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How can you adjust your target market analysis for new markets?

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If you are a business coach, you know how important it is to understand your target market and their needs, challenges, and goals. But what if you want to expand your reach and offer your services to new markets, such as different industries, regions, or niches? How can you adjust your target market analysis to ensure that you are providing value and solving problems for your potential clients? In this article, we will share some tips and strategies to help you adapt your target market analysis for new markets and increase your chances of success.

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Patricia Murphy Doyle - Neurocoach

Top Life Coaching Voice - Mentora - Experta en Neuroplanning y creadora del Modelo GOFOPONE - Autora de Neuroplanning…

1 Identify the gaps and opportunities

The first step to adjust your target market analysis for new markets is to identify the gaps and opportunities that exist in those markets. What are the problems, pain points, or aspirations that your new market has that are not being addressed or fulfilled by other coaches or solutions? How can you use your skills, experience, and expertise to fill those gaps and provide value? You can use various methods to research your new market, such as surveys, interviews, focus groups, online forums, social media, or industry reports.

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Patricia Murphy Doyle - Neurocoach

Top Life Coaching Voice - Mentora - Experta en Neuroplanning y creadora del Modelo GOFOPONE - Autora de Neuroplanning ?Coge el timón de tu empresa y de tu vida! - Conferenciante
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El análisis DAFO (también conocido como FODA o SWOT) es una herramienta que permite identificar los factores internos y externos, tanto positivos (fortalezas y oportunidades) como negativos (debilidades y amenazas) que influyen en el mercado que se encuentre la empresa. Uno de los errores más frecuentes de algunos líderes de organizaciones es "encontrar amenazas" pero no oportunidades como pueden ser nichos de mercado no explorados o necesidades latentes no satisfechas por la competencia. Una adecuada investigación de mercados ayuda a la recopilación de información relevante para una correcta toma de decisiones respecto del público objetivo y también para la elaboración de estrategias idóneas.

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Miguel Quiroz Sandoval

Acompa?o a personas y equipos de trabajo a cumplir metas y objetivos.
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Se tiene que realizar una investigación del nuevo mercado que debe comprender las tendencias, el comportamiento de los consumidores, la competencia, para luego segmentar considerando factores demográficos geográficos, conductuales para poder comprender mejor a los clientes potenciales. Crear un perfil detallado de tu cliente estrella en el nuevo mercado, ajustar el producto o servicio de acuerdo a las necesidades y preferencias del nuevo mercado. También se debe evaluar los canales de distribución en el nuevo mercado, personalizar las estrategias de Marketing. Implementar estrategias piloto y realizar pruebas, establecer metas y métricas.

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2 Segment and prioritize your new market

The second step to adjust your target market analysis for new markets is to segment and prioritize your new market based on relevant criteria, such as demographics, psychographics, behavior, or needs. This will help you narrow down your focus and target the most promising and profitable segments that are likely to benefit from your coaching. You can use tools such as personas, customer journey maps, or value propositions to create a clear profile of your ideal client in each segment and understand their motivations, challenges, and goals.

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Patricia Murphy Doyle - Neurocoach

Top Life Coaching Voice - Mentora - Experta en Neuroplanning y creadora del Modelo GOFOPONE - Autora de Neuroplanning ?Coge el timón de tu empresa y de tu vida! - Conferenciante
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Todo mercado debe ser segmentado porque es heterogéneo y el hacerlo nos permitirá identificar correctamente las necesidades de sus integrantes. Al no segmentar, corremos el riesgo de no reconocer los factores internos (motivación, percepción, entre otros) y los externos (familia, status, líderes de opinión, etc.) que influyen en el comportamiento del cliente y como consecuencia se realizarán estrategias inadecuadas e ineficientes.

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Neema Amin, MBA

Consulting | Strategic Change Management | Digital Transformation| Mergers & Acquisitions | Scaling Ventures| Mentor| Early Stage Funding | Driving Impact and Long-Term Value
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Dive into your audience's distinct demographics, needs, and behaviors and then prioritize segments aligning with your offerings and potential impact. Be sure to leverage your data and insights for strategic precision and take into consideration cultural relevance in your positioning and messaging

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3 Test and validate your assumptions

The third step to adjust your target market analysis for new markets is to test and validate your assumptions and hypotheses about your new market. You need to verify that there is a real demand and interest for your coaching in your new market and that you can deliver value and results. You can use various methods to test and validate your assumptions, such as landing pages, webinars, free trials, referrals, or testimonials. You should also collect feedback and data from your new market to measure your performance and improve your coaching.

