EPISODE C6.005 Investigate and Identify Opportunities in New Markets

Introduction
Good day and hope you are looking forward to a productive week.
This week we are announcing our new community - The Community of Commerce for all insiders. Everyone who has JOINED US and become an inside we are moving off of the weebly web platform to a community site on Tribe. 

This will provide an opportunity to share information, ask questions, and gain support for starting, growing, or exiting your business.

It is our version of the Chamber of Commerce - what it could have been instead of what it has become. This community has one goal - your success as a business owner to build generational wealth for your family. That growth will create more and better jobs in your local community.

It is a stand alone (outside the control of the arbitrary large providers) platform that provides entrepreneurs and business owners a space for the free and open exchange of ideas.

As a member of IBGR's Community of Commerce you can:

1. Follow other users including the OnAir Talent and Executive Team at the station.
2. Ask and answer questions about starting, growing, and exiting the business from our OnAir team and each other.
3. Follow any member of the Community to stay abreast of their latest business insights as well as building your own following.
4. Start discussions to stimulate input from other members of the Community.
5. Create and vote in Community polls.
6. Post and comment on posts and blogs.
7. Access and share content entrepreneurs and business owners can use.

We built this beyond the reach of the 'masters of the universe' so you can speak your mind.

On a closing note, if you want to know what drives everything we do - checkout this article: from Australia (click here).

And that is just restaurants - what about everybody else?
Have a great business week.
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Listen>Apply>Engage
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Show Objectives - The Why
Today's show is a continuation of last week when our analysis was on the markets we currently serve.  Instead of covering the same techniques, I selected our advanced pak as additional tools. Put this week and last week together and you have everything required to analyze a market for opportunities.

Key Issues - Owner/Manager Perspective: 

1. Changes in customer segmentation - movement between groups.
2. Changes in purchasing habits and methods.
3. Changes in competitors offer or methods of doing business'.
4. Changes in features, sales methods, distribution channels for similar offers.
5. Traditional RESZ analysis.

What You Need to Know - The What

• Right Type of Filters
  • Recency: how recent are their purchases in your offer?
  • Frequency: how often do they purchase?
  • Monetization: how large is each purchase?

​What You Need to Do​​ - The How

1. Filter your current accounts through RFM, who are the best accounts.
2. Looking at New (Adjacent) Markets for similar opportunities
   1. What new customers (like our best customers) should we pursue with our current offer?
   2. What new customers should we pursue with an upgraded offer?
   3. ​What new customers should we pursue with a new offer?
3. Looking at New (Adjacent) Markets for any opportunity.

Shows

• Previous: EPISODE C6.004 INVESTIGATE AND IDENTIFY OPPORTUNITIES IN EXISTING MARKETS
• Next: EPISODE C6.006 Integrate with Stage VI Reinvention Plan