New Market Development

The New Market Development process has been developed over a period of 20 years and has helped numerous companies. This process 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.

Phase 1

Is there a market for our services?

  • Identification of possible markets and services these markets will respond to
  • Identification of possible prospects
  • Research of possible prospects
  • Contact of 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 of putting in infrastructure to support the project – hiring sales support, engineering, manufacturing, accounting, etc.

Timeframe: 3 -18 months

Phase 3

Develop a presence in the identified market.

  • Additional prospects identified
  • Continual development of new prospects
  • New proposals generated
  • New customers and higher profile customers landed
  • Profitability & 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.