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4 Adapt and customize your coaching

The fourth step to adjust your target market analysis for new markets is to adapt and customize your coaching to suit the specific needs, preferences, and expectations of your new market. You need to consider the cultural, linguistic, legal, or ethical factors that may affect your coaching in your new market and adjust your communication, delivery, content, or pricing accordingly. You should also leverage your unique selling proposition and differentiate yourself from your competitors in your new market.

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Patricia Murphy Doyle - Neurocoach

Top Life Coaching Voice - Mentora - Experta en Neuroplanning y creadora del Modelo GOFOPONE - Autora de Neuroplanning ?Coge el timón de tu empresa y de tu vida! - Conferenciante
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Si bien la globalización ofrece ventajas en cuanto a la ampliación de los mercados, para satisfacer las necesidades del cliente es fundamental tener en cuenta los subcontextos que lo afectan. Ellos son: - político/legal/económico: la situación del país influirá en el precio y se tendrán que plantear estrategias adecuadas a ese mercado. - social/cultural: pueden existir "ruidos" en la comunicación por factores tales como: religión, creencias, tradiciones de los potenciales clientes. - tecnológico: si bien los avances tecnológicos facilitan la utilización de algunas herramientas en las sesiones de coaching, estos no están al alcance de todos los mercados objetivos.

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5 Monitor and evaluate your results

The fifth step to adjust your target market analysis for new markets is to monitor and evaluate your results and outcomes in your new market. You need to track and analyze your key performance indicators, such as leads, conversions, retention, satisfaction, or referrals, and compare them with your goals and benchmarks. You should also solicit feedback and testimonials from your new clients and use them to improve your coaching and marketing. You should also review and update your target market analysis regularly to keep up with the changes and trends in your new market.

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Patricia Murphy Doyle - Neurocoach

Top Life Coaching Voice - Mentora - Experta en Neuroplanning y creadora del Modelo GOFOPONE - Autora de Neuroplanning ?Coge el timón de tu empresa y de tu vida! - Conferenciante
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Siempre se deben analizar si los resultados son los esperados según las estrategias planteadas hacia el mercado objetivo. Los KPIs (Key Performance Indicator) son indicadores que pueden ser utilizados en cualquier área de negocio y sector productivo, aunque son habituales en el marketing online. Si planteamos algunas estrategias de social media para "captar" nuevos mercados, podemos medir el número de interacciones con las publicaciones (menciones, seguidores, comentarios, compartidos), clics en los anuncios y además visitas a nuestra web, porcentaje de rebote, leads, etc.

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6 Learn and grow from your experience

The sixth and final step to adjust your target market analysis for new markets is to learn and grow from your experience and apply your insights and lessons to your future coaching endeavors. You should celebrate your successes and achievements in your new market and share them with your network and community. You should also identify your challenges and mistakes and use them as opportunities to improve your skills, knowledge, and confidence. You should also explore new possibilities and opportunities to expand your coaching to other new markets and reach more clients.

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7 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?

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Adam Payne FInstLM

Specialist in Strategic Innovation, Operational Efficiency & Market Expansion | Helping Ambitious SMEs Innovate and Scale: New Way Growth | Revolutionising Manufacturing with FactoryIQ MES | Family Man | Lifelong Learner
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Exploring new markets demands innovative strategies beyond traditional market analysis. Harness AI & Machine Learning for insights, use gamification for engaging research, utilise crowdsourcing to tap collective intelligence, and analyse sociocultural nuances for tailored offerings. Ultimately aim for a Blue Ocean Strategy that makes competition irrelevant.

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How can you adjust your target market analysis for new markets?

1

2

3

4

5

6

7

1 Identify the gaps and opportunities

2 Segment and prioritize your new market

3 Test and validate your assumptions

4 Adapt and customize your coaching

5 Monitor and evaluate your results

6 Learn and grow from your experience

7 Here’s what else to consider

Business Coaching

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How can you adjust your target market analysis for new markets?

1

2

3

4

5

6

7

1 Identify the gaps and opportunities

2 Segment and prioritize your new market

3 Test and validate your assumptions

4 Adapt and customize your coaching

5 Monitor and evaluate your results

6 Learn and grow from your experience

7 Here’s what else to consider

Business Coaching

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