How to Break into a New Market With No Leads and Be Successful
While many companies grow and scale during the economic downturn, many find their monthly revenues on the decline. Others have maxed out their market share and now look to expand into new sectors to continue to grow and scale. But if you have no contacts and no case studies, how do you get started?
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When I became CEO of tec5USA, we were solely in semiconductor manufacturing equipment, and a diversification strategy was imperative to mitigate the risk and put the business on several pillars. This would mean entering new markets that we had no prior experience in, with no leads or references to help us along the way.
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Given that we also wanted to expand into a wide range of sectors, including food and beverages, pharma and biotech, oil and gas chemistry, and some agriculture, breaking into new markets became a top priority for our company’s growth.
It was a daunting task, but after years of experience in demand creation, I knew that it was possible to succeed with the right approach. Here are five proven strategies that helped us break into new markets with no leads or references and find success.
Understand their pain points intimately
The first step in breaking into a new market is understanding the pain points of potential customers. This means conducting thorough market research and identifying the specific needs and challenges of the industry you want to enter.
By doing so, you can position your company as a solution provider and show that you understand their unique problems.
Once you understand the pain points, you can tailor your products or services to meet those needs and differentiate yourself from competitors in the market. Creating a targeted USP (unique selling proposition) that directly addresses the pain points of your new market can also help you stand out and gain traction.
When you address pain points, you enhance the overall customer experience. Satisfied customers are more likely to become loyal, repeat buyers and may even become advocates for your brand.
Establish your unique differentiator in the market
Overcoming unique challenges with new technologies was critical to our success in breaking into new markets. By leveraging our expertise and experience in serving the semiconductor manufacturing equipment market, we were able to develop innovative solutions for the needs of different industries. This allowed us to establish a unique differentiator, value propositions and competitive edges to find inroads to these markets.
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If you want to break into a new market, it’s essential to identify what sets you apart from competitors and highlight it in your marketing efforts. Whether it’s technology, expertise or customer service, having a unique differentiator is fundamental to attracting potential customers and building trust and credibility.
Approach them to try it for free
Understandably, most companies are hesitant to invest in new products or services without any references or prior experience.
To overcome this hurdle, we approached potential customers and offered them the opportunity to try our products for free. This helped us gain their trust and prove the effectiveness of our solutions.
By offering a risk-free trial period, customers were able to see the value of our products firsthand, which ultimately led to long-term partnerships and references for future business.
This approach also allowed us to gather valuable feedback and make any necessary improvements before officially launching in the new market.
Become a preferred vendor in a highly regulated market
Targeting low-hanging fruit is an entryway into a new market. Identify industries that are highly regulated and require specific certifications or approvals to operate in.
By obtaining these qualifications, you can position yourself as a preferred vendor for businesses in those industries. This shows that you have the necessary expertise and capabilities to meet their strict requirements, making it easier to gain their trust and secure contracts.
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Once you’ve broken into a highly regulated market, you can establish yourself as a reputable and reliable company, paving the way for further expansion into other sectors within that industry.
Establishing credibility and testimonies from customers in a highly regulated market can also help open doors for new opportunities in other industries.
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