The sales team receives inquiries from companies that don’t fit the typical customer profile. There is hardly any information on the website that is relevant to this group. All the case studies come from the same industry, so new prospects don’t see themselves reflected in them. Salespeople tailor their pitch for each conversation to connect with them. Internally, there is a debate over whether these new customers are an exception or the beginning of something bigger.
When exploring a potential new market, we first identify where the connection lies. What problems does this group recognize? Which aspects of the existing offering are relevant to them? And which arguments from the current market don’t apply here? To do this, we look not only at the market itself, but also at the first customers, inquiries, and conversations that prompted us to explore this opportunity.
Based on that, we develop an initial narrative and materials that sales and marketing can use to target the market. We don’t start out bigger than necessary. First, we see which message generates a response, which objections come up, and what actually resonates with customers. Only once we know what works do we scale up our efforts.
Bringing an existing offering to a new market seems easier than launching a new product. After all, the product already exists, as do the expertise, the case studies, and the sales process. But what is convincing in one market may not be convincing in another.
What primarily saves time for an existing customer may actually be of interest to a new market because it reduces risk or compensates for a staff shortage. The product itself doesn’t change, but the reason for choosing it does. Competitors, expectations, and language may also differ. Anyone who simply copies the existing narrative runs the risk that an opportunity that seems logical internally will be barely noticeable to the new customer.
