July 19, 2024


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12 Steps To Expanding A Thriving Brand In A New Market

When business is booming, you’re now ready to enter a brand new market to introduce your product or service to other potential clients. That sounds perfect, but before you move on to seal the deal for your company, there are plenty of additional points you’ll want to weigh in on first.

For example, to build long-lasting relationships in a less-than-familiar arena, how will you introduce your brand to potential clients? How will you clearly demonstrate your product or service’s value in solving consumer pain points more efficiently in a competitive and crowded industry?

Below, 12 experts from Forbes Business Development Council provide their tried-and-true next steps for any leaders ready to take on their next business venture.

1. Create A Business Plan

Develop a business plan for entering that space strategically and methodically. Then, communicate the “why” loud and clear throughout the organization for stakeholder buy-in. What will this new market offer for the business? More revenue, better margins, higher brand value, ample cross-sell potential? Really map out the benefits and develop a plan for executing market entry purposefully. – Ashley Cheeks, Written Success

2. Demonstrate Your Uniqueness

We use a proprietary model that helps us identify the best location for our physical academies based on what we know about existing customers. Competition should also be considered. So, identify the competition’s value proposition and what your brand brings to the market. The things that are unique about the market should also play into your marketing plan. Whether it’s a strong sense of community or explosive growth, consider the factors. – Jeff Brazier, Kiddie Academy

3. Avoid Information Overload

Avoid overwhelming your prospects with information dumps about your products, services and features. Instead, demonstrate how your brand brings value to that particular market segment and is able to solve real business challenges. In addition to pointing out the problems you’ll solve, it’s helpful to also explain why those problems are worth solving and your unique value proposition. Remember that it is not about you; it is about your client. – Julie Thomas, ValueSelling Associates

4. Measure The Market Predictions

It’s important to consider that the next step you take is your first step into a new arena. This means the right introduction is everything. Analysis, research and strategy about the new market are, of course, essential, but so is being set up to measure, predict and optimize effectively based on feedback. This is how lasting relationships in that new realm are built. – Andres Palencia, LATV Networks, LLC

5. Engage Your Potential Customers

In a world of all things digital, it’s best to find opportunities for your new market to physically engage with your product or service in order to learn more about the questions and concerns your new market has. When Bosch eBike Systems came to the U.S. market six years ago, we scheduled as many electric bike test ride opportunities as our team could manage in order to allow for real-time engagement. – Claudia Wasko, Bosch eBike Systems

Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?

6. Set Clear Goals

Develop a business plan along with strategic planning and implementation to ensure success. Include a SWOT model for the business plan, which includes an analysis of strengths, weaknesses, opportunities and threats. Many will find they didn’t fully know the depth of competition in the market. This will allow you to foresee as best as possible all potential pivots needed. Ensure you include this as part of your plan to set clear goals and KPIs. – Richard Lindhorn, VivoAquatics Inc.

7. Keep An Open Business Mind

Nothing is as easy as you think it is—despite even the best, most thought-out plans. We are living in an age of transformation. Therefore, how business was conducted in 2019 versus how it was done in 2020 and 2021 compared to how we will do business in 2022 and beyond will all be different. You will have bumps in the road, but if you plan properly and are able to pivot accordingly, you’ll be fine on the other end. – David Strausser, Vision33

8. Use The PESTLE Framework

Conducting an analysis of various factors is important. One framework I’d suggest is using PESTLE, which stands for political, economic, social, technological, legal and environmental. What implications will there be for each of these points? In addition, leaders must understand the market size and potential for the business in order to ensure the rate of return will be beneficial for the bottom line. – Javed Laher, Mediaocean

9. Connect With Industry Experts

Create a market presence by understanding the market needs and challenges that are aligned with your offering. Then, build relationships with ideal clients responsible for solving those types of issues. Often, it is helpful to engage industry connectors and former executives that have relationships with your ideal clients. These individuals can help bridge the awareness gap and get your offering in front of buyers. – Nathan Ives, DataGlance, Inc.

10. Promote Your Wins

Create some immediate and quick wins to demonstrate the value of your brand, company and offerings. Then promote your successes. These proof points are a strong, fact-based way to lay the foundation to attract companies just like the ones you have already brought on board. Next, fire up the demand generation and sales engine to target this segment hard. – Anastasia Valentine, Wagepoint

11. Validate The Opportunity

Validate the opportunity through meetings or surveys with customers, partners and analysts. Understand the total addressable market and customer willingness to pay—before you define business success—and then get into execution mode. – Rohini Kasturi, SolarWinds

12. Identify Key Problems

It is absolutely necessary to identify the key problems causing customers the largest financial pain or inefficiencies that are woefully underserved by competitors in that market. This is important whether you are in a consumer or an industrial market. A problem with no buyer is not a market. Customers without large pain are hobbyists. – George Earle, Thoughtworks Inc