How do you enter a new market when you don’t have any customers or credibility in that market? The key to entering a new market is to extend your current reach into new markets with credibility and validation.
Here are eight tips to help you enter new markets.
- Thought leadership content - The first thing you need is educational thought leadership content. This gives the marketing team something to work with. What do we mean by that? Well, the primary goal of thought leadership is to become recognized as an expert and to be used as a go-to resource in your field. You need to share your insight into a specific topic. This could be how an industry or business model will change or is changing due to economic or technology trends. For example, we have a client that makes tools for manufacturers and the tools are used to manufacture semiconductors. They have unique insight into the semiconductor industry, which is currently experiencing supply chain shortages due to the pandemic. Another client understands that cloud computing needs to become distributed to reduce application latency and support processing-intensive applications. These are examples of companies that have insight into the future of a particular industry or how the current paradigm will evolve.
- New web content – Make sure you have content on your website that is targeted at the new market that you want to enter. For example, if you have services that are currently targeted at traditional energy markets and you want to enter the wind market, you need to talk wind’s language such as AEP, yaw alignment, and SCADA data or you won’t be seen as credible.
- Premium content – Develop interesting and educational downloadable assets that support each step of the buyer’s journey. This could mean just repackaging content that you already have with a new market spin.
- Sales enablement tools – Marketing needs to align closely with new business development to support the early revenue efforts. Sales and business development need collateral and presentation material to help them better connect with prospects to drive sales in the new market. Biz dev needs to provide regular feedback to marketing on how potential prospects and partners are receiving the message so it can be tweaked as you enter the new market.
Extend Current Reach
- Release News – Package up your existing offerings for the new market. Use the language appropriate for the market. For example, you may have an IoT-based solution that can be used in smart buildings or smart cities. In the case of smart buildings, you will want to talk about trends for back-to-work safety whereas in the case of smart cities you will want to talk about public safety, contactless technology, and AI-driven transportation. Same product, different use cases.
- Pitch a byline into vertical publications – Bylined articles are a great way to educate new audiences. It introduces your company to the new audience and begins to establish trust with that audience.
- Speak at an event or webinar targeted at your new audience – Secure a speaking slot at an event, either free or sponsored. Attendees tend to engage in person after a session or will reach out via email to ask questions if they are intrigued. These opportunities help your company become associated with the new market you are trying to enter.
- Engage on Social Media – Follow other influencers such as press and analysts in your new targeted markets. Comment on their posts and share your content with them. You may want to consider a social ad campaign to extend your reach to a new audience.