Magnus Marketing Blog

A lot of companies contract with telemarketing or business development firms expecting that in a short time they will build a market, get lots of leads, and generate a ton of revenue. And they are rapidly disappointed. If you believe in relationship building and really want to build your market and develop your service, then you need to really build your market.

Market development consists of consistent prospecting, monitoring of environmental and company changes, and true listening. It can take a minimum of six months just to get a feel for a market, even longer to really build anything of value. This refers, by the way, to entrepreneurial firms or larger firms promoting a new service to a different, untapped market. There are no quick hits. You need to consistently touch different people, send emails, send information, time calls, leverage new information about your company, competitive situation, and products/services.

The more you understand your market and the needs, changes, and shifts, the better you can position your company, messaging, and solution and change your tactics. It amazes me how many executives disregard field feedback or allow their ego and experience to dictate execution. It also amazes me how swapping out salesguys or marketing personnel is used so frequently, as if that will solve the problem.

There are no quick hits, no fast short cuts, and no miracle solutions - competitors come quickly and edges are lost. We read about Sun Microsystems being sold, watch the shells of Former Fortune companies get auctioned as worthless paper stock in frames, and see bubbles burst.

True market development takes time, learning, patience, persistence and it takes cohesive teamwork between sales and marketing and the executive staff to align and focus on customers. The old King is dead, long live the King.