Expand into New Markets

Create Your Cost Effective Plan to Expand into New Markets

What is the right way to cost effectively expand into new markets?

New markets hold the allure of new sales and revenue growth for your company. Many companies invest in new markets by placing expensive sales and support resources into new markets naked without research or validation before they make this investment. If they get lucky these dedicated sales and support resources use a trial an error method to figure out that messaging, positioning and engagement will succeed in the new markets. If they do not get lucky this investment becomes a drain on the cash flow for the company and eventually the CEO or business owner pulls the plug on this investment.

I have identified a better way to interrogate and validate new markets before you make significant marketing and sales investments into new markets. Instead, I recommend that I help you conduct a rigorous market survey with 50 to 100 decision makers in your new target market. The purpose of the market survey is to understand what is important to your target audience, validate your assumptions, test messaging, offers and positioning and do all of this prior to making significant investments. The market survey process is also conducted with a minimum of 50 decision makers so that the results of the survey results are a statistical representation of the target market.
Too often, important decisions to enter a new market are made because you have one new customer in that market of you hire someone with domain experience in that industry or market. This approach takes away any guesswork or uncertainty. Here is the approach I follow:

1. Create the Survey Guide for the Market Survey

I will invest one day onsite with you and your management team to discuss all of the eleven areas above in-depth as the basis for the Market Survey. I will also solicit all of the questions and assumptions that you want to validate with the target audience.
Once we have all of this information, I will invest several days to create a refine a detailed Survey Guide for your review. The objective will be to keep the number of questions in the 25 -30 range for this initial survey. Throughout this process we will iterate with you until we finalize the work product.

2. Create/Obtain the Target Audience Database

In order to conduct this Market Survey I require a database of 5000 prospective buyers in your target audience. If you do not have this database or the database is incomplete or inaccurate my list development team can create or revalidate all of the database contact information.

3. Load the Survey Guide and Conduct the Market Survey

The final Survey Guide will be input into the Market Survey System. Each completed survey needs a minimum of 50 to 100 completed responses in order to have a large enough sample to perform our statistical and correlation analysis. The detailed results of every survey will be captured electronically in the Market Survey system.

4. Perform the Market Survey Analysis

The results of the Market Survey will be analyzed and statistical/meaningful trends will be determined for the entire pool of 50 to 100 responders and for each of the target audiences. Once this analysis work is completed, the results including the findings, insights and recommendations will be presented in PowerPoint format to you and your management team.

5. Create Your Engagement Guide

From the results of the Market Survey I work with you to construct your “core messaging” document that clearly defines the pain points and value propositions for your key stakeholders and buyer persona. This set of integrated messages to your target audience will create awareness, convey value, educate, and substantiate your credibility. These core messages will form your foundation for all of your messaging whether through your website, demand generation campaigns, sales collateral/tools and any prospect or market interaction.
With your Engagement Guide you and your team know how to fully engage and work with decision makers in your new industry and market. The results of the market survey is also demonstrable proof that you fully understand this new market and these results can be shared with your Board members, your investors and your partners.
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