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All of us would like to take the success that we now have and discover other market areas in which we will have similar achievement. One way to approach this is to understand the characteristics of the markets in which we are successful, and then explore other markets with similar characteristics.
When selecting the best way to identify new markets, you may want to consider the following:
- The complex characteristics of your Market Areas, including geographic areas, numbers of stores, and number of customers
- Developing a profile of your customers, describing their demographics, lifestyle characteristics, and consumption behavior
- Developing a profile of your market, which counts the number of households that are in each of your most important buying groups
- The people who will use these profiles and the best way to get them the information
- Your budget.
Here are some options for identifying new markets:
- Engage a service who will work with you to understand your specific needs and develop profiles, reports , and maps that suit your objectives
- Sign up for an online , web-based service , which allows you to analyze customers and markets, evaluate prospective markets, and select the best candidates based on the data
- Acquire software - a good choice for those who have the staff and budget to design and deliver their own solution.
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