The Most Effective Strategies for Breaking into New Markets
6th December 2016 Will Humphries
The marketing strategies that play well in new business markets aren’t necessarily the same ones that work well in penetrating deeper into existing markets. To drive business leads in new territories, you have to utilise the approaches that match the needs and interests of the new prospects.
Trying to decide on the most effective strategies that your company can employ to interest business leads in new markets is not always a simple choice.
The difficult question is whether you should go after new markets or continue to concentrate your efforts on the areas you are most familiar with?
Do you focus on retaining and upselling to your existing customers?
Know Your Audience
The first key to expansion success is identifying the right new markets to enter.
Whether based on geography, demography, industry or some other factor, the right market is one in which there is a deep need for a solution that you offer.
Build a strong profile of the market that your solution matches. The greater the detail and understanding of the buyer, the greater your ability to effectively communicate with him or her.
Work With An Expert
When you enter new markets, particularly those in new geographic territories, it is important to align with ambassadors that understand new market buyers. This alignment allows you, first of all, to enhance the quality of the data you gather on this new marketplace.
“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.
Another benefit of partners implanted in the new marketplace is greater visibility and credibility with new prospects.
When partners carry the flag for your company and brands to business leads they know, your voice is likely to be louder.
Tailor the Message
Whether your solution is established or new, it is usually necessary to tailor your promotional messages to the new market.
The reason you haven’t yet tapped into this market is because its makeup and needs are distinct from current markets you serve.
Develop content messages that show a clear understanding of the motives and interests of new buyers. Speak specifically to the common problems that they face, and then offer information about how your solution represents a remedy.
By directly identifying the problem, you show sincere understanding and a genuine motivation to help.
Don’t Reinvent the Wheel
In many cases, businesses achieve the best results by being different.
When applying marketing strategies to new markets, it is okay to look at models and strategies that have worked well for other companies.
You can attempt to replicate successful strategies yourself. Alternatively, you can partner with a firm that has helped other clients successfully push into new markets.
These companies normally have a well-defined approach to taking the right steps to infiltrate the new market. They also have databases with established contacts that they can filter to reach your ideal customer in the new marketplace.
Breaking into new markets isn’t easy. It is hard to compete against companies that already have a comfort level in new markets.
But it is possible with effective strategies.
Chief among them is proper identification of the market, alignment with those that have a knowledge of the market, and a targeted message & strategic execution.
Internal Results is a firm that has helped many clients successfully break into new markets. Contact us and let us help you do the same.