Stage 3: Commit and Develop Market Penetration Plan
Now that potential verticals and clients within the industry have been identified, evaluated, and understood, commit to the most opportune market(s) and develop a penetration plan. Use the following preparatory steps to enter the chosen market(s).
1. Commit to the vertical. Make it clear to your team and company that you intend to expand into this new market. Begin learning the necessary information to participate in it. Develop training programs to get staff up to speed and ready to engage with the industry.
2. Create a Market Plan. Develop a unique selling proposition, craft a clear message for the industry, and strategize how you will communicate your desired message to clients.
3. Evaluate the list of potential clients curated in the previous stage or develop the list of potential clients. With the client companies identified, find contacts at these companies. These contacts are how you will enter the market and make sales.
4. Once ready and staff is adequately trained, start reaching out to contacts at your initial sales target companies and begin your marketing campaign. With the planning and preparation done, it’s time to execute! Reach out, make sales, and penetrate the new market!
Additional Actions and Considerations:
Find the top associations, publications, events, and influencers in the industry. Engage with these participants to establish your name in the vertical and start developing a network. Attend events, participate with associations, write for publications, and engage with influencers.
Explore joint ventures. Working with complementary companies is a great way to broaden your reach and capabilities without expanding your team. Consider expanding with the companies you work closely with, who are currently your clients, whose services you use, or those with whom you otherwise engage. Combine networks and capabilities to enter new markets.
Now that you better understand the considerations and processes to enter a new vertical market, it’s time to apply these learnings to your business! Ask yourself: Based on our unique characteristics, into which industries could my company expand? Are there opportunities in other verticals to which our strengths cater?