How to Enter into a New Market and Tackle New Industries
For any company, deciding whether or not to diversify is a big decision. Do you continue in your normal path and dedicate all of your attention and resources to a single market? Or, do you want to take advantage of a new market and opportunities?
With the uncertainty of the pandemic, diversifying into multiple markets can potentially reduce risk. Consider expanding the company into a whole different market. A new market comes with new opportunities and opens up the bandwidth to capitalize on the almost limitless potential for growing your business. However, success doesn’t come without its challenges.
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Challenges While Entering the New Market
Let’s go through the top challenges companies face while generating leads in the new market:
1. Identifying the Opportunities. As your company is new to the market, they won’t know you at first. Identifying and attracting enough top-of-the-funnel audience to crack your first deal becomes a challenge. So getting started with finding potential buyers becomes crucial.
2. Winning the Deals Against the Ruling Competitor. There’s always that one competitor who rules the market. Although you know your product is better, your audience will still consider them first until you establish yourself as a valid alternative. They will have to get to know your perceived benefit.
Pulling Off a New Market Entry Using Data Create value:
Ok so where do you start? Let’s talk about how you can utilize company data to ensure a smooth entry into your new target. Here are some of the use cases where B2B data can set the foundation for creating a new sales pipeline.
Create Smart Short-Lists Using Company Data. The kind of companies that require your service is likely to be similar. Find and reach lookalike accounts or businesses that match the profile of your current customers. This is a clever way to ensure that you are targeting the right audience.
Binox MSP Lead management system allows you to filter contacts with the attributes that match your ideal customer profile. You can then send them into your CRM and personalized emails, set up focused ad campaigns, and tailor your sales activities for the accounts you have chosen. This makes it easier to achieve the first milestone of 10 customers in your new market by focusing your efforts on best-fit targets.
You can export the list of potential buyers to your CRM and pass it on to your sales team.
And one of the most important things: DON’T FORGET TO ENSURE THAT YOUR OFFERINGS CREATE VALUE FOR THE CUSTOMER. The best ways to diversify a company will always focus on providing the most value for the customer.
There is a natural inclination to maintain the status quo as a business. It’s safe and risk-free. We have realized, however, that the most successful businesses are not afraid to do things differently. But if you want to be successful on it you have to have the right tools to do it. Start Using Binox MSP and discover how quality data can help you expand your business.
Walter Contreras August 13, 2021
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