MARKET GROWTH
by NHKC Capital Resources™
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Market Growth
Use this topic to explain and discuss market growth. Is the market growing, is it static, or is it shrinking? Documented market growth enhances the implied value and potential of your business. Ideally you will be able to cite experts, a market research firm, trade association, or credible journalists describing projected growth. This may be particularly important when your plan is used to communicate with those outside the marketing department or outside the organization, such as for investors, board members, or advisors. Cite growth rates in terms that fit the available information and your industry. Determine if growth is best expressed in the number of potential customers, projected dollar sales, projects completed, Web site projects, tax reporting hours, yards to landscape, or whatever best fits your business and your audience. example of marketing planWhenever you can, relate the growth rates cited in expert forecasts to the growth in potential customers that you have included in the market analysis table. This will calculate total market growth over a five-year period, using the assumptions in your marketing plan forecast. If you are projecting the market will experience growth, briefly describe how are you going to leverage your strengths to take advantage of the market growth? If the market is static or shrinking, your task is much more challenging. You will need to take away market share from your competitors to experience growth in your business. Check for reality.
Unreasonable growth rates can create unrealistic expectations and a marketing plan that is doomed to fail. Grossly understated growth rates may minimize the potential of your marketing plan and make this process more difficult for you next year. To continue click here: SWOT Analysis.
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