Wendy Covey
Deciding to enter a new market is no easy task. The decision comes with a lot of risk and requires market research, internal and external discussions, and a collaborative approach between departments.
If you're a well-established industrial brand in a specific vertical, it can be tempting to launch your products in a completely different sector. But there is a lot that goes into making the decision to launch into a new market and even when you do make the decision, it can take years and many trial and errors to gain market share. That's why I had John Schober, founder of Sorian, on the podcast this week. John has decades of experience consulting for businesses who are interested in launching into new markets. He shares insights on entering new markets, emphasizing the importance of experimentation, understanding customer needs, and developing a strong value proposition.
He discusses the iterative process of prototyping and feedback, risk management, and the necessity of collaboration across teams. Additionally, he highlights effective marketing strategies and the role of technical marketing in successfully penetrating new markets.
- Experimentation is crucial when entering new markets.
- Understanding customer needs is essential for success.
- Prototyping can help capture customer interest and feedback.
- Collaboration between R&D, marketing, and sales is vital.
- Unlearning previous assumptions is necessary when entering new markets.
- Iterative processes lead to better market fit and product success.
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Wendy Covey
Wendy Covey is a CEO, a technical marketing leader, author of Content Marketing, Engineered, one of The Wall Street Journal’s 10 Most Innovative Entrepreneurs in America, and she holds a Texas fishing record. She resides in a small Hill Country town southwest of Austin, Texas, where she enjoys outdoor adventures with her family.
About TREW Marketing
TREW Marketing is a strategy-first content marketing agency serving B2B companies that target highly technical buyers. With deep experience in the design, embedded, measurement and automation, and software industries, TREW Marketing provides branding, marketing strategy, content development, and digital marketing services to help customers efficiently and effectively achieve business goals.