How do you use metrics to find new markets?

Couple of frameworks that can help you with the goal setting process are: - SWOT analysis of the particular market segment - Porter's 5 forces analysis for that particular market These 2 analysis will give you the macro level view of what is happening in that specific market. You can use the insights from the above framework to build your goals following the SMART (Specific, Measurable, Achievable, Relevant and Time-bound) process.

Define your new market goals with precision using the SMART goal process. *Specific *Measurable *Attainable *Relevant *Time-Based Challenge your team to strengthen each of the SMART goal elements (to an exacting nature) before finalizing goal statements; so that there is no lack of clarity. If confusion or multiple interpretations exist, your SMART goals need more work. That stated, remain agile as an organization. Goals can and should be revised in order to best harness market opportunities. Don't stagnate.

Market segmentation is where the magic happens! A great example of this is the music industry. Streaming radio channels are owned by a few companies, yet they distribute their products to segmented audiences via unique channels. Country music fans have several channels from which to select, R & B listeners find R & B channels, classical music lovers find classical channels, etc. These uniquely "segmented" channels allow delivery of tailored products (music) that is of specific interest to their "customers" (listeners). Struggling with explaining or implementing market segmentation for your new markets? Group your customers into "listener groups". Deliver services, products, and marketing that speaks to their unique interests.

Measurements provide leaders with "guidepost insights" on new markets, as long as the data interpretation remains in context. Data can be misused (unintentionally or intentionally) to support favored opinions and flawed decisions. Make certain that you intimately understand data sources, data components, data time frames, data collection processes, and more. I highly recommend that more than one executive team leader has full access to the raw data and summary of findings; and that they have the ability to dig deep into a detailed data analysis before following the "guideposts".

Never stop testing. Markets and customers are dynamic. Keep the pace with new markets, new products and services, new delivery channels, and updated messaging. A/B testing for the win!

Much to gain and much to lose when entering new markets; get it right and your company will flourish. Do the heavy lifting with powerful SMART goals and let your key players stack the weights.