Building a market development strategy for business is to offer a unique value proposition targeting the audience to promote customer experience. Thus, they gain a competitive advantage by outlining pricing strategy, sales strategy, and marketing plan.
7 Steps To Build A Market Development Strategy For Business In 2022
Building a market development strategy involves hard work and research. Here are easy-to-follow steps streamlining the process.
1. Identify buyer personas
Knowing the target market requires creating a buyer profile. These are fictional profiles of people representing the ideal customer base. They are useful in lead-generation and prospecting stages. You may research the potential customer types having problems to solve through your product. Making buyer personas includes the demographics of the target audience market, their pain points, behaviors, job title, organization type, and contact methods.Â
2. Define the sales funnel
The information is useful in the value matrix and buyer personas. Using your sales team, outline the buyer personas, do market research, use their information, and take potential customers in the sales funnel. It will offer a value matrix for you to make a plan to move potential customers through the sale funnel stages. The stages are initial contact, business case, lead qualification, evaluation, renewal, negotiation, and closing.
3. Create value matrix
A marketing team creates a value matrix based on messaging and connects to problem-solving. A value matrix reasons the purpose to stakeholders. Create a value matrix of each buyer persona, list their points, and explain your product value to resolve their problem. A clear message describes how the matrix tool recognizes the journey of the buyer.
4. Generate product demand
Raise product launch awareness by determining the need for outbound or inbound marketing efforts. Pulling in leads is an inbound strategy and expresses interest in the service or product of a company. The buyer begins the conversation and you can focus on personalizing the sales process to meet the buyer’s needs and desires. The outbound strategy concentrates on lead prospecting and market research. It relates to people who do not express interest in the product or service of a company. Here the first initiation of communication is from the sales reps with potential customers, it may be emailing or cold call.
5. Select a sales strategy
The sales strategies are many and you can process the sale using potential customers. Choose sales strategies fitting your needs, market, product, and business model. A medium complexity product at a medium price point may use an inside sales strategy as the business strategy. You can communicate with customers and pursue a sale. For the high price point and complex products, use an outside sales strategy to travel outside their office to meet potential customers. A self-service sale is appropriate for low-price point simple products and does not need salespeople. Your potential customers do not need coaxing from a salesperson.
6. Content marketing strategy
Choosing an inbound marketing strategy implies the need to generate product demand. You may develop a content marketing strategy. It is an optimal way of attracting the target audience. The content marketing goal is to create compelling content as per the value matrix and the buyer’s journey stages. With SEO higher ranking, your potential customers identify your products.
7. Hone sales process
Measure the progress of the sale and improve the performance of the sales team. Use key performance indicators such as sales volume, conversation rate, and time to ensure hitting the goals. Use metrics and analyze ways to maximize your profit earned and shorten the sales cycle.
Outlining a business strategy helps customer retention. Acquire new customers and repeat business with existing customers. Use marketing techniques such as customer loyalty programs and upselling to incentivize repeat business. Thus, sealing long-term relationships with customers.
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