How To Penetrate The Market Successfully
You probably have a fantastic product or service and now it’s time for people to know about it; how do you penetrate the market successfully?
How can you effectively get your product or service in front of people you want to work with, and that would also greatly benefit from the results of what you sell?
In this article, we’ll be looking at five important factors to penetrate the market successfully, and to get you through the noise and through the competition.
How To Penetrate The Market Successfully
Penetrate The Market Step #1 – Your Sales Targeting Strategy
The first step when putting together your plan to penetrate the market with your product or service, is to create a sales targeting strategy.
A sales targeting strategy is the process you use to find out who your potential clients are, and how you can potentially reach them.
As the famous business saying goes; if you try to serve everybody, you’ll end up serving nobody.
Who will benefit from your product or service?
Are they Real Estate Brokers?
Perhaps it may be men aged between 40 and 50, and who enjoy a certain hobby?
Once you’ve gotten clarity on who your audience is, the next step is understanding where they hang out.
What do they read? Do they listen to podcasts? What social media sites would they be on?
Understanding all this information is crucial in your first step to penetrate the market successfully.
Related article: Sales Targeting Strategy – Your Complete Guide
Penetrate The Market Step #2 – Marketing Strategy
The next step to successfully penetrate the market with your product or service, is putting together a marketing strategy.
A marketing strategy is a step by step planned approach to get your product or service in front of the right audience.
Step one is your sales targeting strategy; getting clarity on your ideal clients.
Now we have to focus on how you can get their attention.
Once again, focus on who your audience is. For example, The 5% Institute best serves the following people:
- Real Estate Professionals
- Small to medium sized business owners
- Financial Advisers
- Business Development Managers
- Sales Executives and Sales Managers
This allows us to focus our energy when commencing our marketing activities, to target people who fit within these job titles. Because people within these industries keep getting good results, we continue to serve them.
Once you’ve gotten clarity around these points, learn how your competition is doing their marketing activities.
We don’t suggest copying people; however, it’s important to keep an eye on the competition, and see what may be working and what isn’t.
As the saying goes; why reinvest the wheel?
Our article here details how you can do this.
Once you’ve gotten a firm understanding of what your competition is doing, you’ll be ready for the next step to penetrate the market successfully – your lead generation activities.
Related article: Marketing Strategy 101 – What You Need To Know
Lead generation is crucial if you want to penetrate the market successfully, because without it – your audience won’t know you exist.
It doesn’t matter how good your product or service is. If no one knows you exist, your business won’t survive.
There are two proactive types of lead generation strategies.
These are inbound strategies, and outbound strategies.
Inbound lead generation are systems you set up to bring leads into your business.
There are many ways you can do this; which include pay per click advertising, putting your offer or services on relevant website directories, and by doing SEO; or search engine optimisation to rank your website on search engines.
When you attract potential leads to your business, you’ll then need to have systems set up to educate, inform, and qualify them as to whether they are the right fit for your business or not.
When qualifying, we recommend using a famous system called BANT.
Outbound sales systems are when you reach out to your potential clients.
Although there are many ways you can potentially reach out to prospective clients, we recommend using LinkedIn because you can target people by job titles, country and city, employer, and much more.
When reaching out to people; it’s important to consider how they may respond to your lead generation tactic.
Should you email or call?
Or perhaps should you message them directly on the platform?
Depending on your product or service; you may find that in order to penetrate the market on a larger scale, you’ll need to put together inbound and outbound systems.
To learn more about setting up inbound and outbound marketing systems for your business, check out the related article below.
Related article: The Two Types Of Sales Prospecting methods For More Sales
Penetrate The Market Step #3 – Your Sales Process
Once you understand your key and ideal clients and know how to reach them – the next step to successfully penetrate the market is to ensure you and your Sales Professionals know how to sell consistently without being pushy.
Consistent selling using a sales process is the most important part of your ‘penetrate the market’ strategy; because without knowing how to consistently sell, you’ll keep starting from first base over and over.
Your sales process should cover various aspects of your phone or face to face relationship building with your potential clients.
- Building rapport
- Knowing how to find pain
- Understanding their goals and desires
- Overcoming objections early
- Presenting correctly
- Asking for the sale
Furthermore; the sales process should be followed consistently by everyone on your sales team and business, because you want to ensure your clients have a consistent experience whenever they’re dealing with someone from your business.
If their experience differs each time; it’ll create confusion, and they’ll have a negative experience.
Once your sales process is followed consistently, you’ll be better prepared to penetrate the market because your current clients will become advocates of you and your brand.
This brings us to the next step when setting up your ‘penetrate the market strategy’ – referrals.
Penetrate The Market Step #4 – Referrals
Referrals are an excellent way to penetrate the market, because it usually doesn’t cost you anything.
Sales objections generally come from two places – a lack of trust, a lack of desire, or both.
When friends of your potential clients refer you to them, you automatically have the trust category signed off; you just need to build desire by using a proven sales process.
There are five effective ways to build referrals and penetrate the market successfully:
- Simply ask
- Create an affiliate system
- Add a shareable link on your content
- Make it easy for your clients to refer
- Create a sharing network
To learn how to implement each of these suggestions, check out the related article below.
Related article: How To Get Referrals – 5 x Ways To Boost Your Sales
Penetrate The Market Step #5 – Personal Development
These four key areas will help you penetrate the market successfully.
However, we should always be growing, learning, and investing in our own personal development.
If you needed to go to court; would you hire a Lawyer who last studied 10 years ago?
Perhaps you know someone who has to go in for surgery; would you trust a Doctor who last studied their craft many years ago, and hasn’t kept on top of what’s working and what isn’t?
Of course not.
The same goes for you and your business; as well as your marketing, and your sales training.
Ensure you and your sales team go through regular training, so that not only do you penetrate the market; but you also become a leader in your field.
This guide will show you how to penetrate the market using five proven steps. To recap, these are:
- Put together a sales targeting strategy
- Have a marketing plan
- Follow a proven sales process
- Create a system to get referrals
- Invest in your personal development
If you’re interested in levelling up your sales, you can learn more and register for our 7 day sales challenge here.