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If you are looking to strengthen your strategic marketing plan, you have come to the right place.
In this article, we will review four core markets that should be part of your strategy.
What are the four most strategically important core markets for your marketing strategy?
There are four important core markets that should be part of your strategy. These four markets include: 1. Home markets, 2. Product markets, 3. Global reach, 4. Emerging markets.
It’s typical for a company to have customer acquisition strategies based on 7 to 10 markets. This usually comprises the home market and other markets that make the most sense for the company.
Let’s now review these four core markets and how they fit your marketing growth strategy.
Most companies have a strong market position in their home market. But what about other markets such as global markets in neighboring countries, markets where the product is manufactured or markets that show great opportunity for growth?
Those are the exact questions we will address right now.
The place where your company is located is your home market. This primarily dictates your taxes, corporate and legal structure, your employee needs and your capital structure. It is rare to find a company that does not have a strong market position in their home market.
Depending upon the scope and scale of your operations, your home market is usually defined as your home country.
But, in some cases, which may affect a franchisee for example, your home market could be measured under different metrics, such as confined to a city, zip code, state or other territory.
Additionally, if you operate a small town business, you could literally define your home market as a 3-mile radius of 10,000 residences that surround your location. The big take-away here is that you and your marketing strategy can write your own rules.
Many manufacturers and distributors produce their products in low cost markets. For example, Walmart and Gap may have manufacturing plants in lower income regions around the globe, such as Honduras, Nicaragua or Vietnam.
It is very important that manufacturers provide a positive market position in the locations where products are developed, even if they may not represent leading growth opportunities. Many companies produce important opportunities for team members to produce the products that are then exported, and this should not be overlooked.
Even if you are producing products domestically in lower cost environments, you can be searching for positive take-aways. From local government support such as a photo opportunity, local business support or media opps, you can find ways to position your company positively where you produce your products.
Regardless of your scope of operations, good employee relations are very important and you should search for opportunities to make conditions better, look for positive PR opportunities and communicate as much as you can.
Most companies can expand their global marketing strategy. In today’s digital world, gaining customers from other markets is easier than ever.
And if you want to open an office in another country, the timing has never been better. After, of course, you have done your research to find growth opportunities and ensure it fits with your strategic plan.
For example, many banks and lenders will be more apt to lend capital if you have an office and or a market position in the country you want to expand to.
If you have an idea to better serve the growing number of vacationers who visit the beaches of Belize, Belize Bank would probably be more likely to help you open a bank account and lend capital if you are committed to the country.
Most successful companies regularly search for markets that show a big opportunity for growth. The hard part here is balancing the risk-reward proposition.
For example, RCEP stands for Regional Comprehensive Economic Partnership and is a multilateral free trade agreement (FTA) between 15 countries representing 30% of the world’s population.
If you sell products or services that could benefit members of RCEP, it may be worth working towards a strategy.
It may make sense to sell to Singapore, Cambodia or Vietnam, or license your product to an alliance in these countries to open up a sales channel that you may not have had exposure to.
Similarly, The Central America Free Trade Agreement (CAFTA-DR) is a trade agreement between the US and Central American countries. You could develop a similar strategy to gain a market position in one or all of the member countries.
By regularly reviewing your strategic marketing plan, specifically looking for marketing growth strategies, you will gain a competitive edge and you just might find a business breakthrough!