You’re an automotive sales professional. How can you identify new markets with strategic thinking?

1 Assess your current market

The first step of strategic thinking is to evaluate your existing market. Who are your current customers? What are their needs, preferences, and pain points? How do you serve them and what value do you provide? How loyal are they and how satisfied are they with your service? You can use tools such as customer surveys, feedback forms, and CRM systems to collect and analyze this information. By understanding your current market, you can identify your strengths and weaknesses, as well as any gaps or opportunities that you can exploit.

2 Research potential markets

The next step of strategic thinking is to research new markets that you can target. These can be geographical, demographic, psychographic, or behavioral segments that have a demand for your products or services. You can use sources such as industry reports, market research, online forums, social media, and trade shows to gather data and insights about these markets. You should look for factors such as market size, growth, trends, competition, regulations, and customer needs and expectations. By researching potential markets, you can assess their attractiveness and feasibility, as well as any risks or challenges that you may face.

3 Define your value proposition

The third step of strategic thinking is to define your value proposition for each new market that you want to enter. Your value proposition is the unique benefit that you offer to your customers that sets you apart from your competitors. It should answer the question: why should they buy from you and not from someone else? You can use tools such as the value proposition canvas or the lean canvas to craft your value proposition. You should focus on how you can solve your customers' problems, fulfill their desires, or improve their situation. By defining your value proposition, you can communicate your value and create a compelling message for your new market.

5 Implement your strategy

The final step of strategic thinking is to implement your strategy and enter your new market. You should plan your actions and resources, set your goals and milestones, and monitor your progress and performance. You should also be ready to adapt and adjust your strategy if needed, based on the feedback and results that you get. You should also evaluate your outcomes and measure your impact, using metrics such as sales, revenue, market share, customer satisfaction, and retention. By implementing your strategy, you can achieve your objectives and grow your automotive sales business.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?