You're at an established company that wants to break into a new market or new geography. Where do you start?
RUN A GREENFIELD TERRITORY LIKE A BUSINESS
A GOOD rep follows proven sales principles to find prospects and win their business.
A GREAT rep is also an excellent networker who can hop from one connection to the next to get into any account.
An EXCELLENT rep not only does the above but also operationalizes their greenfield territory likes their own business, ie. constantly monitoring every stage of their personal funnel and understanding where to double down, where there are bottlenecks in conversion, how do I build up the brand, make my lead gen engines automatic and repeatable, how do I pull in the right staff to help me at every stage?
STEP 1: GATHER INTEL
Spend some time gathering as much intel as possible from internal and external sources about the company and its new greenfield market, things like:
STEP 2: INITIAL HYPOTHESIS
From all this we come up with some initial hypothesis on the right message, most motivated buyer/influencer targets, and tactics to reach the audience. The goal initially is volume of meetings, how can I get a number of meetings not necessarily with the goal to buy but goal to test, refine and learn as well as start getting referred to the right prospects.
STEP 3: OUTREACH AND CONTINUOUSLY REFINE HYPOTHESIS
As we start to refine the message and target segments most likely to buy, tackle prospecting using 2-3 tactics we think will work best. Some I have had a lot of success with in past companies:
Whatever you learn, use it to continually refine your hypothesis and change course when needed. Keep a written log of your findings and report back regularly to leadership to demonstrate your progress and keep their confidence.
STEP 4: FIGURE OUT YOUR DIFFERENTIATORS
As a new player in the market, you need to establish what your strengths are compared to the incumbents, and clearly communicate these differentiators to customers so that you are not just perceived as a "me too" vendor in the space.
If you are a big company entering a new market (e.g. Microsoft entering the healthcare space), your advantages over established companies might include:
If you are a small player entering a new market (e.g. startup), advantages over bigger more established companies in the space might include:
Whatever your differentiators, be clear on them and make sure that they are real. Being a "me too" player that doesn't bring anything new to the market does not set up the sales person for success.