Entering into a new market just because you had extraordinary success
elsewhere is foolish. A good market research objectively evaluated by
the executive team is key to the success of any new business
development. Again the target market can be too large to start all over.
This is where prioritization will play a critical role. I will put this
prioritization under three buckets - Territory, Offerings and Selling Force.
Territory:
Identify the low hanging fruits. This is applicable even for second bucket. For example if your products are all in English and you plan to sell in Japan or China, you will not be successful unless you localize your software. Local language based products and also customer support are paramount.
Offerings:
For example, if you are offering premium products or services, it may be good to start with few large strategic accounts instead of the small and micro segment. If you have a bundle of products start with the simplest ones, which are inexpensive, easy to use and have low payback period for customers.
Selling Force:
A decision to make is whether will you sell by yourself or through channel partners. Both have their pros and cons and nothing generic can be advised. I will talk about this in detail in my next post.
Few quick wins are very important to get the necessary traction. These will serve as good customer references in your new engagements. So get your priorities right.
Territory:
Identify the low hanging fruits. This is applicable even for second bucket. For example if your products are all in English and you plan to sell in Japan or China, you will not be successful unless you localize your software. Local language based products and also customer support are paramount.
Offerings:
For example, if you are offering premium products or services, it may be good to start with few large strategic accounts instead of the small and micro segment. If you have a bundle of products start with the simplest ones, which are inexpensive, easy to use and have low payback period for customers.
Selling Force:
A decision to make is whether will you sell by yourself or through channel partners. Both have their pros and cons and nothing generic can be advised. I will talk about this in detail in my next post.
Few quick wins are very important to get the necessary traction. These will serve as good customer references in your new engagements. So get your priorities right.
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