NEW MARKET GROWTH
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: Market, Targets, Meetings
DSBC consultants will require discovery meeting with Client:
- Beyond your current markets, what other market(s) are you considering?
- What do you know about the size of those new markets?
- Why do you think you can compete in those markets?
- What are the strengths of your business offering?
- Are there any specific prospects you want to meet with?
- How do you describe your product or service, help us learn the vernacular?
Armed with client information, Your Sales Team will:
- Identify prospects that we suspect we can serve in the new market – glean as much information as possible to inform client on market – get some meetings
- Invite Client’s Subject Matter Expert to the meeting – Consultant quarterbacks meeting
- Gain an understanding of your ability to compete, and solve problems
- Find opportunities to quote
- Regular management discussions discerning market feedback, prospect feedback
- Using insights from market determine whether it is worth pursuing
Time frame: 4 – 6 months
Determine whether we have identified opportunities and mutually want to continue to Phase 2
Phase 2: Proposals, New Customers
Summarize progress, market strengths, opportunities, prospects worth pursuing
- Continue prospecting activity
- Follow up on key prospects from phase one
- Submit proposals for new business – Review RFQ with sales consultant, ask questions, ensure your submission is inclusive of the request, use the opportunity to quote to engage the prospect with good questions to gain understanding of their RFQ process, what they are looking for, etc.
- Land 2-3 new customers
What have we learned so far?
- What is the market potential
- Working with Client, offer insights and suggestions for improving sales efforts
Time frame: 6 – 12 Months
Determine next steps to business growth, and ongoing potential.