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Market Development Process for Developing Sales: New Business and New Markets

Developing New Business

This process is effective for developing all types of business, and delivers business growth via:

  • New products or services to existing customers
  • Existing products or services to new customers
  • New products or services to new customers

Market Development Process

  1. Establish market development aims and targets.
  2. Identify target market(s), sectors and niches.
  3. Assess your existing sales organisation and develop it as necessary.
  4. Source/utilise a suitable prospect database - ensure data is clean and up to date, and strategic decision-makers are identified.
  5. Develop and agree your strategic proposition(s) - with reference to USP's, UPB's, competitors, positioning, product mix, margins, etc.
  6. Design your communication(s) and method(s) to generate enquiries.
  7. Design your response and sales processes and establish or provide required capabilities.
  8. Design and provide your required monitoring, measurement and reporting systems.
  9. Implement your sales development activity and reinforce it through coaching, training, meetings, executive endorsement, etc.
  10. Follow-up the activity: coach as required, review, monitor, seek customer and prospect feedback (successful and unsuccessful) and report on performance.
  11. Make changes and improvements and continue your activity at the appropriate stage.