Q: I've been assigned to develop a strategy for reaching out to new groups of potential customers. I'm really excited about this assignment, but also unsure about how to proceed. We're a small company, so don't have someone who specializes in this type of project.
Syd, 35, product manager
A: Bring curiosity and an open mind to this project in order to find a fresh approach for your new market. Then focus on learning about your potential new customers, developing options, and testing your approach. After that, you are on track for a wider rollout.
Start by learning. Let's say, for example, you are offering a service for new parents. What do you already know about the market for this service?
You need to know many things that are readily obtained: for example, their age, race, income, education, etc. The Census can help you here. You also need to understand your competition in terms of their current options are, what they like about them, where they fall short, and so on.
Test your assumptions. When you think "new parents," do you assume, for example, a two-parent family? Do you assume one mom and one dad? Are you thinking across ethnic and racial groups? Are you considering individual differences such as risk aversion, or structural differences such as the strength of personal network? It's easy to think about people like yourself, but to be successful with your task, you need to extend your point of view as widely as possible.
Once you have developed a list of groups, learn about them. You don't need a big budget to do this, but you do need creativity and time. For example, get magazines that are geared to different audiences. Visit online communities and info sources that target specific groups.
Go to places where the people you are interested in hang out. Try parks, playgrounds, stores, family friendly restaurants, or other new parent venues in a variety of communities. Talk to people to find out what's important to them, getting to know them outside of the context of your company and your products.
Recognize that you may hear information that is very new to you. Some of the information may be uncomfortable to hear, especially if it challenging some of your underlying assumptions. If you are serious about your company making it into a new realm, you need to cope with that and truly listen and accept what you are hearing.
Then go back to your company and tell stories. Bring these potential customers and their dreams, visions, and concerns to life. At that point you can consider which groups you want to reach out to, and what you have to offer them.
This is not a "one and done" process. As you generate options for products, services, or outreach, take them back to members of your target group for more feedback.
Be transparent about their contributions so that they know you're really listening.
Next, pilot your new offering, especially if a hefty investment is going to be needed for a full rollout.
Test and learn your way through this process; even if a specific initiative doesn't work out, you set yourselves up for rich learning and long term success.
What challenges do you face at work? Send your questions to Liz Reyer, a credentialed coach and president of Reyer Coaching & Consulting in Eagan. She can be reached at liz@deliverchange.com.
