Trouble Selling in a New Market? It’s Time to Get Help!by Steve Carlisle
Entering new markets with a new sales team is a daunting task. If you weigh not actually knowing the true costs against the expected return, it can be “career limiting.” Many companies see value in partnering with a company that can guide them on the best sales approach for their target market. They also look to them for insight on the “all-up-and-all-in” cost of standing up such a team and the expected return on investment over the next two to three years.
So, when do you know it’s time to reach out to an expert for advice? If you are faced with any of the following, the time is now.
- Current sales organization is not culturally aligned with the new market’s buyer personas
- Lack of knowledge or experience with the market dynamics
- Existing sales teams cannot effectively launch and sell new products and services
- Lack complete insight into changing market conditions
- Continually see incomplete or lack of coverage to relevant customers
- Lack visibility into funnel performance
- Have low brand presence within the market
- Not getting the most out of existing channel partners or field reps
Not knowing of or, worse, not taking action on these issues leads to accelerating challenges when it comes to achieving revenue targets, low market share, and decreased brand awareness in your targeted market segments.
Brands that have taken a proactive approach to not only their market strategy but overall optimization of that strategy historically see increases in:
- Market share
- Customer satisfaction
- Sales velocity
- Resource flexibility
- ROI/program value
So, if the time is right to collaborate with an expert, what do you look for in a sales outsourcing partner? It is not only a question of can they deliver on what is promised in the statement of work; they must come to the table with sales resources who know your market and sales channel, have insight into the right sales process (combined with sales technologies that deliver expected revenue results), and facilitate a high level of customer satisfaction and retention. Look for demonstrated capabilities in the categories listed below.
Relevant Sales Channel and Vertical Market Expertise
This is a keystone capability that should never be overlooked in terms of importance. Top priority should be given in assessing your potential partner’s experience in your vertical. If you rely on their expertise, you must have complete confidence they understand your brand, your vertical, the sales channel, and your end customer. With this knowledge, the recommended sales programs and approach will have a higher probability of success.
Sales Enablement Technology
Having a partner who is well versed in the latest and best sales enablement technology and how to effectively use that technology is crucial to success. Providing software is not enough. Your sales team is only empowered when those technology tools are wholly understood and the team is employing best practices when it comes to using them. The team needs the right messaging, data, and assets at the right time in the buyer’s journey.
Flexible and Scalable Delivery
Target markets and sales channels can be unique and very dynamic. They expand and contract and become disrupted by new technologies, changing demographics, and what and how they buy. This is when you need a sales outsourcing partner who evolves and is dynamic themselves, with respect to the type and frequency of sales touch needed to grow and maintain your revenue and presence in the market.
Timely Market Intelligence
The data you receive is only as valuable as it is relevant. If reporting and metrics are delayed, then your response will lag further behind—with the potential to always be one step behind the opportunity. If being flexible and scalable is the yin then the yang is the speed at which valuable market intelligence can be received and digested. Speed is one of the key factors of any go-to-market equation that is still in our hands. With shrinking opportunities to get ahead of the game, speed of intelligence is critical to winning and staying on top.
Best Sales Approach
MarketSource has attracted and cultivated the very best seasoned vertical market and sales channel experts. We commit ourselves to operating at a high level of expertise across all target markets, verticals, and channels. We pride ourselves on having the very best minds on the market. That means that all of MarketSource’s partners benefit from the significant expertise provided to design, develop, and deploy the optimal sales channel coverage for your brand and target market. Check out our assessment process, then contact us for more information or to get started.