• Breaking into New Markets

  • Current clients resistant to increasing fees? Business flat…market conditions poor…? New clients purely focused on price…?

    One solution is to break into new markets where your skills can be applied and highly sought after. But you ask…how do we break into new markets?

    This is where Orbit can assist. Unlike other business coaches , we roll up our sleeves and work with clients to implement this and other business growth strategies. Let me share a recent example with you. We are currently working with a third tier chartered accounting practice which have strong capabilities in technology, financial systems, business advisory and taxation. They have big firm capabilities available at a smaller firm prices and a personal delivery style. The practice has a relatively “old “ clientele and needs revitalizing with new blood “. An important part of the our Practice Growth Program is to show clients how to become effective Rainmakers and build new relationships. As a result we identified an opportunity to introduce one of my contacts who is a retired CEO of a major operator in the Not for Profit sector . I facilitated an introduction to my client initially to discuss audit opportunities within the not for profit sector . This preliminary meeting led to a broader discussion around the current lack of specialized accounting advice to this sector which is also about to embark on another round of significant structural changes as a result of the change of Federal government. Currently there are only 2 tier-one firms active in this market – hence the opportunity for a mid-tier firm with more of a single minded focus which could develop a more specialised service for the sector. Having identified a need within a target market , we then embarked on a process to establish thought leadership within this industry which we would use to launch the firm into this new market.

    Today I am going to take you through the 6 steps I use with my private consulting clients to break into a new market :

    Step 1 IDENTIFY POTENTIAL INDUSTRIES from existing clients- Review your contacts who do you know, Then approach them to assist identify key people

    Step 2 It is Important to Understand the Needs of the market versus your capabilities . You need to play to your strengths .

    Step 3 Identify Centres of Influence : to provide insight and introductions and outline needs of the sector / industry , identify your potential unique service proposition

    Step 4 Create a Whitepaper – which should include; opportunities , client needs, possible services, packages and marketing opportunities

    Step 5 Group Research - arrange events to meet five to ten industry members hosted by a centre of influence to gain deeper understanding and to essentially provide a soft launch for your new division and services and seek feedback

    Step 6 Develop a marketing plan Which needs to : identify the target market, identify sub-section within the target market eg small not for profit, identify your value proposition and key messages, create marketing collateral using new messages… explain “ the why “, productise – how you describe your service and product to differentiate it- you must be different to what already exists, and commit to timelines. Then Launch – and commit- and make it happen. Be a DOER not a Goner .

    . If your firm is looking to dramatically grow its revenue base, get serious about taking real action steps then I am sure we may be able to assist you. Drop me a line at matthew@orbitstrategies.com.au or call 0419 222 3 44 and arrange your free consultation.