Questions to Have Answers for When Developing a Business Development and Marketing Strategy
By Michael Marshall, PhD
‘The Business Doctor’
I am often asked about how to develop a business development and marketing plan to grow the business. I am asked what information is needed.
I will answer with this list of questions that a business must have complete answers and information for.
1. What are the target markets selected; both major markets and niche markets?
2. What are the other possible markets that are not selected?
3. Why select the specific target markets indicated and not the others?
4. How will these enhance your business’s position in the marketplace, strategically and financially?
5. What capabilities does your business have to make these achievable and synergistic?
6. What are the resources needed to successfully target these markets: products, services, marketing, sales, customer service, staffing, IT, operational, internal support?
7. What new literature, promotions, websites, possible special events and trade shows participation that will be needed?
8. What are the financial costs?
9. What are the time lines and measurements of such to successfully implement?
10. What are the TAM’s Total Available Market in dollars in each of these markets and what would the sales revenues be if you were able to capture just 10 percent % of it; 20%; 40%?
11. What internal business attitudes need to change?
12. What branding needs to change and advance?
13. What is the other competition in these markets, how do you compare?
14. What are your strengths, weaknesses in these target markets compared to competition?
15. How do your competitors currently market to these target markets and how does your business strategy compare?
16. How are your competitors successful or not successful in these target markets and why?
17. In these target markets, what is the percentage of market share of each of the competition?
18. What important customer and client needs are there (validated directly from the customers and clients) in these target markets that you can fulfill and help with?
19. With these validated needs, how do you compare to competition?
20. How does your pricing compare to competition?
21. When competition realize that you have entered these target markets and are now a competitor, what may be their response? If this happens how will you be prepared?
22. What are the challenges and obstacles to enter these target markets?
23. What are the risks and the worse things that can happen by attempting to enter these target markets?
24. What are the risks and what can happen if delayed entering these target markets?
If I can be assistance to you, feel free to contact directly.