Attempting to break into a new market will require a significant investment of time, money, and resources. If your business has hit a point where you're looking to expand, you likely realize the impact a new market could have on revenue. As with many marketing initiatives, the process begins with research and building awareness. Here we take a look at a few simple steps to break into a new market.

Perform Market Research

The first step is to determine if a potential new market is viable for selling your products. Take a look into how much need and competition there may be in that area. This typically involves working with a data vendor to determine how many companies are in that area, manually researching their websites, and surveying them via telephone to assess interest. Alongside that initiative, you'll want to take a look into other geographic locations to see if there may be even greater potential than the ones you've started with.

Gather Contact Data

While purchased lists have been a bit stigmatized over the years, there is great value in beginning a marketing outreach by gathering the contact data of potential decision-makers in your market. This will allow you to start crafting email, advertising, and teleprospecting campaigns. It also helps you to personalize your content to individuals and their specific needs. You'll want to pull a few contacts from each organization that fit your target criteria and network through each company as you go along.

Launch An Awareness Campaign

The first step when entering a new market is to build brand awareness in that area. It can be very difficult to generate leads and close deals when nobody knows who you are. An awareness campaign involves encompassing all of the channels your target audience frequents with educational content distributed organically and through paid advertising. The aim of this type of campaign is not to generate leads but awareness. These efforts will help shake out already interested prospects and get your business on the minds of others in the region.

Develop An ABM Strategy

Account-based marketing is highly effective when you've narrowed and segmented your audience. Once you've done so, you can reach out to prospects with highly targeted messaging that speaks directly to their pain points. Multi-channel campaigns will give you your best chance at reaching more of your target audience. Typical ABM campaigns leverage:

• Email
• Blog Articles
• Premium Content
• Teleprospecting
• SEO
• Social Media
• Paid Advertising

ABM campaigns should be continually monitored to determine which channels are most effective and which ones may need to be adjusted or removed from your campaign.

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