Questions and Answers

In looking for growth opportunities many companies wrestle with the questions: How do you penetrate new markets?

There are several key points to consider before entering a new market:

1. Do you have the expertise or competencies required? Look for areas where your base competencies are valuated
   1. How do you acquire additional expertise?
      1. Learn about the market
         1. Industry problems and language
         2. Trade shows
         3. Trade publications
         4. Spend time in the industry
      2. Network within a large corporation that you already do business with in your current area of expertise
         1. Many large companies can help your penetration of new markets by introducing you to different divisions within their company
      3. Hire a high profile recognized industry expert
         1. Visibility
         2. Mind share
         3. Credibility
         4. Direction setting
      4. Look for former employees of clients who have moved to this new market who have experience with your company
      5. Identify emerging industries where there are no competitors
      6. Align with a company in that industry
         1. e.g. someone who is already on the GSA schedule if you are trying to get government contracts for the first time.
         2. Be a subcontractor to a prime to learn the ropes

These are just a few thoughts to consider as you assess growth opportunities in new markets. Understanding the industry will be paramount to your success. Look for ways to shorten your learning curve with the above suggestions.

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