Unlocking Growth: A Tailored Approach to Master New Markets

Embarking on the journey to conquer untapped markets is an exhilarating challenge for any company. However, the thrill can quickly turn into frustration, especially when the same strategies that worked wonders elsewhere suddenly fall flat in your prospective region. So, why does making quick progress often prove to be a daunting task in practice?

Let's take a step back and explore three specific areas: the importance of reframing the understanding of your offerings, identifying your audience, and creating a proper target account list.

The Offering Conundrum: What Works Elsewhere May Not Work Here

One of the primary stumbling blocks for companies venturing into uncharted territories is assuming that a successful approach elsewhere will yield the same results. Each country has its unique quirks, cultural nuances, and consumer behaviours that can significantly impact how your product or service is perceived.

Moreover, verticals where you have deep traction in one region can suddenly have no interest within your new prospective market. Understanding why this behaviour occurs can be both challenging and disheartening.

The first crucial step is to take a deep dive into your offering. Understand how it aligns with the needs, preferences, and expectations of the local audience. What worked in, say, the States or Asia might need a bit of a makeover to resonate with a new audience. Language, tone, and even product features may require tweaking to fit seamlessly into the new market landscape. For example, certain countries may not take your message seriously if left untranslated into their local language.

Identifying the Right Audience: It's Not Just About Numbers

In the race of expanding globally, companies often overlook the importance of narrowing down their target audience. The preference is to catch as many people as possible rather than those with a strong need and requirement uncovered in the above step. New markets are often diverse, and the one-size-fits-all approach is a surefire way for your message to get lost in the wider market noise.

Start by identifying who your product or service genuinely resonates with in the new region. Consider demographics, psychographics, and cultural nuances. Tailor your messaging and marketing efforts to connect with these specific groups. Including pain points and ideas of how to solve industry problems always land well and resonate. Building personas are a great framework to truly understand who you and your wider team should focus on. Remember, it's not about reaching the most people; it's about reaching the right people.

Building a Target Account List: Precision Over Volume

With a clear understanding of your offering and target audience in the context of the new region, the next step is building a proper target account list. Instead of casting a wide net and hoping for the best, focus on a select group of accounts that align with your objectives. They can be grouped and segmented by any number or combination of data points to get the right fit for your requirements.

One grouping method may be by vertical and a crucial consideration should be the competitive landscape when taking this approach. For example there may be a competitor that holds a massive market share of a particular vertical and is the de facto supplier. This may be despite you leading in this vertical for other regions. Changing hearts and minds of your prospective customers becomes much more difficult in this situation. You may therefore consider initially avoiding this vertical and gain traction more quickly in other areas first and build your reputation.

Based on these points you will be in a good position to create a properly curated target list of companies that are likely to benefit the most from your offering. Research their needs, challenges, and pain points. Tailor your approach to address these specific issues, showcasing how your product or service is the solution they've been searching for. Data is king here, the more you have to base your lists on, the better the quality of your plan and approach overall.

Why Does This Matter?

Understanding a compelling offering, identifying your audience, and building a target account list lays the foundation for success in any new market. This strategic approach allows you to speak directly to the needs of your audience, making your brand more relatable and appealing. It's not just about selling something; it's about building meaningful connections that engages them for long-term success.

Three Practical Takeaways for Winning in New Markets and Regions:

• Conduct a Cultural Tune-Up: Review your marketing materials, website, and product messaging to ensure they resonate with the local audience. A little cultural sensitivity goes a long way and can also contribute to your sales approach, style, and outreach messaging for a joined-up approach.

• Embrace the Local Language: Language matters. Tailor your communication style to align with the regional nuances, and don't be afraid to embrace local phrases or colloquialisms or even the language itself to engage your audience on a personal level.

• Listen and Adapt: The key to success in the new market is flexibility. Keep up to date with all macro market updates and changes, listen to customer feedback, and be willing to adapt your approach based on the ever-evolving needs and preferences of your local audience. Be resilient to any initial disappointments and keep trying new ways to win hearts and minds.

Conquering a new market and region requires more than just a generic approach. Take the time to understand your own offering better in new contexts, really identify your audience and build a targeted account list to set you up for success. 

It's a journey of precision and personalisation, but the rewards are well worth the effort.