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New market developmentIndustrial marketing servicesKoch Group has provided industrial marketing services to manufacturers and industrial services providers since the late 1960’s. Over those years, we have worked with hundreds of clients in a broad gamut of industries and market segments. Most of the manufacturers we work with need to develop new, alternative, markets, or need to penetrate existing markets much more deeply than they have done.
Customer quantification and analysisOur first step in assisting manufacturers with new market development activities is to quantify their existing business base. We do that by reviewing their customer base for the past few years, and if necessary, their quotation records, and inquiries and then quantify these companies by Standard Industrial Classification Codes (SIC) or the newer North American Industrial Classification Codes (NAICS). We use 6-digit SIC codes and 8-digit NAICS codes to really hone in on specialized market segments our client serve, rather than using broader, less focused, codes. We then analyze the information generated using a number of proprietary tools and present our client with an analysis of the market they are serving well, and could be serving. If necessary, we will help develop the definitions of new, unserved, market segments through a series of brainstorming sessions. Target company generation and profilingThen, working with client management, we remove unwanted codes and really focus on market segments believed to offer excellent market potential. But, how can a manufacturer be sure? Koch Group consultants will then generate a list of target companies that meet defined SIC or NAICS code and other selected criteria using both electronic and hard copy resources. Each target company is profiled with all the needed information to allow our client to either include them in the pool of potential target companies or remove them.
Target company qualifyingWe then develop a series of open-ended qualifying questions to obtain desired market information from targeted companies. Once the agreed-upon number of qualifying calls are completed, we provide the information obtained to our clients in a report. Qualifying calls are made both in-person and over the phone as required by our clients. ReportingThis reporting allows management to review the obtained information in a number of formats making it easier to come to solid conclusions on which to base the next recommended actions. Next steps - planningOnce a market segment is determined to be “real” for a particular client, we begin strategic, tactical, and planning activities to penetrate that segment. Contact us if you would like more information on our new or alternate market development or any of the other industrial marketing services we offer to manufacturers. Please use our contact form, email us at info@kochgroup.com, or call us at 630-941-1100.
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