Operating market
Growthology

Growthology

Empowering Growth Creation

Operating Market – 4 Best Questions to Help Your Business Grow

Assessing the products and services that your business puts out into the marketplace should happen on a regular basis – it should always be on your radar.

Growthology’s 9 Boxes benchmark questions ‘Does your business regularly review what you put into the marketplace?’

There are 3 things you may need to consider when answering this question:

  1. What is the core product or service in your business? 
  2. What is your business known for?
  3. Speak to your customers and ask what’s next for them – this will give you great insights

Opening new markets is a growth strategy to consider for most businesses  – it’s a long-term strategy that needs to be invested in. Your new markets could be local, national, or international [there are others] – it requires planning.

Secondly, Growthology’s 9 Boxes question is ‘Does your business knows how to open new markets?’

There are 3 things you may need to consider when responding to this question:

  1. Does my business have any internal capability in opening new markets?
  2. Do we know the size of the opportunity available in this new market?
  3. Are our products and/or services a cultural fit for our possible new market?

We often see businesses ‘neglecting’ client post sales, it’s almost like they become clients and you fail to remember them!

The 9 Boxes question is – Do you have a structured client service program?

This sounds probably more complicated than it is – it’s simply a process that lets regular contact with the clients or customers.

Here are the 3 keys that you may want to think about:

  1. Do you speak to customers out of the normal day-to-day, week-to-week conversations?
  2. Do you ever ask your customers how you can serve them better?
  3. Have you ever asked them what’s next for their business?

Operating market means where you do business.

Lastly, Growthology’s 9 Boxes benchmark asks ‘Does your business understand its operating market?’ 

There are 3 things you may need to consider when answering this question:

  1. Is your operating marketing global, national, local? You need to know do you sell globally, nationally or locally.
  2. Do you understand the size of the market? This means how much revenue is available to your business.
  3. Do you know your competitors? Who else wants the revenue that your business wants.

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