The Business Bulletin
Know your target market Back in 1985, a scientist/business entrepreneur called Clive Sinclair (later to be knighted for other achievements) unleashed a brand new product concept onto the world. An electric car! Knowing who your customer is and
Well, to be precise, it was more a
Sinclair invested several millions of
single user, battery powered transport
his own money into the project. He
what they want to buy is crucial to
“pod” and was positioned as an
even bought a factory, earmarked
the success of any new venture. Yet
alternative to mopeds and scooters.
for closure, from Hoover and set
so many business owners get caught
It had a limited range on account
up a manufacturing facility there
up in the “excitement” of new markets
of the battery technology then. The
employing many people.
and customers without really thinking
main body was plastic and the seating position was only several inches from the ground, leaving occupants feeling very vulnerable when “driving” in conventional traffic conditions. So sure that the product was going to be a run-away success, Clive
After a disastrous product launch, scathing reviews from the press (the Sunday Times called it a “formula 1 bath chair”) and struggling sales, production was wound up in August 1985 – the factory closed and the project was shut down by the end of that year. One notable customer was Kensington Palace who purchased two for the then young princes, William and Harry, as “toy cars” to run around the house and gardens in. The point of this story is simple. Sir Clive had done NO market research before embarking on the project and was utterly
John Milner Alium Consultants When the opportunity came about to set
than 20 years under his belt and works a success of exporting, enabling them to win and retain new customers quickly, while minimising the costs and risks, often associated with breaking into new markets. 07713 614942 john@aliumconsultants.com aliumconsultants.com
heavily in electric vehicle technology. Battery capabilities are so much better and there is a hungry market; driven partly from a strong “green” lobby globally. When a business owner is looking to embark on expansion into a new market, whether domestic or overseas, the experiences of Sir Clive illustrate clearly the need for thorough market research upfront; before any investment is made or resources committed.
40 | Issue 2 – Sales and Marketing
things into focus a little, below is a quick list of some of the basics to look at when venturing into pastures new (note – I have not included USP in the list as this is a subject in itself): Customers ■ Who / Where Products
■ which products/service
in love with his technology. manufacturer in the world is investing
with business owners to help them make
squandered investment. To help bring
on his own belief that people would fall
was an opportunity to help SME business
on his own experiences. He has more
of product/service to customer and a
■ local demand?
Now, of course, just about every car
presence in international markets, based
often similar to Sir Clive. A mis-match
convinced of its success based purely
up his own business, John decided there owners gain a quicker, more effective
through a proper plan. The result is
Competitors ■ Who / how well are they doing Local issues ■ language ■ marketing ■ legislation/compliance ■ currency Legal issues ■ protect your Intellectual Property (IP)
