New Market Development

Our team has designed New Market Development services through 20 years of experience helping numerous 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 possible prospects

  • Research possible prospects

  • Contact possible prospects

  • Information obtained, appointments scheduled, proposals submitted

  • Regular management discussions 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

  • Marketing Report produced

  • Decision to continue project

Time frame: 1 - 6 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 of building an infrastructure to support the project, such as hiring sales support, engineering, manufacturing, and accounting functions

Time frame: 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

Time frame: 12 months and longer

Phase 4

Look for new markets and begin again.