In my previous article (7 Consumer Coping Behaviors of the Unemployed), I shared how revenues and volume can be affected by a recession, especially with a record-breaking 45.5% or 27.3 million (SWS, July 2020) Filipinos unemployed during this unprecedented pandemic (Government estimate was 10% or 4.6 million). Now, this article will suggest a potential way to create new revenues and profit, complementing traditional market-driven strategy thinking with market-driving strategy.
Market-driving strategy (MDS) is about tapping underserved and unserved markets. The makers of Osim and Omron electronic blood pressure monitors, for example, targeted house managers rather than medical doctors. Since there are a lot more house managers than doctors, they sold millions of units, growing much, much faster in a new category with low market penetration, while stethoscope makers are still fighting it out among a smaller medical doctors market. What MDS entails is a need to change our paradigm, challenging our assumptions, in order to free us from getting stuck.
Over a decade ago, I decoded the processes for firms to adapt Market-Driving Strategy (as well as the 11 building blocks of a business model). In the Philippines, I am the only one running Market-Driving Strategy seminars, and my 36th public seminar batch will be held this October 2020. I will be sharing the following proprietary Mansmith innovation frameworks to interested learners:
- The 2 missing ingredients to why 99% of all marketing plans are inadequate (yours included!)
- 9 underserved and unserved markets in every industry, with specific examples (multi millions of new revenues picked by many of our past clients!)
- 2 simple but high-impact questions to probe what firms really need to do to satisfy non-consumers (we will practice this in the class!)
- 5 barriers that create unserved and underserved markets (I discovered an additional barrier not defined in past literature)
- 8 ways unserved and underserved markets can create a compelling value proposition (I will prove it with dozens of case studies)
- 2 techniques to put a new spin on traditional marketing strategy (this alone will change how traditional marketing planning are done)
In other words, there are methodologies that you can learn in order for your firm to implement a do-it-yourself guide, instead of relying on hiring expensive consultants.
If you can operate but your revenues are affected and would like me to help you decode your underserved and unserved markets in order for you to grow new revenues, this learning event is suitable for you. If you are thinking of a new business but would like to tap into a new white space and a new offer in the industry, this is also for you. If you are doing well, and want to know what markets you can expand to target, this is for you. If you are product management driven, and would like to consider market management, this is for you.
The 36th batch will be done over five 3-hour sessions every other work day in order for the participants to apply learnings in between sessions. The 5 sessions will be live via Zoom and will be my last for the year 2020. I can only accept the first 25 companies in a batch. Please come as a group so you can take advantage of our 5+1 group discount!
Visit https://www.mansmith.net/program/3795/live-via-zoom-36th-market-driving-strategy for details and enrollment.