An Opinion Paper by Michael Godfrey Andrews One of the most crucial decisions that start-up companies, or divisions launching a new product in established businesses, need to make is where to target their sales and marketing efforts. Specifically, to decide the vertical industry, geography, company size, functional group and title(s) of where to focus finite resources. This is doubly important for organizations that have created something that doesn’t currently exist – there is no category or context within which a prospect can evaluate it.
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.
For more on this topic, and to review important criteria to consider when making the target market decision, you may want to download my full article HERE.
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.
For more on this topic, and to review important criteria to consider when making the target market decision, you may want to download my full article HERE.
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