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This Month's topic:
Expanding to New Markets
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| This Month's Topic: Expanding to New Markets |
Each month, this area provides with a
number of my favorite and most helpful sites regarding the topic of the month.
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Management
Tip of the Month
Each issue, I start with a discussion
of my management perspective on the month's topic, and give you a few hands-on
ideas to consider. |
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Recommended Publications
Here, I provide you with my
recommendations on the best printed materials available that can help you
become more mission-capable in the area of Expanding to new
markets. |
Technology
I provide you with some good ideas for
uses of tech to better your organization in the area of expanding to new
markets.
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Marketing
Tip
So much to say, so little space to say
it.....and marketing has an enormous impact on expanding to new
markets...
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Next
Issue
In May we'll look at an issue that vexes many
nonprofits: Endowments.... Good idea? Bad idea? impossible goal? Check
in next month and see. |
Websites of the
Month
This section includes websites of interest on this
month's topic, expanding to new markets.. Some of these sites are
focused on nonprofits, some on for-profits: all have value.
Back to
Top
Management Tip of the Month
Expanding to new markets---a big
decsion
In the past few months my newsletter has covered
many subjects, including core competencies, outcome measures, and strategic
planning. (Scroll down to the bottom if you want to see a list of past issues
and their topics.) So, if you have plans to expand, know your core
competencies, and are prepared to measure your progress, this month's topic is
for you.
First, what do I mean when I talk about expanding
to new markets? There are a number of situations that fit this definition.
For starters, you may want to do more of a certain service that you already
provide (and provide well, if it's a core competence) but add a new population,
such as a different age group, a different ethnicity, etc. Or, you may be
providing the same service as before to the same demographic, but providing it
in a new geographic area, such as the next town, or next county over. Finally,
you might want to provide the same service in a different mode. For example, if
you were an art gallery, you might have static displays in your gallery and
decide to take some of your collection on the road to provide services to
people who can't come to your fixed location.
If you have the expansion itch, it is important to
go about it carefully. Remember, even if you know your service, you are
planning to attempt it in a different location or with a different group, or in
a different mode--the key word being different. Doing something
different is always risky. Your job is to make that risk reasonable for
your organization and the people you serve. This is, by the way, my definition
of a social entrepreneur.
Two tools: In my new book Nonprofit
Stewardship, I've included a decision tree to help guide you on major
decisions like this. My publisher, Wilder Foundation
Publications, has been kind enough to post that
decision tree online
here. Take a look at it (it's free). You'll see it starts with mission, and
includes a variety of steps to consider. I urge you to use it as you think
about expanding. And don't do it alone. Expansion is a big, big policy
decision. Get input from your staff and approval from your board before you
proceed. The second tool is also right here on my website: go to
www.missionbased.com and click on
"Free Stuff" There is a free business development tool there for you to use. It
includes a pretty good set of questions in order of need for you to think
through while you consider your expansion.
Oh, there is one other very, very key question. Even
though you know your service, the central issue in any expansion is this:
Do people want the service you are going
to provide, at the time and place you are going to provide it, in
the way that you are going to provide it, for the price you are
going to provide it?
If the answer to every part of that question is not
"Yes!", then you are in trouble. And, if your answer is, "I dunno", read the
Marketing Tip below.
If you found this hint helpful, there are
lots more management, marketing, and technology ideas for you in the "Ideas"
section at www.missionbased.com.
Check them out--they're free.
And, remember to take a look at the
Mission-Based Management
Blog.
Back to
Top
Print Resources
My recommendations in
Expanding to new markets are shown below. I am particularly enamored of
the first and third books.....Great author....!
If you want more information on these
recommendations, click on the cover image. You will go the page about the book
on Amazon.com. There, you can look at more info about the book, and read some
reviews before you decide whether or not to purchase or look for this book at
your local library.
Note: If you want more
recommendations on publications in a wide variety of areas, including
nonprofit market expansion, go to the publications section of my
website:
http://www.missionbased.com/publications.htm
Again, If you don't find enough choices there, type
"Nonprofit Marketing or Nonprofit Business Development at Amazon.com and
you'll have more choices than you probably want!
