When reaching out to a new customer base, it can seem daunting at first, but trust me, you can win over a new market. But first, where do you begin?
Do your market research. Is this new vertical growing or is it stagnant? What are the top industries in that market? What is the labor market like? How can your firm grow in this market?
Then you need to identify your competitors. What are they doing right? Look at the areas that you can compete on based on what they are doing or not doing.
This is the stage in the process when you need to identify your target audience. Research their demographics. Determine what events they attend or organizations they are a part of. Will you need to hire additional team members or can your existing team develop these new relationships or can your current clients give you referrals into this new market? Be sure to incorporate in-person networking and sponsorship opportunities into your strategy.
The last thing to do before branching out is to identify barriers to overcome and define clear goals to measure your progress.
It’s a marathon and not a sprint when building new relationships and visibility in a new market or city.
Let me know if I can help. Good luck!
