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.
