Market Development - SME's Challenges
Small and medium sized enterprises (SME) are typically positioned in the bottom-half of supply chains of networks in their respective industry or market. It is not easy to expand to other markets and commercial ecosystems due to operational focus and limited resources to build new products or step into adjacent markets to obtain new customers.
Market development will provide insights on new opportunities in current and new markets, but more importantly should result actionable plans to design and build your future business and generate vital source of revenue for years to come. Without going into too much details, it can incorporate exploring your current markets with new products, but also new markets in which new customers can be sold existing products, and eventually provide go-to-market plans with target segments to learn from. In brief, you could state that is a process of building a foundation for future marketing and sales efforts driving growth.