. Collaborations drive solutions to customer problems 3. Focus & investment drive speed of Market Growth & Sales 4. “Advertise” success & use Social Media channels to do it Make sure to enlist customers to execute your Market Development strategy!