New Market Development

Our team has designed New Market Development services through 20 years of experience helping dozens of companies expand their businesses. This offering is designed to quickly determine whether a company has the talent, technology, and resources to move into a new market or further exploit an existing market.

Here’s a scenario for how a typical engagement might play out.

Phase 1

Is there a market for our services?

  • Identify possible markets and services to which these markets will respond

  • Identify of possible prospects

  • Research possible prospects

  • Contact possible prospects

  • Information obtained, appointments scheduled, proposals submitted

  • Regular management discussion discerning market feedback, prospect feedback, and proposals

  • First new customer landed or very close to landed

  • Handful of good prospects identified and are in the sales process

  • “Short Marketing Report” produced

  • Decision to continue project

Timeframe: 3 - 12 months

Phase 2

We can be successful in the identified market.

  • Market focus has proved to be fruitful

  • Additional prospects identified

  • Strategy developed to turn specific prospects into customers

  • New proposals generated

  • A handful of new customers are landed

  • Second orders are landed from original customers

  • Establish sales goals for new business

  • New salesperson(s) hired and/or current salesperson reassigned to focus on market

  • Consideration building an infrastructure to support the project, such as hiring sales support, engineering, manufacturing, and accounting functions

Timeframe: 3 - 18 months

Phase 3

Develop a presence in the identified market.

  • Additional prospects identified

  • Continuous development of new prospects

  • New proposals generated

  • New customers and higher profile customers landed

  • Profitability and new business goals set

  • Infrastructure put in place to support new customers and projected new customers

  • Salesperson(s) hired or reassigned to handle new customers and new market

  • Development of sales training

Timeframe: 18 months and longer

Phase 4

Look for new markets and begin again.