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The target market paradox: Narrow your focus to increase sales – Heinz Marketing

Market Definition and Prioritization

Much has been written over the years about the importance of target market analysis and execution. Borne out of my extensive experience with start-up companies, I offer the following pragmatic perspective on why this work is so vital. I have lived through the pain of not effectively addressing the criteria below.

The tendency of many companies, young and old, is to avoid the decision to target a specific market, but rather to try and be “all things to all people”. It has the false feeling of appearing less risky. Nothing can be further from the truth — this fatal decision has been the death knell of many start-up companies and new product attempts. This go-to-market strategy is doomed to failure and will end in poor sales results, frustrated senior management, wasted sales, marketing and product development resources, a demoralized team and burning through precious capital and time.

Here are a few important criteria to consider when making the target market decision:

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Source: Heinz Marketing

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