Penetrating your target market as a startup will require a huge set of strategies. Many of us may not feel of it this way, but penetrating a target market with your startup is a lot like a military invasion. Market penetration requires specific goals, and a prepared and motivated team to break through market defences, and take over as a military group would do.
Read more about Business
Stories exist of leading CEOs who adopt military strategies in invading a new market or routing out competitors. It is not surprising seeing CEOs reading Art of War by Sun Tzu. In this article, we shall disclose some key strategy elements highlighted by the military.
Collect Intelligence Report On Where You Want To “Attack” First
Many entrepreneurs make the mistake of invading new markets without carrying out fact-finding missions. Most often they make the mistake of thinking that their innovations will overwhelm their competitors or the market. One military strategy you must adopt is to study new territories before the attack. Some of these intelligence reports you must gather include the income of potential customers living within the new territory, competitors’ strengths and weaknesses.
Concentrate On One A Singular Objective Rather Than A Broad Global Win
The military is known for one thing – having a singular objective. Entrepreneurs can learn this strategy by narrowing their focus rather than getting their eyes on all things. The broad attack will likely confuse potential customers and will dissipate your resources too thin to satisfy any. As an entrepreneur, your goal should be singular, framed within geography. It’s dangerous to attempt taking all territories at once. The goal should be for one, and spread systematically.
Sign up to the Connect Nigeria daily newsletter
Capitalize On The Territory Your Competitors Are Yet To Infiltrate
Another amazing strategy the military use in gaining an advantage over their enemies is by capitalising on a territory their enemies are yet to penetrate. For the entrepreneur, he can use new features or innovations to stamp his foothold in the market. This might also mean controlling nearly all the supply chains within that territory or monopolising the market.
Line Up Your Resources And Training Before Launching
The strategy of preparedness in terms of resources and trained team is one of the hallmarks of a successful military operation. Entrepreneurs must be equipped with sufficient resources and a trained team that can handle any war. This might even be the most crucial strategy to put in place before rolling out.
Aim For Competitors’ Vulnerability And Use Them To Your Advantage
Finally, another military strategy entrepreneurs should adopt, if they desire to penetrate the market, is to use the weakness of their competitors as their strengths. Find out your competitors’ weaknesses, provide solutions to them and convince mainstream customers to switch to your product/solution. Offer them opportunities your competitors have neglected.
A Final Word
Being an entrepreneur requires the traits of a military general. You must possess the skills known to military personnel which include forbearance, tact, alertness and what have you. Make chess games your hobby and reading of books that speak of military strategy your part-time. Other military strategies you can adopt is collaborating or buying off potential competitors and staying alert to crush any perceived threats in your territory.
Featured Image Source: T Hav Eker
Got a suggestion? Contact us: firstname.lastname@example.org