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