Back to
Top
Technology Ideas .
Tech help in expanding your
markets....
What can tech do to help you expand? A fair
amount. You just need to know where to look. Let's look at four issues: Market
Reseach, and business planning (which includes feasibility, financial
projections, and infrastructure issues).
Market Research:
Incredibly easier (not easy) since the web. You want to look online to start
with, but also to find other sources. Googling is always a good start, but
usually you want to look deeper. You'll want to see more about the state of the
art, the trends in the service you are planning on providing and raw data on
population trends, community growth, etc.
While not a one stop shop, I
always start with www.ceoexpress.com and scroll down to
the business research tools. (As an aside, there are also resources for
nonprofits on this site.) Organizations you may want to check in with as well
include your state Department of Commerce, the local Chamber of Commerce, and
the US Census Bureau.
Business Planning: Here, the spreadsheet is a
great starting tool, but not the best all around technological assist. In
looking at tons of business planning software over the years, I still like
Business Plan Pro from PaloAlto
software the best. Not only is it complete (asking all the key questions)
and easy to use, it has over 450 sample business plans for you. I get NO
referral fee from PaloAlto!
Other considerations in tech include the
capabilities of your financial and operations hardware and software to handle
the growth. Tech, as always, is a help, but not a magic bullet. If you write a
business plan, even with good software, remember to always have someone (better
yet a bunch of people) read it critically. Software has no common
sense!
If you found this hint helpful, there are lots more
management, marketing, and technology ideas for you in the "Ideas" section at
www.missionbased.com. Check them
out--they're free.
Back to
Top
Training Schedule for Peter Brinckerhoff
Below you'll see the date, location, and topics
of training I'm scheduled to do in the next few months. For more information on
a particular speaking engagement, get in touch with the contact person listed
in the right hand column, or email
me.
For more information on my availability throughout
the next 12-18 months, available topics, sample agendas, and fees go to
www.missionbased.com/training.htm
Marketing Tip
Expanding to a new market? Better know
what you're doing.
There are two big mistakes people make in
marketing. They go like this:
"I've been in this business twenty years. I
know what my markets want. I don't have to waste money asking."
"I've been
doing this service for years. We do it well here/for these people. We can do it
well over there/for them."
Ouch. Both of these statements are
full of hubris and full of risk for your organization. Remember when I defined
social entrepreneur in the Management Tip, I noted that you wanted to take
reasonable risk. Taking risks like these are not reasonable, because you
don't have to. You can ask, you can research, and you can find out if:.....
people want the service you are going to provide, at the time and
place you are going to provide it, in the way that you are going
to provide it, for the price you are going to provide it...that key
question we discussed before.
Remember, every community, every
demographic is unique, with its own spin on needs and wants. While the core
service you will provide in the new community or for the new group will
probably be much the same as it is now, it's the little stuff around the edges
that will make your potential expansion a success or a failure
Ask, ask, ask, listen, and respond!
If you want to see more about this in detail, take
a look at more about my book
Mission-Based Marketing; Second
Edition
If you found this hint helpful, there are lots more
management, marketing, and technology ideas for you in the "Ideas" section at
www.missionbased.com. Check them
out--they're free.
Back to
Top
Future Topics in
2005-06 for the Mission-Based Management Newsletter....
| May |
Endowments |
| June |
Mission Uses of
Technology |
| July |
Sustainability |
| August |
Entrepreneurship |
| September |
Ethical Employee
Benefits |
| October |
Internal
Communications |
| November |
Board
Recruitment |
| December |
Better
Budgeting |
| January,
2006 |
Generation
Change |
| February |
Accountability |
| Send me
your topic suggestions at peter@missionbased.com |
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You asked, so here they are:
Past Single-Topic Issues of the Mission-Based Management Newsletter...
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Copyright 2006,
Corporate Alternatives, inc. |
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