Route to Market – Finding the Back Door to Tough Markets

how to find back doors into tough markets

Your company has a great technology product or service that you are passionate about. Your entire staff is equally passionate, yet that passion is not translating into sales. You need to find a back door to new markets. What do you do, and how do you do it?

There are three key areas tech sector companies need to focus on in order to identify and seize tough markets. These are:

  • White Space
  • Key Decision-Makers
  • Creating Winners.

 

 

Define Your White Space

In the business world, white space is that space consisting of business opportunities your company is capable of meeting right now. Identifying and defining your white space adds value to your company by offering new products or services you don't currently offer. It is not about overlap.

Getting access to new markets requires defining your white space correctly. Part of that process is taking a step back and analysing your unique selling proposition (USP) and your unique value proposition (UVP). Both propositions essentially tell customers what it is you offer and why you are the best candidate to offer it. A failure to clarify USP and UVP will leave your customers confused.

Finally, defining your white space also means defining prospective stakeholders. Who will you pitch your USP and UVP to? Who are the customers who most need what you plan to offer?

Define Key Decision-Makers

The key decision-makers in any company can make or break access to tough markets. Who are the key decision-makers in your organisation? Among them, which ones are responsible for delivering the greatest revenue growth? These are the decision-makers that need to be intimately involved.

One of those decision-makers is likely the company CEO. It is critical to identify what the CEO cares most about. This should be the target for revenue growth within the confines of your white space analysis. To make it happen, the CEO's most trusted partners should be part of the equation.

Creating Winners

The last key area for penetrating tough markets is to focus on creating winners among everyone involved. There is no room for politics that create some winners and some losers among company decision-makers and staff. Everyone from the production floor to the C-suite needs to be part of the company's success.

As odd as it sounds, creating winners means asking how IT can be kept out of the decision-making process. The IT department does not exist to penetrate new markets, develop sales strategies, or handle marketing. They should never be called on to identify white space and come up with new products or services to fill it.

Tough markets exist throughout the business world. They exist in the tech sector as much as any other. But finding markets tough to penetrate is not an excuse for not being competitive. By defining white space, bringing key decision-makers to the table, and creating winners across the entire staff, tough markets can be penetrated and successfully dominated. Successful companies do it all the time.

 

Photo credit: Foter.com


 

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Author: David Orren

David Orren works with CEOs and executive teams of high-potential B2B technology solution providers to focus on the few things that really matter to achieving break-through business growth.   David brings a wealth of knowledge and experience gained internationally over 30 years ...


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