Here’s the scenario: Your firm is launching a new service line. Research has identified a large potential base of new prospects. Marketing has worked overtime to brand it. Is it time to hit the bricks and sell? Or is it Ready. . . Set. . . STOP?
Successfully breaking into a new market goes way beyond a SWOT analysis (Strengths-Weaknesses-Opportunities-Threats). Don’t pick up the phone without reviewing these tips first!
Know Your Audience
Each market has its own culture, language and challenges. Without a thorough understanding of your new target, the road to success will be a rocky one.
Don’t set yourself up for failure by trying to conquer the world all at once. Save the most promising prospects for later contacting. It’s an old metaphor, but always go for the rifle approach to developing business. Remember, you eat an elephant one bite at a time.
Do More Homework
Once you’ve identified the ‘low hanging fruit’, take the time to get to know each firm you are targeting. Go beyond names and contact information. What makes each firm tick? Where are their strengths and challenges? You’ll never get further than the receptionist if your first approach sounds like a cold call.
Now take it down even further. Who are the decision makers? What are their motivations? How will you meet the needs of the individual project manager? You have to know how to sell to each person.
Craft Your Story
We all know that story sells. Now that you have detailed, actionable intelligence, use it to tailor your message on a firm by firm, and person by person basis. Present yourself as a problem solver at the most granular level possible. Bring that message up, level by level, until your company is the most obvious choice to provide that service.
Now that you’re prepared to sell that new service line, GO win that work! And always remember, business is about people. Treat every individual (especially the secretary or door-keeper) as a valuable person and you’ve got it in the bag.
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This article is published by Will Sherwood | The Sherwood Group |Website Design | Graphic Design | Marketing Communications: The Sherwood Group has over 30 years of experience working with all sorts of companies, small and large. Our clients range from entrepreneurs to Fortune 500 firms, in nearly every business sector, from across the street to around the world (and yes, even Europe, China, and South America). Our goal is to create advertising, graphic design, website design, and marketing communication that still looks fresh and relevant 10-15 years later. Our mission is to stir your imagination and leave your competition shaken and wondering, Now what do we do?” We are located in Myrtle Beach, South Carolina.
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