PICKING A MARKET - HOW BIG & HOW FAST? - WILLIAM EASTMAN

PROFIT RADIO..."Let's Grow Together"

Introduction
Today I am wearing my C Hat - Always Selling, Always Closing. That means I am always thinking about fast growth markets, profitable customers, and share of wallet. This focus covers a wide cross-section of the business: Marketing, Sales, and Service

The second issue is the Stage of Growth. We are at Stage I where the concern is conducting enough due diligence o understand the triad of sales - what you sell, who you sell it to, and how to sell it.

Last thought before we start, I want to invite you to my new group on our Community of Commerce - Living the Life . If you are a serial entrepreneur and looking to discuss how to build a business that runs itself so you can start running multiple businesses - this is the right spot.
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Show Objectives - The Why
Let's start with the obvious, at Stage I Growth we haven't opened the doors and started selling. The reason? Answering the question "what are we going to sell to whom, and how?

Based on Show C1.003, this show focuses on the key questions you must answer and potential sources for the information. Remember you have 2 apparently conflicting objectives during this stage - due diligence and opening fast.

Key Issues - Owner Perspective:

1. What is happening in each of the markets you are considering for regulations, economics, science/technology, and zeitgeist (opinion) - RESZ
2. In each market what are the current and forecasted growth rate,
3. In each market who the current major competitors and who is entering

What You Need to Know - The What
Resources

• HubSpot
• Dun and Bradstreet
• US Census Bureau
• US Small Business Administration
• Statista

​Major Areas for Research

• Regulatory: in your intended markets what is happening from national, regional, and local governments. This includes taxation, employment, safety, and environmental regulations.
• Economic: in your intended markets what is happening in national, regional, and local areas economically - is it growing, stable, or declining. Based on B2B market or B2C, in your target industries are revenues growing, stable, declining. The sames is true for B2C - what is happening with salaries.
• Scientific (Technical): in your intended markets what is happening in scientific or technological advances that will affect your industry, your competitors, and customer buying decisions.
• Zeitgeist: in your intended markets what are trends that are impacting opinions that are influencing buy decisions.

What You Need to Do​​ - The How

1. Create a spreadsheet where you can enter the data - easier to upload to a CRM or
2. Create custom fields in your CRM to record the data. It is essential it is not lost, constantly reviewed, added to the appropriate accounts, and updated frequently.

The purpose of this show was to detail what to research to find fast growth markets, profitable customers, and share of wallet. This focus covers a wide cross-section of the business: Marketing, Sales, and Service
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Make sure you leave some thoughts in the comment section below. I am interested in continuing the conversation.

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