As a Senior Business Development Manager for a large national retail outlet, you need to be focussed on growth in revenue and market share. You need to be thinking about how to efficiently grow your addressable market in both the short and the long term.
To grow your business and capture more of your addressable market, you need to target the right locations for new stores. For example, if you have no presence in California and you then set up a new outlet, you now have a larger addressable market. You need to analyze the performance of your current stores and the demographics of your most valuable customers so that you can try to replicate this in new locations.
To do that you need an accurate view of your current position in the market. Where are your stores located? Where are your customers located? Where are your competitors located? You need to combine all of this data to identify where you can expand that will have a high probability of success.
1. What does your current market performance look like?
When business data is contained in a spreadsheet it can be really difficult to get a quick snapshot of where the business stands in the market. You need to see where stores are performing the best and where they are not performing at all.
2. What does your current market coverage look like?
You need to be able to see where you have gaps in your market, where you have saturated the market and where there is room to add additional locations in existing underserved areas with high demand.
3. Where should you target next?
After identifying saturated and underserved locations, you then need to identify which locations you should target next. Why should you put a new outlet in Location A over Location B?