Markets become saturated, leads become stale and the sales pipeline can dry up – these are all issues even the most motivated sales teams face. When your team seems to have conquered a particular market it may be time to look beyond the horizons to see what your neighbors are up to. More often than not, a niche industry that proves to be your bread and butter has a sister industry that can open doors for your sales pipeline with little to no pivoting needed. Try these three tactics to identify new markets for your sales efforts.
You’ve probably heard of adtech, fintech, regtech, biotech, etc. Well these are all spinoff industries of very broad, traditional sectors and they are continuously emerging. For instance, if your sales team is currently servicing the finance industry consider encompassing fintech into the verticals you service, while the needs may be slightly different a simple pivot can broaden your pipeline and even add expanded capabilities for current clients.
Re-evaluate your demographics
It’s easy to get caught in a routine, your sales team has probably found that a specific age, gender or XYZ group has proven to be successful when closing sales. Go back to the drawing board and see if you can discover a hidden market within one that is already working for you.
Identify buying power
Conduct market research in order to gain an understanding if a particular market can afford your product or service. Using business intelligence resources, you can capture an industry snapshot of buying power. The income, revenue and growth in a particular area of need may not support the purchase of your company’s offering or justify marketing to them.
Whatever your industry may be, the sales pipeline constantly needs to be filled. Using the above tactics can help ensure your company is dynamic and ahead of the curb when it comes to identifying and expanding into new markets before competitors.