Market Planning, Technology, and Business Intelligence
Maximizing Market Efficiency
Market and commerce planning is critical for the well-being of an enterprise. Businesses without a market plan are operating like a ship without a rudder. There is no opportunity to take advantage of changes in consumer preference, market shifts, trends, or to plan strategies that increase market share and revenue from existing customers. Voice of the Customer (VoC) is one of the most important aspects of business intelligence because having a strong customer base can increase competitive advantage where your customers can assist in continual product improve initiatives and promote your brand and products for being superior in quality, offering the best value, or uniqueness, all leading to openings for New Product Development (NPD), Innovation, and Sustainability.
Millennium can assist your organization with strategic market planning for specific products or new lines of business. The market analysis section of your plan illustrates your organizations’ knowledge about the particular industry within which it operates, as well as general highlights and conclusions of any marketing research data collected. The specific details of our marketing research studies will be included along with your business plan as an exhibit to prospective investors.
Crucial to the success of your business, and the ability to raise capital, the marketing section of your business plan package should include industry description and outlook, target market information, market test results, lead times, competitor analysis, and line by line profit margins.
Resources for finding information related to your target market
Resources might include directories, trade association publications, and government documents. The Media you will use to reach your target audience. These might include publications, radio or television broadcasts, or any other type of credible source that may have influence with your target market. Purchasing cycle of your potential customers. Here, we will need to identify the needs of your target market, do research to find the solutions to their needs, evaluate the solutions you come up with, and finally, identify who actually has the authority to choose the final solution. Trends and potential changes which may impact your primary target market. Key characteristics of your secondary markets. Just like with your primary target market, here you would again want to identify the needs, demographics, and the significant trends which will influence your secondary markets in the future.
When including information about any of the market tests completed for your marketing plan, be sure to focus only on the results of these tests. Any specific details should be included in the appendix. Market test results might include: the potential customers who were contacted, any information or demonstrations that were given to prospective customers, how important it is to satisfy the target market’s needs, and the target market’s desire to purchase your business’ products or services at varying prices.
Lead time is the amount of time between when a customer places an order and when the product or service is actually delivered. When you are researching this information, determine what your lead time will be for the initial order, reorders, and volume purchases.
When conducting a competitive analysis, we identify your competition by product line or service as well as by market segment; assess their strengths and weaknesses, determine how important your target market is to your competitors, and identify any barriers which may hinder you as you are entering the market. We identify all of your key competitors for each of your products or services. For each key competitor, we determine what their market share is, then try to estimate how long it will take before new competitors enter into the marketplace. In other words, your window of opportunity.
Millennium will Research and identify any indirect or secondary competitors which may have an impact on your business’ success. When you are including information about any of the market tests you have completed for your business plan, be sure to focus only on the results of these tests. Any specific details should be included in the appendix. Market test results might include: the potential customers who were contacted, any information or demonstrations that were given to prospective customers, how important it is to satisfy the target market’s needs, and the target market’s desire to purchase your business’ products or services at varying prices.
The strengths of your competitors are also competitive advantages which you, too, can provide. The strengths of your competitors may take many forms, but the most common include:
- An ability to satisfy customer needs
- A large share of the market and the consumer awareness that comes with it
- A good track record and reputation
- Solid financial resources for Marketing
- Key personnel
The final area that we research is regulatory restrictions. This includes Blue Sky laws, FTC Rulings, FDA Bulletins, and information related to current customer or governmental regulatory requirements as well as any changes that may be upcoming. Specific details we analyze include: the methods for meeting any of the requirements which will effect your business, the timing of regulations involved.
1. Penetrate your existing market
Voice of Customer is most important factor in growth as it forces organizations to quickly adapt to deliver the best customer experience. Listening to the true Voice of the Customer (VoC) has never been as critical and demanding as it is today. As each consumer’s needs are different, understanding each one is vital to a great customer experience (CX). Creating powerful customer experiences requires your team to track and analyze every conversation. As a result, more contact centers are heavily investing in tools to monitor the Voice of the Customer to help them keep up with high demands and expectations and increase sales and customer loyalty. The first thing that comes to mind when thinking of growing your business is getting new customers. The customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you. You already have a head start with this growth strategy as once your business is established, it has regular customers, and, like all businesses, if you’ve collected all kinds of information about them. The key to successfully increasing your sales in an existing market is to know your customers’ buying histories, both generally and individually to analyze new products for them, or additional services. Getting new customers requires specific business operations including marketing.
2. Manage Your Marketing Operations Effectively
Marketing operations are a critical element of every business, and the marketing and sales processes, resources and activities that produce and deliver revenues are just important as the goods and services you produce. Both are mutually interdependent and vitally important to the profitability of all businesses.
3. Maximize Information Technology Effectiveness
Utilizing IT, ERP and CRM systems is key to increasing sales in an existing market, which is one of the easiest ways to grow your business. There is a wide range of opportunities for improvement of any business process or operation. Our operations Management team can help you with planning, organizing, and managing resources to bring about the successful design, implementation and management of marketing projects, goals and objectives.
We offer beautifully prepared simple or complex marketing plans for new businesses, new products, startups, and services. The plan includes a 30-page market analysis, complete with charts and graphs summarizing industry, trends, market strengths opportunities, weaknesses, and threats (SWOT analysis), rates of change, etc., as well as your projected sales numbers, market share, growth rate, and marketing Return on investment ROI).
Our Marketing Plans increases organizational focus and market effectiveness, and operational efficiency. Ensure your enterprise embraces marketing best practices for effective market leadership. . We provide technical implementation for all planning initiatives in compliance with Best Practices / PMBOK. Click the Links to learn more: