Market Development

This SOP outlines the data process for market development, from data gathering to decision-making.

Introduction

Purpose

To establish a systematic approach for market development, ensuring that potential markets are identified, evaluated, and decisions are made based on comprehensive and accurate data.

Scope

This SOP applies to the Marketing and Product Development teams involved in market development activities.

Definitions

Google Docs: A web-based application where documents and spreadsheets can be created, edited, and stored online. Files can be accessed from any computer with an Internet connection and a full-featured web browser.
Leadership Betting Meetings: Regular meetings with the leadership team to present market development plans and make strategic decisions.

Responsibilities

Marketing Team: Responsible for gathering customer data, conducting market surveys, creating Ideal Customer Profile (ICP) profiles, and developing a market entry plan.
Product Development Team: Responsible for interpreting the data and making strategic decisions based on the data.
Leadership Team: Responsible for reviewing the market entry plan, attending the Leadership Betting Meetings, and making final decisions on market entry.

Procedure

Preparation

Data Gathering: Use lead magnets to gather top-of-funnel customer data. Conduct market surveys to understand ICPs. Record new information, such as partnerships, in Google Docs, following the standard documentation processes.

Execution

Data Aggregation and Interpretation: Create Market-Specific ICP profiles based on survey data. Develop a market entry plan including 45-day window objectives.
Communication for Leadership Betting Meetings: Present the market entry plan to leadership for approval. Communicate the 45-day action plan with relevant teams.

Completion

Decision Making: During the Leadership Betting Meetings, discuss the market entry plan, evaluate the potential markets, and make strategic decisions on market entry.

Notes/Precautions

Ensure that all data gathered is accurate and reliable.
Regularly update the data in Google Docs to reflect the most recent market trends.
Ensure that all communication with the leadership team is clear and professional.

References

Google Docs: For managing market research data and creating reports.

PreviousMarket Research NextMarket Launch

Last updated 1 year ago

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Introduction

Purpose

To establish a systematic approach for market development, ensuring that potential markets are identified, evaluated, and decisions are made based on comprehensive and accurate data.

Scope

This SOP applies to the Marketing and Product Development teams involved in market development activities.

Definitions

Google Docs: A web-based application where documents and spreadsheets can be created, edited, and stored online. Files can be accessed from any computer with an Internet connection and a full-featured web browser.

Leadership Betting Meetings: Regular meetings with the leadership team to present market development plans and make strategic decisions.

Responsibilities

Marketing Team: Responsible for gathering customer data, conducting market surveys, creating Ideal Customer Profile (ICP) profiles, and developing a market entry plan.

Product Development Team: Responsible for interpreting the data and making strategic decisions based on the data.

Leadership Team: Responsible for reviewing the market entry plan, attending the Leadership Betting Meetings, and making final decisions on market entry.

Procedure

Preparation

Data Gathering: Use lead magnets to gather top-of-funnel customer data. Conduct market surveys to understand ICPs. Record new information, such as partnerships, in Google Docs, following the standard documentation processes.

Execution

Data Aggregation and Interpretation: Create Market-Specific ICP profiles based on survey data. Develop a market entry plan including 45-day window objectives.

Communication for Leadership Betting Meetings: Present the market entry plan to leadership for approval. Communicate the 45-day action plan with relevant teams.

Completion

Decision Making: During the Leadership Betting Meetings, discuss the market entry plan, evaluate the potential markets, and make strategic decisions on market entry.