Many manufacturers are working to penetrate new markets, either by geography or by sector. According to the 2011 GlobalSpec Industrial Indicator Survey, 32% of companies are expanding sales into new markets and 46% of companies listed this as an area of focus.
When part of your company’s strategy is to expand sales into new markets, marketing should lead the way by planning efficient, effective campaigns to raise your company’s visibility to new customer segments and generate leads for your sales team.
One of the issues you face in reaching new markets is that you likely don’t have the right prospects in your in-house list. Therefore, you need to rely on marketing tactics from media partners who have the attention of the audience you want to reach and the ability to connect you with them.
Here are a number of tactics you should consider when targeting new markets:
• Re-purpose existing content. While it may not sound exciting, re-purposing your existing content to be relevant to new types of customers with different concerns is something you need to do first, as you must have content to support your marketing efforts. You may need to create some new content, but you should also be able to revise existing white papers, data sheets, articles, Web pages and more to appeal to your new target audience. Start with this, then move onto campaigns.
• Interview media partners. Ask existing or potential media partners what types of programs they offer that can display your products and services simultaneously across multiple markets. This will help you reach new customer segments allowing you to make the best use of your marketing investments, while providing you the greatest opportunity to gain new customers.
• Advertise in e-newsletters. An online marketing tactic such as e-newsletter advertisements helps you connect with hard-to-reach decision makers in new markets. E-newsletter ads enable you to penetrate a geographically dispersed audience, yet still remain targeted if the interest area and subscriber list for the newsletter is specific to the market you want to reach. Look for e-newsletters that offer their subscribers timely, regular access to the latest industry news about new technologies, products, applications, and suppliers.
• Sponsor an online event. Online events help you gain visibility with influential industry decision-makers. They also offer an opportunity to showcase your entire line of products and services to a new market, giving you an effective way to introduce yourself to an audience that may not be familiar with you yet. Work with a partner that can reach your target audience and that offers pre- and post-event marketing along with additional benefits such as post-show on-demand exposure for audience members who may have missed the original event.
• Sponsor a customized Webinar. Custom Webinars hosted by a respected industry media partner and sponsored by your company offer a timely and engaging way to reach your target audience with the content and information you want to share. Again, you can connect with decision makers and influencers in new markets, people who are most likely not on your own in-house lists. You can build credibility in a new market if you work with a respected media partner on the Webinar.
• Use an online searchable catalog. Whether hosted on your own Web site or an industry site such as GlobalSpec, an online searchable catalog is the most targeted way to connect with qualified prospects in any market. A searchable product catalog allows prospects — no matter where they are located — to find exactly what they are looking for. If you have a robust online catalog, you can quickly and easily meet the needs of your prospects, increasing opportunities to win their business.