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New Market Penetration

 

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by Mary-Rose Hoja in EPE

If you’re not gaining traction in a new market, this is for you.

If you have a solution that is faster, better or cheaper – whether it’s in software, hardware, people resources or whatever – the basic problems are often very similar. 

This is also for you if you’re looking for phenomenal growth.

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You have a validated offer if you have already seen that you have strength in one market, and I’d like to talk about the obstacles that you may be seeing and what they might be.

If you have an idle client who would, say, be gaining $100 million from your solution and you charge them $1 million, this should be a no-brainer.

If you’re still getting resistance, you need to understand where that is coming from and what the objections are so you can handle them. This really comes down to perception and emotions that are steering rational decisions.

Now with your client, the pain of moving to your solution has to be less painful than the pain of staying where they are. For example, if you have, say, a sexy, faster, better, cheaper software in biotech, the change from a legacy competitor can often be a big objection that you’re facing.

The problem could be grounded in perception – the potential client doesn’t perceive that you will actually remove the headache of change. 

If you are coming in cold, you may see that you’re not often in several channels that they are in. You may also have the wrong person who is doing this, or you may have a right person who is just not set up internally for success. 

In established companies, I see time and again examples such as a sales consultant given three years to bring about results. These people are failing because they’re not bringing in the desired sales results, or they’re not building the critical strategic relationships that you need to have.

We are in the middle of a serious market downturn, psychologically at least, and you really need to be getting into your new market. You need to be establishing your champions, and you need to be establishing your anchor points.

Really understanding exactly what it is that people are objecting to is key since you have a validated offer and you’ve seen that your market is succeeding in one place. When you’re the owner, or high up in the C-suite, and you have this absolute internal belief in your system – but still aren’t getting traction – you need to be looking at how you can help your clients make a big change from where they are into your better system.

Much of this requires micro-commitments – which will take time. Micro-commitments to admit to them that the pain they have is bigger than the pain of moving towards you, and micro-commitments and the vision that you really want to be painting of where you can take them. 

In European markets, we can see that you likely have a sales cycle of six to eighteen months – sometimes 8 years! – to really establish partner-client relationships. In some US markets, you can see a sales cycle of 3-6 months. The decision-making process is slower in certain parts of the world, and speedier and others.

So, if you are struggling with new market penetration, you must understand where the obstacles are. Is it:

  • The wrong person?
  • The right person in the wrong situation?
  • A support system set up around your hardware or software that is lacking?
  • Are you trying to make too big a leap?

If your proposal close rate is only 20%, you really need to be looking at these bigger level pictures. A lot of people say, “I don’t really need to be looking at the other four!”. I would say we actually do need to be looking at the other four, because this could be something from which you can gain a lot of business intelligence about your sales process. This would enable you to close at a bigger level, and seed deals with a proportion of these four.

One of our clients is looking at a 10x sales increase over the next five years, if you’re looking for global domination – yes we are using those kind of exciting terms! You can do this once you have a validated offer!

You need to be looking at:

  1. What are the obstacles?
  2. What is the perception?
  3. What is the psychology that you are using, internally and with your prospects?

I am super excited to hear where you are, what you’re doing with your growth, and where you are stuck. Reach out and let me know!

Have an amazing sales day!

 

 

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