New Product / New Market Entry Strategy Workshops
New Markets – Go-to-Market Strategy Workshop
We designed this stimulating, one-day workshop to help management teams identify and focus on the issues they must address to skillfully enter a new market.
A cross-functional team including marketing, product development, sales and manufacturing is formed. The team develops a common understanding of the new product’s value proposition, target audience, channels, required channel modifications and the rate they anticipate channels and customers will adopt their new product.
We cover as much ground in one day as you would normally cover in two by utilizing QDI’s decision support computer network which allows for open participation, voting and idea sharing.
The session covers two to three top customer segments and highlights the following six steps to increase your success rate:
- Define the benefits you believe customers value from your offering and how they compare to existing alternatives
- In terms of benefits from your product, your service and your brand
- Rank the relative importance of each benefit set
- Customer segment prioritization
- Identify the most critical customer group
- In the key segments – the 20% of the market that will make up 80% of the revenue — define the costs the customer incurs when they purchase and use your product. Define these costs in terms of:
- Purchase price versus existing alternatives
- Additional buying costs
- Adoption cost (for new products)
- Risk of product purchase and use
- Rank the relative importance of each class of costs
- Score yourself and your competitors on both benefits and costs
- Identify ways to increase your score relative to the competition
- Identify adoption barriers and how to overcome them
- Review what it will take in terms of sales and support to sell the product into the new market
- Do your existing channels have relationships with these customers?
- If no, is it reasonable to assume your channels will invest the time to build them for your offering?
- If the answer is no, what alternative channels will you need to penetrate the new market?
- Will adding a new channel create channel conflict or management issues that could jeopardize your relationship with your existing channels?
- Recap and prioritize issues
- Which issues have the greatest impact on your potential success?
- Which issues present the greatest risk to you – i.e., most difficult for you to execute?
QDI’s Go-to-Market Strategy Workshop helps you get on track to ramp up sales quickly.
