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Lessons Learned: A Market Development Strategy

Posted by Margarita Yepes
on Apr 27, 2017 11:03:26 AM

VOIQ Market Development Strategy.gifI started writing this post one week after launching our first call campaign with one of our enterprise customers. They were looking to develop a new market (the Spanish market) after acquiring SABMiller in 2016, and reached out to VOIQ to scale and optimize their market research process and to get more insights about their target instead of going with their usual strategy of having their sales reps jump from one point of sale to another.

My goal was to detail our customer’s challenges and assumptions at the beginning of the campaign and share the valuable lessons they learned about their market after only 1 week of launching the campaign.

The 3 following lessons have helped our customer achieve a 30% conversion rate over the course of 7 days.


Lesson 1 -  Build a message that resonates with your target

Using the right words is key to generate interest and break the ice when reaching out to your buyer personas  for the first time. In the market they were looking to develop in Spain, it didn't add any value to mention "we are calling from [Company Name]”, despite their global brand recognition. The lead would rarely recognize the name and in the first few seconds of the call their attention was lost.

ACTION → Change the initial approach and mention their most recognized brands (i.e. Corona, Budweiser, Stella) that the business owners are exposed to daily.

By optimizing the script in this way, the number of conversations increased by 60%.


Lesson 2 - Find the right decision maker

You can have the perfect message for your ideal target customer, but if the contact whom you are reaching out to has zero purchasing power, you’ll end up wasting everyone’s time. When we started the campaign, our customer had determined the decision makers as only those at the top of the org chart: the business owner, the CEO, the president, etc. They struggled to schedule any appointments as the owners were not usually in charge of handling supplier or vendor agreements.

ACTION → After our platform analyzed all calls made on day 1 of the campaign where a decision maker was reached, it identified that the right keyword to use was “Purchasing Manager.” With that insight, VOIQ’s sales agents were able to effectively collect the name of the right decision maker and/or the right department to contact along with their phone number.

By knowing and targeting the right decision maker, our customer was able to drastically shorten their sales cycle by 40%.


Lesson 3 - Identify the buyer purchase intent

Mapping your target personas and the stages they’re in the buying cycle allows you to match your offer to your leads’ interests, and guide them to become clients.  Even though most of the leads we were calling fit our customer’s ideal client profile, they hadn’t identified the different stages of the buying cycle their leads were in. Not all of the leads we called were ready to buy.

You can identify the buying stage of your leads by their pushbacks and purchase intent. The most common pushbacks we found were: Lack of space, exclusivity agreements with competitors, they only sell craft beer, and they had already tried one of the brands offered but it didn’t work out.

ACTION → We segmented our client’s leads by pushback to help our customer define a more targeted sales strategy for each group. They were able to offer samples, create local events to introduce the brands for those who weren’t familiar, and give refrigerators to compensate for any lack of space, etc.


What has worked for you when opening a new market? Share your lessons learned in the comment section below!

 

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Topics: Customer Success

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