We work with clients that sometimes require us to now and then sell a product or service into a new market, such as a new sector or geographical area. This sounds easy on paper, but to be effective it requires a substantial amount of planning and executional prowess.

When looking at a new sector or geographic market you need to:
 

1. Analyze a the sector you are looking to move into

 
Size, geographic area; What are the business pains that your solution is solving and does your current value proposition fit?
 

2. Analyze the competitive landscape

 
Who are the competitors, who are they servicing, and what is their value proposition and pricing strategy?
 

3. Define your target market

 
What companies are you going to go after in the short-term and medium / long-term? What makes for an ideal client in this sector? How do they purchase from a budget cycle standpoint? Who is the decision maker? Who are the influencers?
 

4. Are there any quick “wins”

 
What prospects would be considered “low-hanging fruit”? Can they be converted quickly? Are they receptive to your solution?
 

5. Referrals from current customers

 
Can your current clients provide you with referrals into new markets? There is no better business than referral-based businesses.
 

6. Similar sales process and paths to market

 
Not all markets are the same, in some instances certain geographies or sectors could have well-established middlemen players (e.g. resellers, IT service providers) that provide a much more effective sales channel than selling direct.
 

7. Sales person compensation

 
Do you need to review compensation for sales people for “new market” sales? Do you need a new salesperson entirely to go after the market? Building a book of new business in some cases takes different skills than account management. You need your best hunters at work, not your best farmers.
 

8. Social media tools

 
Are there certain social media platforms that you can use to for new leads, industry / sector trends and news?
 

9. Sector / geographic events

 
What events are prospects going to? Should you be attending or speaking at them?
 
This list by no comprehensive, but hopefully it gives you a sample of factors to consider when you’re looking to expand your sales efforts into a new market.
 
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