Plug into your market - Why is it useful?

Henry Ford had a 57% share of the car market in 1918, but by 1936 this was down to 26%.

Ford's issues were around his dedication to mass production whilst his competitors offered colour and customisation. 

Ford's issues were that he did not listen or respond to critical factors evident in his market. In 1922 he said “you can have any colour you want as long as its black” in response to General Motors's range of colours. He did not like things that he could not control, like advertising. He did not understand it, possibly as he did not listen to other people.

This issue of listening to your market and acting on it is highlighted by many inventors by evident in many small companies. Getting good quality information is perceived as difficult and acting on it may conflict with what the company is about.

In producing lots of business plans we have found that items such as cashflow forecasting or marketing planning can be difficult to get right unless care and attention is placed on the research and analysis. Making decisions can also be difficult, especially if the solution represents new ground.

Out of deperation companies can react and “advertise”, but without the backgroun where they spend their promotional budget may have more to do with the attraction of the advertising company rather than an overall strategy. This may mean that the returns from a campaign may not work or may not work as well as they might.

Plug into your market is a service offered by the PRD Partnership Ltd that focuses on locating and analysing the critical factors relevant to a particular market and then supporting the business in developing appropriate marketing approaches. This is suitable for new products and services, companies wishing to grow, or companies who are finding their market share or sales diminishing.