If your existing market is slowing down, or if you are seeing the same companies coming up over and over again, it may be time to think about launching your product in a new market. Once you’ve honed in on your next target market, it’s time to start your go-to-market plan. However, market expansion does not mean you are starting from scratch.
Your marketing database and marketing collateral may be your key assets when entering a new market. Here are 5 ways to take advantage of them:
1. Address Different Segments & Personas
Buyers in your new market are not all the same. For example, most sales operation professionals see ease of use and adoption as the most important attributes, while sales reps see more value in how the tool helps them close, and sales executives see ROI as the determining factor. These different needs are all within the same market, and we need to be able to address them all.
Segmentation allows us to address these different perspectives. It is far more than dividing your database based on job titles and company size. The best way to approach segmentation is by creating buyer personas for your new market. Buyer personas give you context to speak to your new buyer and help you create engaging and powerful marketing programs for specific sets of individuals.
2. Determine Your Marketing Qualified Lead (MQL) Definition and Lead Scores
They attended your webinars, downloaded your ebooks, and spoke with you at conferences—and all you did in return was deem them “unqualified.” The challenge is that up until now, these leads were not in your market definition and therefore ignored, archived, or trashed. It’s time to dust off those leads and leverage them as your springboard for your new market plunge. Your database may contain some golden nuggets that can give you a head start in your new market.
What is different about your new market? Are there any specific titles, technologies or company demographics that can help you recognize a likely buyer? Following your research, you should reach an agreement with sales on the new lead definition for an MQL. Lead definition should be specific and should reflect your most likely buyer in a way that is actionable and backed by data that you can leverage.
3. Update Your Database to Incorporate A New Scoring Model
One of the first steps for a new market launch is cleansing your database and updating the data that you’ve deemed important to qualify a prospect in the new market. You need to merge duplicate records, update contact information (i.e. phone numbers and job titles, and addresses), and clean up prospects that are no longer valid (left their jobs, got promoted, etc.).
A clean database will help you apply your new scoring model (specifically for demographics and firmographics) and find MQLs that you may consider “passing to sales” immediately. Update your scoring model to reflect your new buyer by taking into account demographic/firmographic data as well as behavioral data.
Demographic & firmographic scoring: Your updated scoring model should include the lead definition based on your new market MQL.
Behavioral scoring: This applies both to new nurturing programs as well as updated scores. It is based on past engagement that is relevant (for example, previously unqualified lead that participated in a webinar).
4. Take Advantage of CRM Data Enhancements
Name, title, industry, and contact information are hardly enough to work with in order to identify real MQLs in your database. Luckily, marketers do not have to settle for data based on which prospects filled out on a form (which may be out of date). Data in your CRM is just the tip of the iceberg compared to the data that is out there on the web combined with stored behavioral data.Data enhancements let you complete and update important data points to be successful. These may include use of technology, size of sales teams, new hires, etc. Rich predictive data enhancements (behavioral and social) not only help you reach the right target, but also helps you segment by leveraging your original data to find nuances among your prospects in both the original and new market.
5. Reuse, Repurpose, and Create Marketing Collateral for Market Expansion
The countless hours and small fortune that you’ve spent on creating your marketing collateral should also be helpful in your new market penetration. Different markets have different needs, so you have to review all of your marketing collateral carefully. When planning your new market collateral, consider the following options:
a. Reuse Content
Even if you are entering into a new market, determine if components of existing assets are applicable for new markets. These may include product-specific collateral as well as ebooks and recorded webinars that are thought leadership in nature.
Sometimes the best thing is to do prior to content creation is to identify and divide sections of content that will be applicable to various segments. This way you know ahead of time, if you will be able to reuse content on multiple segments. You’ll be able to provide a game plan or calendar as to which pieces can be reused and when. Additionally, you will know what key points are missing in pieces that need to be modified before being repurposed, and what gaping holes, if any, exist.
b. Repurpose Content
Repurposed content refers to industry-specific content and/or other content that requires some modification to cater to the new market. It requires some updates so that it will include information that is directly beneficial for nurturing. It also refers to breaking up pieces of content into bite sized pieces so that it is digestible to the reader. Repurposing content allows you to highlight differences in product and features that will help sell in your new market. It also helps you identify what new content you will need that has yet to be created.
c. Creating New Content
New markets often have new needs with questions around regulations and best practices. Market-specific case studies and product one-sheeters are often the most effective. You’ll have to roll up your sleeves and start from scratch to get some of this data, but once you have the data and the stories to go along with it, you will be equipped to identify, target, and tackle new challenges.
How do you plan to expand into new markets? Are there any tips you’d like to share on how you’ve used your database and/or collateral?