A women’s fashion retailer is looking to manage the growth of their business through market growth. For most retail organizations, when managing the growth of their market, they manage it on a phased basis, moving into areas with the highest potential first.
To identify a market with the most potential, there are a number of factors to consider. It’s important to have as much information as possible for planning market growth. Information such as the demographic data of the market, where competitors are located, and where the organization is currently performing well are all crucial. Combining these in an easy to use way, will help this retailer make informed decisions about planning their market growth.
1. Which market has the strongest potential?
When looking to expand into new markets, the biggest challenge is finding the demographic profile of the target market (for instance, age, income bands, socio-demographic groups, administrative considerations).
2. Where are we performing poorly?
Under-performing regions can also identify growth potential. For example, by identifying where market performance is low and looking at other geographic factors such as location to a competitor, demographic market, or perhaps an environment or accessibility problem nearby. Discovering this can allow the business to quickly expand into new markets.
3. Where are our competitors located?
When planning market growth, it is important to know where competitors are located. Having the ability to quickly see where competitors are located in relation to your existing offices and markets can help with your overall competitor analysis and quickly help with identifying opportune markets for growth.