7 Strategies for A Successful New Market Entry
Entry into a new vertical can be a lucrative business move - when done correctly. Too often, businesses approach new markets without sufficient data or a strategy that speaks to their target audience. This is especially true with business owners who have experienced a shift or reduction in their marketing team. For business owners who are currently in a position to have to take the reins of their marketing efforts, entering a new vertical can seem daunting.
However, there are seven specific strategies a business owner can employ to set themselves up for success in a new market. These strategies can work together as a step-by-step process, or they can be used as standalone efforts, depending on the needs of the business. In fact, this “blueprint” for successful new market entry can be leveraged to aid any marketing efforts that are not producing desired results.
1. Identify What Has Worked in the Past
While you may not have all your past marketing data at your fingertips, review what you have and identify successful past campaigns. What made them successful? Who did they speak to? What channels were used to reach the audience? Go over the messaging from these campaigns and see if it is still relevant to today. Adjust accordingly.
2. Apply Past Successes to New Market Campaigns
There’s no need to reinvent the wheel if you don’t have to. Once you have locked in on past successful campaigns, use them as the basis for your new vertical campaign. Tweak the messaging and graphics to apply to your new audience. Then, test it out.
3. Practice Discipline
If you make adjustments too early, you won’t know what’s working and what needs to change. Allow your campaign to run its course for at least a week before you make any adjustments. This will ensure that you have sufficient and accurate data for the next step.
4. Analyze the Data
Once you’ve let the campaign run for at least a week, review your data. What channels seem to be receiving the best response? Which copy, colors, graphics, and images are resonating? Does it appear as though your new audience understands and values your content, or are they confused or disinterested?
You may not be able to answer all these questions from figures and graphs alone, but asking the questions as you review the data sets you up for the next stage of the process.
5. Keep Listening
It is imperative that you reach out to your audience for feedback and insight. Your metrics in concordance with your direct buyer insight will give you the information you need to appropriately adjust your messaging. We discuss exactly how you can approach that process in our post on listening to client feedback. (link to LISTEN post)
6. Refine Your Story
Tailor your message to your audience’s needs based on all the data and insight you’ve gathered. As you continue to test your campaign you can fine tune the copy, content, and images to resonate with your audience more profoundly.
Remember to return to your core values and brand message (link to core values blog post) as you do this in order to stay true to your company’s identity. You will find over time that the tension between who you are and what resonates with your new vertical audience will produce better messaging.
7. Iterate Your Strategy
This is an ongoing process. As you test and refine, test and refine, you will hone in on what works and what doesn’t. It’s tempting to settle for “good” results, when a couple well-researched risks could take those results from good to great. There can also be an impulse to toss the campaign entirely based on a week or two of low conversions. Resist both of these urges. Stay the course and embrace the challenge of successful entry into a new vertical. The long-term payoff will be worth it.
Run a Winning Campaign with Backbone Media
We’re here to help you strategize and launch successful marketing campaigns that improve your conversion rate and boost your sales. Whether you need help gathering the right kind of data, want to explore a new vertical, or are looking for a team of professionals who can streamline your marketing efforts, Backbone is here for you. Contact us today to set up a no obligation consultation.