How to Be Successful in New Markets
Breaking into new markets is easier than you think, but being successful in that new market is difficult.
Breaking into new markets is easier than you think, but being successful in that new market is difficult. When I look at breaking into new markets, there’s a regimented way to set myself up for success.
1. Deep Market Research
This is the most important step in looking like a pro from the beginning. First, go to the webstore of some of the larger companies or brands in that space. Seek out their accessories tab. This is typically the first place that will say if their line is curated or if they’re just picking from a static catalog. T-shirts, outerwear, and headwear are a given, but what else will resonate or be useful in that market?
Create a list of products you’re seeing among the different webstores and then fill the gaps with in-demand products. What are the price points, colors, and styles that seem to be common?
2. Credible sales and marketing presentation
It’s vital to be able to talk the talk when it comes to the new markets. Products are one thing, but do you sound like an insider? Do your due diligence and figure out what that market needs and what their clients want. Are you speaking in terminology they understand or are you being too technical?
They don’t need a catalog; they need solutions to extend their brand and increase revenue. Be the expert they need to grow their reach!
3. Connect with influencers and strategic partners
Find people in that industry who you can co-promote with who would give you instant credibility. Starting a podcast or being a guest on a podcast in that industry will bring value. You can share this content with potential customers to create a sense of legitimacy before you pitch them.
Also, connect with an influencer in that space to either help them with a merch line at no risk to them or do a giveaway to offer something cool to their audience. Make sure they reference, link, and/or tag your social accounts in return.
Remember, don’t just chase the money because the industry is hot. Set yourself up as the go-to, long term company in the market. Price and product offerings won’t be enough to be a differentiator.