Every entrepreneur wants to grow their business. As a result, penetrating the target market remains a great measure of success. Additionally, this strategy can allow a boost in revenue, increased brand awareness or evidence of brand loyalty, and more.
At the chamber, we believe that business owners require a focused strategy that aligns with the military's tactics to penetrate competitive defenses. Business startups with a military background have a history of succeeding— and we can see this by highlighting well-known and successful entrepreneurs with heavy military back-up. R. Riveter enlisted military spouses to venture into making fashion handbag components after landing a 10,000 dollar investment from the famous business reality television series Shark Tank.
Gather Enough Intelligence Before Striking
Get to know your target audience by gathering intelligence and learning where and when to strike to place your business at a competitive advantage. Unlike in the past, when location could be defined as the city where you locate your business, communication technologies have significantly transformed how we interact with people today, so that now not only do you have a physical location to your business, but a virtual location as well. Remembering to gather intelligence in both of these areas to give your business good visibility and substantial brand equity in the market is key. Additionally, you should familiarize yourself with the existing target market's high and low return points to implement a successful strategy.
Tailor your Strategy to One Key Objective
We advise entrepreneurs to channel their limited resources to key objectives to help them reach specific milestones instead of winning everything at the initial stage. You do not wish to spread your resources too thin in a broad attack that can distract your focus: providing an effective solution to your target audience. It will be much easier to utilize a review of your current market penetration rate and help you scale your business or broaden your segments with one objective at a time.
Find a Gap to Capitalize on the Current Market
Use your gathered intelligence to find your audience's market gap and fundamental interest points. Although some products serve a common purpose, do not assume everyone wants them. Instead, innovate special programs and targeted marketing strategies to get a foothold in the untapped territories.
Gather Your Resources and Train Well Before You Launch
Innovative entrepreneurs gather the tools and training required to run a business and resolve challenges that arise in the future before they begin. You do not want to fail because you did not anticipate change or lack inventory. Preparation is essential to a successful plan of attack, which holds in the business world as well.
Leverage Support from Friendly Forces Within the Market Territory
Strengthen your foothold in the market by finding influencer advocates that can help you advance your business, even before you launch. Today companies get support, direction, and momentum from influencers. Think of your influencers and your networking as allies in your strategy to get your business where you want.
Collaborate With like-minded Competitors
Unify your customer base and resources in win-win negotiations that foster partnerships such as strategic supplier relationships. We believe this strategy suits businesses penetrating new markets abound with minor and emerging competitors with a small pool of resources.
Use Competitor Vulnerabilities to Adjust your Marketing Strategy
Do not hesitate to capitalize on your competitors' weaknesses whenever you see an attack or opportunity to launch a product. Remember, although initial entry into the market remains important scalability of your business depends on your ability to adapt, adjust, and see opportunities you did not anticipate.
Looking to military strategies and building your business with key focus points in mind, you can access the market of your choice with an organized plan. Utilizing intel and market research to fuel the message you deliver to your target audience will allow you to access a more significant portion of the market effectively. It will focus on your product's purpose and enable you to see success before scaling your business in size.