Weekly Business Insights from Top Ten Business Magazines | Week 332
Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 332 | January 19-25, 2024
Strategy & Business Model Section | 2
20 Best Practices For Biz Dev Leaders Adapting To Different Markets
By Forbes Business Development Council | Forbes Magazine | January 23, 2024
Extractive Summary of the Article | Listen
Adapting products or services to cater to the unique needs of diverse markets can be a challenge for business development leaders. Successfully bridging the gap between what a company offers and what a particular market demands can be the key to sustainable growth.
Forbes Business Development Council members discuss a range of best practices that business development leaders can take while navigating market adaptation. By following these strategies, companies can expand their global footprint and establish themselves as leaders in meeting the needs of different markets.
- Understand The Market. Establish an understanding of the market and its client buying behavior. How do customers buy? Who is the ideal customer profile? It’s also important that you understand other factors in the market, including the competitive landscape, which product or service is most appropriate for the market and how much investment is needed to enter. You should also weigh this investment with other markets.
- Leverage Data Analytics. Using data analytics. Properly collected and utilized data can help understand customer behavior and preferences, thereby personalizing marketing and sales strategies. It should also guide product managers in making improvements and changes.
- Ensure Market Demand Of Your Offerings. As I have long said, “the answers are out there.” Ensure the pulse of potential opportunities for your products or services is warranted by market demand. Ensure in the feedback process that you first compete with yourself not your competition. Once consensus is achieved internally, then juxtapose your offering with competitive products and brands to achieve the highest market relevancy and demand.
- Realize The Potential Of Your Existing Technology. Gain a deep understanding of the problem worth solving in your target markets. Once you comprehend the needs, you have the context to assess the potential fit of your existing technology. Then, understand the economic value of the solution. It starts and ends with understanding customers’ needs and the potential of your existing technology to meet those needs.
Others are:
Be Authentic.
Conduct Thorough Market Research.
Find A Way To Understand Your Customers’ Customers.
Take Advantage Of Your Partnerships.
Identify With Customers On A Local Level
Focus On Authentic Alignment
Adjust Offerings To Meet Customers’ Price Points
Get Feedback from Customers
Understand The Locality
Tackle The Hardest Market First
Determine How You Can Help Other Markets With A Single Offering
Personalize Your Offerings
Elevate The Customer Experience Through Understanding
Be Aware Of Trends
Understand Market Behaviors
2 key takeaways from the article
- Adapting products or services to cater to the unique needs of diverse markets can be a challenge for business development leaders. Successfully bridging the gap between what a company offers and what a particular market demands can be the key to sustainable growth.
- Forbes Business Development Council members discuss 20 best practices that business development leaders can take while navigating market adaptation. These are: understand the market, leverage data analytics, ensure market demand of your offerings, realize the potential of your existing technology, be authentic, conduct thorough market research, find a way to understand your customers’ customers, take advantage of your partnerships, identify with customers on a local level, focus on authentic alignment, adjust offerings to meet customers’ price points, get feedback from customers, understand the locality, tackle the hardest market first, determine how you can help other markets with a single offering, personalize your offerings, elevate the customer experience through understanding, be aware of trends, and understand market behaviors.
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Topics: Strategy, Business Model, Markets