Management Tip of the Day: Define the Playing Field Before Entering a New Market

Are you having trouble viewing this email? If so, click here to see it in a web browser. HOME   |   TIPS   |   BLOGS   |   THE MAGAZINE   |   BOOKS   |   STORE RSS   |   Mobile JUNE 10, 2013 Define the Playing Field Before Entering a New Market When you're on the hook to launch a new product or service, you need to answer a critical question: How many customers will buy it? It's tempting to jump right in, assuming everyone will want your fantastic new offering. But before you put the resources into building, marketing, and launching a product, it pays to research just how big the market is. Your gut feel may be directionally correct, but double-check it against hard data about potential customer groups. And don't do this in a vacuum. Be sure to have an objective conversation with the people on your team about exactly where this product will play and how big that market might be. Defining the specifics will help you clarify your product's competitive advantage. Today's Management Tip was adapted from HBR's Go to Market Tools: Market Sizing Buy the tool to turn raw market data into actionable analysis » Share Today's Tip: FEATURED PRODUCT HBR's Go to Market Tools: Market Sizing Interactive Product MARKET SIZE MATTERS. On the hook to launch your division's next great product or service? Need to convince higher ups that your product will fill that gaping revenue hole—and is worth the team's scarce marketing and product development resources? You need hard data to make your case: How many customers will buy it? How much will they pay? What are your competitors' strategies? We can help. Use HBR's Market Sizing tool again and again, to turn your raw market data into a clear analysis that will inform your product development and marketing plans. It will help you (1) gather the data you need to size your own market, (2) use your data to make confident projections, (3) turn your results into a game plan. ADVERTISEMENT Follow the Tip: PREVIOUS TIPS Brush Up on Your Grammar Communicate What You'll Accomplish in Your First 90 Days Think Positively About Stress Give a Meaningful Apology Make Your Slides Memorable Want the Job? Do a Project Don't Schedule That Meeting Choose Connection Over Conflict Take a Weekly Technology Break Storyboard Your Presentation All Previous Tips BEST SELLERS HBR Guide to Persuasive Presentations Ebook + Video Case Study HBR's 10 Must Reads on Leadership HBR's 10 Must Reads on Managing Yourself HBR's 10 Must Reads: The Essentials HBR Guide to Getting the Right Work Done The First 90 Days App MAKE YOUR NEXT CAREER TRANSITION A SUCCESS. Download The First 90 Days App today to help you stay ahead of the game. » UNSUBSCRIBE   |   UPDATE YOUR PROFILE   |   MORE EMAIL NEWSLETTERS   |   PRIVACY POLICY Was this email forwarded to you? If so, sign up to start receiving your own copy. ABOUT THIS MAILING LIST You have received this message because you subscribed to the "Management Tip of the Day" email newsletter from Harvard Business Review. If at any point you wish to remove yourself from this list, change your email address, or sign up for other email newsletters and alerts, please visit the Harvard Business Review Email Newsletter Preference Center. OPT OUT If you do not wish to receive any email messages from Harvard Business Review, click here. ADVERTISE WITH HBR This enewsletter is read by thousands of decision makers every day. Learn more about connecting your brand with this audience. Copyright © 2013 Harvard Business School Publishing, an affiliate of Harvard Business School. All rights reserved. Harvard Business Publishing | 60 Harvard Way | Boston, MA 02163 Customer Service: 800-545-7685 (+1-617-783-7600 outside the U.S. and Canada)