Question

Topic: Strategy

Entering A New Market...

Posted by Anonymous on 5/5/2004 at 10:26 AM ET 250 Points
We are a professional services firm specializing in workforce performance inprovement. We have spent 70 years supporting the manufacturing and retail industries. We have realized that our consulting has very real benefits in any industry and are looking for the next industry to target i.e. healthcare, administrative processing, etc. Industries that can save by maximizing the use of their labor and where labor is a significant expense. How do we go about evaluating which new industry to target? Focus group? Survey? Gut feel? Any ideas on a step by step approach to take?
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RESPONSES

  • Posted by SRyan ;] on 5/5/2004 at 7:01 PM Member
    Although your team members are focused on mfg and retail now, find out what other industries they have experience in, even if it's rusty experience. You'll have an easier time gaining credibility with new clients if you can claim some familiarity with their business environment.

    With utmost respect to aosterday:
    If your team has NO experience in the healthcare industry, I'd stay far, far away from it. The sales cycle is long, the budgets are miniscule, the players are closed-minded... I've seen companies here in Houston wither from frustration trying to break into that sector (and you'd think it'd be a lucrative market here with our world-renowned medical centers!).

    - Shelley
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