There are a lot of ways to expand your sales: increase business with current clients, find new clients like the ones you have, or add new products or services. Sometimes, though, expanding into new geographical markets is the best way to create sustainable revenue growth. This comes with challenges of course, namely capturing market share from established competitors.
Research the New Competition
When considering expanding into new geographical areas, doing your research on the competition first will give you some valuable clues on how to penetrate the market.
- Is their website and social media presence updated and impactful?
- How do they position their offering? Cost, features, service?
- How do they go to market?
- How do they support their local communities?
- What kind of reviews do they get from customers?
Gathering this information will help you develop a sales strategy and sales approach that will emphasize how your products or services are a better solution for your clients, and it will prepare your sales team to overcome objections.
Marketing vs. Lead Gen vs. Sales
Sometimes it’s hard to know the difference. We like to explain the three key components of a successful sales organization the following way.
- Marketing: the way your company and products and services get known (website, social media, advertising, etc.), then establishing and expanding your market presence and credibility as a solution to a problem.
- Lead Generation: inbound leads from your marketing efforts plus your sales team’s proactive prospecting efforts via cold calling, emailing, and LinkedIn outreach.
- Sales: people convert inbound leads into orders, engage new potential customers, and guide them through the sales process.
Enlist Professionals as You Venture into New Geographical Markets
If you are a B2B business, you need all three of these components in your sales and marketing strategy to for optimum performance. Want to learn more? Contact us. Sales Advisors of Florida helps companies develop customized growth strategies and then prove them out.
Interested in learning more about new ways to generate growth and revenues? We recommend these great books.