Growth is a constant objective for any sales organisation. One of the best ways to increase sales is to break into new markets or territories.
Setting up meetings with decision makers can be a tall task, particularly when you aren’t as familiar with the people, industries or companies in a new business market.
The following is a look at some of the common challenges involved in generating leads in new markets, combined with a demonstration of the value of expert support from a specialist in appointment setting.
Developing the Sales Model
A poorly defined structure and strategy are two of the most common reasons businesses fail when expanding into new markets. [Harvard Business School – The Most Common Strategy Mistakes]
You need to define the process, activities and people that fit most effectively with your new base of buyers.
Implementing the right selling strategy isn’t a one-size-fits-all story. The process you use to succeed in one market may not apply as neatly in the new territory. It takes time to conceive the right process that best suits your organisation and your new target market.
In contrast, a firm that specialises in helping companies launch products in new markets offers you a distinct advantage and can help you avoid costly mistakes.
Such companies have gained experience in appointment setting activities that match your business model and your solutions to the target buyers.
Training The Sales Team
Another major hurdle in infiltrating a new territory is assigning the right sales team members to the right situations.
More importantly, it takes additional investments of time and money to get your reps ready to sell solutions in the new market.
When you work with an outside provider for appointment setting, you don’t have to worry as much about leveraging the connection between reps and buyers. All the groundwork has already been completed for your teams.
Instead, your own talented sales professionals take over with initial meetings and focus on making the sale.
Inside sales support is also available, which enables your sales reps to put all their energy into the presentation and conversion.
Competing Against Established Providers
Let’s say you’ve done a great job planning and training your team. It is still going to be tough to compete well against established players in the new market.
Not only do you need to understand the process competitors employ to earn business, but you also need to craft a sales message that articulates your value proposition as the best for your target buyer.
The use of quality data is helpful in preparing to compete in a new market. We’ve done this numerous times for our clients.
“When bringing new products to new markets, we partnered with Internal Results to help identify, qualify and deliver engagement with the right people in the right roles across a number of geographic sectors.
We found this to be a productive and efficient application of resources, and their services helped scale and accelerate our approach to these markets.
The benefits included increased probability of new business; increased brand awareness; and better feedback on our proposition from key people and organisations within those new markets.”
Clive Bourke, President EMEA & APAC, Daon Inc.
Analysis of high-quality data allows you to identify the primary traits and behaviours of your buyers, and to align your selling process to the customer’s process.
It is hard to compete against companies that already have a comfort level in new markets without a helping hand.
Developing growth by breaking into new markets is a tall order. However, working with a company that specialises in landing new buyers can help support everyone involved in the process – including your prospects.
By getting a specialised sales support firm in your corner, you gain a major competitive advantage.