Market Coverage Maps

After deciding which channels align with customers’ needs and with your business objectives—and thus are suitable for your target markets—it is time to bring them together into a sound multichannel market coverage model. In developing such a model, perfection isn’t necessary. The coverage model will evolve over time in any event, as you and your channels adapt to market conditions, and as you learn what works and what doesn’t. The goal should be to develop a sound, workable channel coverage concept that will get you in front of the maximum possible amount of target customers, cost-effectively.

Though perfection is not required, still, developing market coverage models is a complex task. It involves careful structuring of the overall channel mix in a market as well as the integration of channels within the sales process. Like any complex problem, the best solution is to break it into pieces and tackle them one by one. Hence, first create a channel mix, in which you decide how each channel will serve sales opportunities more or less independently, to increase growth in sales and your market share. Then, perform channel integration by developing tight coordination of channels within a single sale to improve profitability and to service complex transactions. This two-step process will result in a winning, innovative, integrated multichannel go-to-market solution.

Let's have a detailed look at both these steps, starting with the "Channel Mix".

Related:

• Table of Content
• Red Queen Effect – An Introduction
  
• The Billionaire Code
  • Secret of World Class Companies
    
  • Impact of Using Secrets of World Class Companies
    
• Cracking the Code
  
  • Customer Experience
    
  • Customer Engagement Channels
    
  • From Multiple Channels to Integrated Multichannel Selling
    
  • Benefits of Integrated Multichannel Selling Models
    
  • Customer Relationship Lifecycle
  • Integrated Multichannel Selling Models
    
    • Reduced Costs
      
    • Improved margins
      
    • Broader market coverage
    • Rapid revenue growth
      
  • In Conclusion
    
• Implementation Plan
  • Renovation or Innovation?
    
  • Implementation Process
  • Baseline Current Go-To-Market Activities
    
  • Protect & Renew
    
    • You've Got Customers. Now What?
      
    • Net Promoter Score
      
    • Customer Profitability – A look from inside
      
    • Finding Treasures
      
    • Customer Life Time Value
      
    • Calculating Customer Life Time Value
      
    • Unearthing the Treasure
      
    • In Conclusion
      
  • Plan for New Sales
    
    • Targeting the Right Market
      
    • Market Segmentation
      
    • Prioritizing Target Markets
    • Align with Your Customers
      
    • Example of Customer Experience Mapping
      
    • Mapping Customer Experience
      
    • Drawing Customer Persona
      
    • Customer's Moments of Truth
      
    • Identifying Appropriate Levers to WOW Customers
      
    • Establish Channels to Deliver the WOW Experience
      
      • Applying Customer Filters
      • Channelizing a Product
      • Prioritize Channels