BLT Discussion: Strategies for approaching New Markets

Discussion: New Markets – Are you ahead of the wave or behind the curve

This was the discussion topic for our fortnightly BLT networking group.

To help frame the debate, participants were given a Questionnaire and asked to rank the importance of various strategies to find/create new markets from 1 to 6 (1 = least important, 6 = most important).

Questionnaire conclusions

• The scores divided into two broad groups – Innovation, Alliances & Networking (most important), and Advertising, Incentivising, Pricing (less important)
• It was interesting that anything £-wise (Incentivising, Pricing) was deemed so unimportant when targeting a new market
• Research was the most important missing strategy, deemed crucial to deciding the best way to approach any new market

Other points raised

• The rule of 4 – it takes at least 4 separate attempts to engage with new customers
  • This was corroborated by 1 BLT member who had undertaken a (relatively) unsuccessful direct mail campaign followed by a (relatively) successful targeted mail campaign which did actually involve 4 separate contacts with the prospects.
• Marketing takes time – it’s not just something you can turn off & on for instant effect
  • It takes a number of months for a new client to filter through
• WIFM ‘What’s in it for me?’
  • Any strategy needs to concentrate on this point for the potential customer